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Kyoto strikes again - this time through the UN
Posted by: McQ on Tuesday, May 27, 2008

You'd think, perhaps, that the nations of the world might have learned a little about letting the UN run programs like this after the "oil for food" debacle, but it appears that was just a warm-up for a really sweet scam:
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.

Credits from the project are being bought by European companies and governments who are unable to meet their carbon reduction targets.
The only problem, of course, is there are no real pollution cuts, just a wonderful little third-world redistribution of the wealth scam under the auspices of the UN.

And at stake? Well, the numbers tell you why this scam is so popular:
The market for CDM credits is growing fast. At present it is worth nearly $20bn a year, but this is expected to grow to over $100bn within four years. More than 1,000 projects have so far been approved, and 2,000 more are making their way through the process.
Unfortunately, looking closely at those 3,000 projects, a study has found:
A working paper from two senior Stanford University academics examined more than 3,000 projects applying for or already granted up to $10bn of credits from the UN's CDM funds over the next four years, and concluded that the majority should not be considered for assistance. "They would be built anyway," says David Victor, law professor at the Californian university. "It looks like between one and two thirds of all the total CDM offsets do not represent actual emission cuts."
"Fool me once, shame on you, fool me twice ..."
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Theres a massive moral hazard implicit in these schemes. If I were a Chinese company planning a coal plant, I would make it as dirty as possible in order to attract payments from European companies to clean up.

Local authoritries clued into this, would help by not passing any environmental protection laws - why should they when the foreigners only pay for dirty emissions?
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