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

 

Victory Declared: New Stabilisation Funding From NZ As Mosul Is Retaken

New Zealand has congratulated the Iraqi government on the successful liberation of Mosul from ISIS after a long and hard-fought campaign. More>>

Gordon Campbell: On The Current US Moves Against North Korea

If Martians visited early last week, they’d probably be scratching their heads as to why North Korea was being treated as a potential trigger for global conflict... More>>

ALSO:

Gordon Campbell: On The Lessons From Corbyn’s Campaign

Leaving partisan politics aside – and ignoring Jeremy Corbyn’s sensational election campaign for a moment – it has to be said that Britain is now really up shit creek... More>>

ALSO:

Another US Court: Fourth Circuit Rules Muslim Ban Discriminatory

ACLU: Step by step, point by point, the court laid out what has been clear from the start: The president promised to ban Muslims from the United States, and his executive orders are an attempt to do just that. More>>

ALSO:

 
 
 
 
 
 
  • Pacific.Scoop
  • Cafe Pacific
  • PMC