Monday, May 26, 2008

UN wasting Billions on "Carbon Credits"

The UN wasting billions (of our tax dollars)...I am sooooo surprised.

Link

Billions of pounds are being wasted in paying industries in developing countries to reduce climate change emissions, according to two analyses of the UN's carbon offsetting programme.

Leading academics and watchdog groups allege that the UN's main offset fund is being routinely abused by chemical, wind, gas and hydro companies who are claiming emission reduction credits for projects that should not qualify. The result is that no genuine pollution cuts are being made, undermining assurances by the UK government and others that carbon markets are dramatically reducing greenhouse gases, the researchers say.

The criticism centres on the UN's clean development mechanism (CDM), an international system established by the Kyoto process that allows rich countries to meet emissions targets by funding clean energy projects in developing nations.