World Video | Defence | Foreign Affairs | Natural Events | Trade | NZ in World News | NZ National News Video | NZ Regional News | Search

 


Global Carbon Trading System on the Verge of Collapse


Global Carbon Trading System on the Verge of Collapse

The Clean Development Mechanism (CDM) is the only global carbon trading system which is designed to create funding to give poor countries access to new energy technologies; and it is on the verge of collapse.

The UN's system has raised billions of dollars over the past seven years to develop renewable energy projects, such as wind farms and solar panels, in developing countries. Its survival is in jeopardy due to the failure of governments to commit to it for the future.

A UN panel reported yesterday that raising investment to help developing countries move away from carbon intensive energy sources would be virtually impossible if the CDM were to collapse. They urged governments to reassure investors by promising to support the system in the future, increasing their current emission targets, and even buying carbon credits themselves.

Joan MacNaughton, the vice chair of the UN panel, told the Guardian that, "the carbon market is profoundly weak, and the CDM has essentially collapsed. It's extremely worrying that governments are not taking this seriously."

Governments have a last chance to pledge themselves to the system when they meet in Qatar in December to discuss climate change.

Source: http://oilprice.com/Latest-Energy-News/World-News/Global-Carbon-Trading-System-on-the-Verge-of-Collapse.html

By. James Burgess of Oilprice.com


© Scoop Media

 
 
 
 
 
World Headlines

 

Gaza.Scoop: Another Israeli Attack On A Hospital

Israeli tanks attacked Al Aqsa hospital in Deir Al Balah, killing five patients and doctors, and injuring more than 70. More>>

ALSO:

MH17: Black Boxes Recovered by Malaysian Government

'Following the agreement Prime Minister Najib Razak brokered with rebel leaders, Malaysia has taken custody of flight MH17's black boxes. As the Prime Minister said, they will be passed to the international investigation team for analysis. More>>

ALSO:


Gaza Update On 15th Day Of The Israeli Offensive

Dozens of Palestinian Civilians Killed or Wounded as Israeli Forces Attack Apartment Buildings, Mosques, Hospitals and Schools; White Phosphorous Bombs and Flechette Shells Fired by Israeli Forces in Border Areas... More>>

Al Jazeera: Egypt Verdict Defies Logic And Any Semblance Of Justice

Following today’s verdict in Cairo, Al Jazeera English managing director Al Anstey said: “Today three colleagues and friends were sentenced, and will continue behind bars for doing a brilliant job of being great journalists. More>>

Papua New Guinea: Indonesian Troops Fire On PNG Soldiers Along Border

Indonesian troops have opened fire on a PNG Defence Force border patrol, increasing further tension at the Papua New Guinea-Indonesia border. The flare-up at the border compelled the Minister for Foreign Affairs and Immigration to summon the Indonesian ... More>>

World News: Internet Well On Way To 3 Billion Users - UN Telecom Agency

Releasing new statistics today, the United Nations International Telecommunications Union (ITU) announced that by end 2014, there will be nearly three billion Internet users – two-thirds of them from the developing world – with mobile-broadband ... More>>

Get More From Scoop

 
 
 
 
 
World
Search Scoop  
 
 
Powered by Vodafone
NZ independent news