Global carbon trading system has 'essentially collapsed'

[xchrom]

http://www.guardian.co.uk/environment/2012/sep/10/global-carbon-trading-system


The clean development mechanism is in dire need of rescue, according to a UN panel. Photograph: Corbis

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.

[GliderGuider]

1. Sic transit gloria mundi... nt

[Odin2005]

2. This was predictable.

It is just the modern version of selling indulgences for one's sins.

We need a carbon tax.

[CRH]

3. Agreed, and a high carbon tax. n/t

[Nihil]

4. "It is just the modern version of selling indulgences for one's sins."

"Paying your neighbour to diet because the doctor says that you are obese."

[Odin2005]

5. Good one!

[CRH]

6. For me the worst part about carbon trading, ...

Is it was a strategy used to gut effectiveness of Kyoto and never addressed the real problem.

When it was needed that we all reduce our carbon footprint and adjust our excessive standard of living, it proposed a solution to exploit other societies less developed so the few could continue the gluttony. Hardly a cooperative solution to a global problem threatening the survival of humankind, and other species from all kingdoms, that depend on a slowly evolving environment for sustenance.

The carbon trading paradigm, failed to move the solution to excessive GHG pollution forward, as illustrated with the 98 - 0 vote in the senate to ratify the treaty. In retrospect, it only served to stall the treaty until it could be killed completely in the Bush II administration.