climateandcapitalism.com
CDM Scams: 'enough lies to make a sub-prime mortgage pusher blush'
Kyoto's offset mechanism is increasing greenhouse gas emissions behind the guise of promoting sustainable development By Patrick McCully, executive director of International Rivers. The world's biggest carbon offset market, the Kyoto Protocol's clean development mechanism (CDM), is run by the UN and is intended to reduce emissions by rewarding developing countries that invest in clean technologies. In fact, evidence is accumulating that it is increasing greenhouse gas emissions behind the guise of promoting sustainable development. The misguided mechanism is handing out billions of dollars to chemical, coal and oil corporations and the developers of destructive dams - in many cases for projects they would have built anyway. According to David Victor, a leading carbon trading analyst at Stanford University in the US, as many as two-thirds of the supposed "emission reduction" credits being produced by the CDM from projects in developing countries are not backed by real reductions in