UN defends carbon-trading scheme from US criticism
The GAO found that the cap-and-trade scheme sucessfuly created a working carbon market, "but its effects on emissions, the European economy, and technology investment are less certain." The report noted that the use of carbon offsets can "undermine the system's integrity" because there is no way to ensure that the projects invested in would not have been built anyway, or that they will last long enough to reduce the amount of emissions that they are expected to reduce. Carbon offsets, the report concluded "involve fundamental tradeoffs and may not be a reliable long-term approach to climate change mitigation."
December 4, 2008
by Eoin O'Carroll
in Christian Science Monitor
The UN's top climate official defended a global trading scheme to reduce greenhouse gas emissions after the US government released a report questioning its efficacy.
The General Accounting Office, the investigative arm of Congree, published a report Tuesday analyzing the UN's Clean Development Mechanisms, arrangements under the Kyoto Protocol that allow rich countries to meet their commitments to cut greenhouse gases by investing in projects - such as a wind farm or a reforestation program - that reduce emissions in poorer countries.
The GAO found that the cap-and-trade scheme sucessfuly created a working carbon market, "but its effects on... [continue via Web link]