(December 18, 2009) Climate change fears are pushing developing countries around the world into funding risky and uneconomic projects. China’s recent announcement that it is planning a massive expansion of its nuclear program is the latest example.
(December 15, 2009) The Canadian activist group Probe International based in Toronto is arguing that the global carbon credit market is not the environmental panacea it is held out to be and could actually be doing environmental harm.
(December 11, 2009) Recent reports say that a United Nations committee has stopped giving carbon credits to developers of wind energy projects in China, citing concerns that the projects qualified for the credits unfairly. The UN is concerned that the Chinese government lowered its subsidies to wind farms so they would qualify for carbon credits through the UN’s Clean Development Mechanism (CDM).
(December 8, 2009) As the Copenhagen climate conference opens, the existing mechanism for carbon trading is drawing close scrutiny. The Chinese authorities’ misuse of the carbon credit scheme, CDM, has come to the surface, challenging the effectiveness of the global carbon trade in reducing greenhouse gas emissions.
Who is cashing in on carbon credits? Probe International unveils its interactive carbon credit database
(December 6, 2009) The global carbon credit market will grow in leaps and bounds if government leaders attending this week’s climate change conference in Copenhagen commit to stiffer reduction targets for CO2 emissions. The value of the carbon market—currently worth as much as $126-billion—may grow to as much as $1.9 trillion by 2020.
(December 2, 2009) The carbon credit market is quickly turning into one of the largest markets in the global economy. And as governments continue to step up their efforts to combat climate change, they’re increasingly turning to carbon credits as a means to do so.
(November 23, 2009) The blogosphere is abuzz with news of the latest global warming scandal. A latter day “Daniel Ellsberg” has released the climate equivalent of the Pentagon Papers onto the web.
(October 14, 2009) The operators of the Three Gorges dam may soon have to answer to criticisms over its environmental credentials, as a recent study in the Journal of Geophysical Research says the marshlands created during the draining of the dam’s reservoir may be major a emitter of greenhouse gas emissions.
(October 6, 2009) Officials in at least five European countries are investigating an international carbon credit scam considered to be worth more than $1.5 billion. According to a recent report for the Guardian, the scam was originally coordinated by gangs in Britain and Spain who bought and sold emissions allowances across borders in order to avoid paying Value Added Tax (VAT).
(October 6, 2009) There are signs that nascent Redd projects are already leading to social conflict, possible fraud and worsening land disputes.
(September 25, 2009) In the wake of recent financial crisis, the World Bank called on the developed world to drastically increase lending to developing nations. Robert Zoellick and company say that countries in Africa and other parts of the developing world need this money to combat rising levels of poverty and an economic collapse.
(September 21, 2009) The UN’s new plan to help regulate the carbon market will make auditors liable for their work, writes Brady Yauch.
World Bank President Robert Zoellick is urging the Democratic Republic of Congo to pursue better governance as a way to entice more companies to build dams in the country. In his sights are the rehabilitation of the notoriously dysfunctional Inga 1 and 2 dams. But it’s projects like these that will create more odious debts for the country’s citizens.
(August 7, 2009) The Carbon Development Mechanism (CDM), a market-based tool developed by the UN to cut green house gas emissions, may be heralding a boon in hydro development projects in China and the developing world – and doing so at the cost of the environment and local landowners. As policy makers and environmentalists across the globe prepare for the Climate Change Conference in Copenhagen this winter, criticisms of carbon credit schemes like the CDM are begining to surface.
(August 6, 2009) A recent article in the Telegraph examines the rise in UK tax fraud in carbon emissions trading market. The scheme is a variation on the VAT carousel fraud, where criminals import products VAT-free from EU member states, then sell the goods in the UK with a VAT charge, only to quickly disappear without turning over the VAT charge to the UK’s customs and tax department, Her Majesty’s Revenue & Customs.