German authorities revoke 2.1 million carbon credits, impacting ExxonMobil

German regulatory authorities revoked 2.1 million carbon credits from 30 upstream emissions reduction projects in China, citing improper claims. ExxonMobil's Belgian subsidiary had purchased nearly 96,000 of these invalidated credits at approximately €44 per tonne, a commitment valued at nearly €4.2 million. The German Environment Agency's investigation identified integrity deficits and deceptive practices, leading to the invalidation and requiring affected corporate holders to replace the voided volumes. This action has also initiated scrutiny against European auditing firms that verified the projects.