Carbon credits undercut climate change actions says report

August 26, 2015 at 10:18 am Leave a comment

The vast majority of carbon credits generated by Russia and Ukraine did not represent cuts in emissions, according to a new study.

As a result of political horse trading at UN negotiations on climate change, countries like Russia and the Ukraine were allowed to create carbon credits from activities like curbing coal waste fires, or restricting gas emissions from petroleum production.

Under the UN scheme, called Joint Implementation, they then were able to sell those credits to the European Union’s carbon market. Companies bought the offsets rather than making their own more expensive, emissions cuts.

In some projects, chemicals known to warm the climate were created and then destroyed to claim cash.

Unlike the Russian and Ukrainian projects, similar offsetting plans in Poland and Germany were said to meet very strict criteria.

The authors of the study argue that lessons must be learned for any future market mechanisms that are incorporated into a new global agreement on climate change, expected to be signed later this year at a conference in Paris.

Read the full article HERE on BBC News.

 

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Entry filed under: Carbon_Emissions, Climate.

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