UN EMISSIONS TRADING SCAM UNCOVERED - BBC

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5 june 2008

The great carbon bazaar
By Mark Gregory Business correspondent, BBC World Service, India


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. The BBC World Service investigation found examples of projects in India where this appeared to be the case.

Arguably, this defeats the whole point of the CDM scheme, set up under the Kyoto climate change protocol, as these projects are getting money for nothing.

The findings reinforce doubts that the CDM is leading to real emission cuts, which is not good news for the effort to combat climate change. And in one case a company is earning truly staggering sums of money from the carbon credits it is receiving - perhaps as much as $500m (£250m) over a period of 10 years - for a project it says it would have carried out without the incentive of the CDM.

Read the rest at:
http://news.bbc.co.uk/2/hi/business/7436263.stm


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