Evidence of serious flaws in the multi-billion dollar global market for carbon credits has been uncovered by a BBC World Service investigation. The credits are generated by a United Nations-run scheme called the Clean Development Mechanism (CDM).
The mechanism gives firms in developing countries financial incentives to cut greenhouse gas emissions. But in some cases, carbon credits are paid to projects that would have been realised without external funding. (Snip) Arguably, this defeats the whole point of the CDM scheme...
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Monday, June 23, 2008
The great carbon bazaar
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