Sept 10, 2012
The world’s only global system of carbon trading, designed to give poor countries access to new green technologies, has “essentially collapsed”, jeopardising future flows of finance to the developing world.
Billions of dollars have been raised in the past seven years through the United Nations‘ system to set up greenhouse gas-cutting projects, such as windfarms and solar panels, in poor nations. But the failure of governments to provide firm guarantees to continue with the system beyond this year has raised serious concerns over whether it can survive.
A panel convened by the UN reported on Monday at a meeting in Bangkok that the system, known as the clean development mechanism(CDM), was in dire need of rescue. The panel warned that allowing the CDM to collapse would make it harder in future to raise finance to help developing countries cut carbon.
Joan MacNaughton, a former top UK civil servant and vice chair of the high level panel, told the Guardian: “The carbon market is profoundly weak, and the CDM has essentially collapsed. It’s extremely worrying that governments are not taking this seriously.”
This article was posted: Monday, September 10, 2012 at 8:50 am