CARBON CREDIT MECHANISM NEEDS AN OVERHAUL
BRUSSELS, Wednesday - European Union climate officials are calling for changes to the UN-approved carbon credit
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Under the clean development mechanism (CDM), rich-country companies can get off scot-free even if pollution levels from their businesses remain or even increase.
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Through the CDM, corporations can argue that they have promoted environmental conservation in poor countries. Many see this as perpetuating poverty in poor countries.
The problem is that preserving forests or prohibiting forests from being utilized for economic development will only stagnate development in poor countries, while they continue to be burdened with debt, obtained from developed countries. This is called green colonialism.
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Environmental groups want a revision of the CDM on the grounds that it is unfair. In addition, the mechanism has increased potential emissions from the industrial sector in rich countries.
"The international debate is clear that change is needed. The CDM has been successful in some ways, but has been criticized. It's about environmental integration," EU Commissioner for Climate Action Connie Hedegaard said in Brussels, Belgium, on Wednesday (25/8).
"The first step is to establish a more advanced carbon market. Therefore, the carbon credit mechanism needs to be changed," he said. (AFP/joe)