climateandcapitalism.com
'Clean Development' Supports Dirty Energy
Kyoto's "Clean Development Mechanism," which was supposed to reduce emissions, is subsidising the fossil fuel industry. The construction of such new coal-dependent energy infrastructure is locking us into decades more of massive greenhouse gas emissions. by Kevin Smith Carbon Trade Watch In 2007, the UN decided to allow more efficient coal-fired power stations to gain carbon financing as an offset project through the Clean Development Mechanism. Had it been apparent just over 10 years ago, when the Clean Development Mechanism (CDM) was being ushered in, that the mechanism would ultimately be used to provide enormous financial subsidies the corporate owners of coal-fired power plants, it would have faced a lot more opposition than it did. Allowing such plants to earn carbon credits will do nothing for development, will help subsidise some of Asia's most reprehensible companies, and is unlikely to encourage more efficient technologies. Most seriously, it undermines the very effort to