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
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.
…A working paper from two senior
Governments consider that CDM is vital to reducing global emissions under the terms of the