彭博调查显示，至少九个欧洲国家的企业购买了来自疑似不存在、或由「审核员转型开发商」把两种角色来回切换的中国碳信用。重点案例在陕西长庆油田：宣称可避免近 120,000 吨二氧化碳当量的项目，分别于 2021 年在卢森堡、2023 年在奥地利与波兰注册，但记者实地与无人机、卫星影像分析都未见减排设备；已观察到的设施更像液体处理站，而非气体回收系统。
德国是最早爆发丑闻的市场之一：官方已认定 45 个向大型能源公司出售信用额的碳抵消项目「可疑」、高估环境效益或属伪造，其中 30 个被撤销的项目声称减排 210 万吨二氧化碳，约等于 50 万辆汽车一年的排放或 30 万户家庭一年的用电。这些项目涉及的 UER 信用中，两个三分之二已被撤回；但由于属善意购买，包含 BP、EDF、Exxon Mobil、OMV、Shell、TotalEnergies 等买方一般不需受罚。
在 EU 的上游减排（UER）制度下，约 180 个项目多数设在中国，2022 年 15 个成员国合计主张抵消 590 万吨二氧化碳。彭博与 BNEF 进一步在德国以外至少 8 个欧洲国家找到可疑交易，相关中国项目对其他国家出售的信用合计接近 500,000 吨二氧化碳。调查还发现，Verico 的 Robin Wang 在 2020—2024 年间为北京 Karbon 开发的 20 多个项目担任审核员，另有至少 30 个可疑项目与北京 Karbon 或其空壳公司系统相关。
Bloomberg found that companies in at least nine European countries bought carbon credits from Chinese projects that appear nonexistent or were verified by an auditor-turned-developer who moved between the two roles. A key example is the Changqing oilfield, where projects claiming nearly 120,000 tons of CO2e avoided were registered in Luxembourg in 2021 and in Austria and Poland in 2023, yet site visits, drone footage, and satellite analysis found no emissions-control equipment; the observed facilities looked like liquid-processing sites, not gas-recovery systems.
Germany has been a major flashpoint: authorities deemed 45 projects “suspicious,” overstated, or fake, and revoked credits from two-thirds of them. The 30 invalidated projects claimed 2.1 million tons of CO2 in cuts, roughly equal to emissions from 500,000 cars or the annual electricity use of 300,000 homes. Buyers including BP, EDF, Exxon Mobil, OMV, Shell, and TotalEnergies generally face no penalty because the offsets were purchased in good faith.
Under the EU’s upstream emissions reductions (UER) scheme, about 180 projects were registered, mostly in China, and 15 member states claimed offsets equivalent to 5.9 million tons of CO2 in 2022. Bloomberg and BNEF found similar warning signs in eight European countries outside Germany, with suspicious Chinese projects selling credits equal to almost 500,000 tons of CO2. The investigation also linked Verico auditor Robin Wang to more than 20 Beijing Karbon projects between 2020 and 2024, while at least 30 suspicious projects were tied to Beijing Karbon or its shell-company network.