If up to 2/3 of an industry is completely fraudulent, is that bad?

Carbon Offsets: No Sure Bet to Prevent Climate Change - Carbon Offsets Daily

According to the nongovernmental advocacy group International Rivers:

* “Almost three-quarters of registered [CDM] projects were already complete at the time of approval,” and thus did not need carbon credits to be built.
* A report by Lambert Schneider of Germany’s Institute for Applied Ecology found that 40 percent of CDM projects registered by 2007 represented “unlikely or at least questionable” emissions cuts.
* David Victor, the head of Stanford University’s Energy and Sustainable Development Program, recently stated that “between a third and two-thirds” of CDM offsets do not represent actual emissions cuts.