Entergy Paying Oil Firm to Secure Its Emission Credits
It's a business deal that may seem a bit odd: Entergy Corp. is paying a Mississippi oil company not to release carbon dioxide gas into the atmosphere. Entergy doesn't buy oil from the company, and it won't use any of the greenhouse gas that the oil company captures.
In exchange, Entergy gets a certificate worth 1 million credits for keeping about 2.4 million tons of carbon out of the air.
Though Entergy could sell those credits on the Chicago Climate Exchange for about $3.4 million, the company is more interested in holding onto them, hoping to convince lawmakers and the rest of the industry that there's a financial benefit to cleaning up the environment -- if Congress makes new laws.
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