UN, Kyoto, mismanagement, corruption… who would’ve thought?
Increasing allegations of corruption and profiteering are raising serious questions about the UN-run carbon trading mechanism aimed at cutting pollution and rewarding clean technologies
The world’s biggest carbon offset market, the Kyoto Protocol’s clean development mechanism (CDM), is run by the UN, administered by the World Bank, and is intended to reduce emissions by rewarding developing countries that invest in clean technologies. In fact, evidence is accumulating that it is increasing greenhouse gas emissions behind the guise of promoting sustainable development. The misguided mechanism is handing out billions of dollars to chemical, coal and oil corporations and the developers of destructive dams – in many cases for projects they would have built anyway.