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...controversy in Toranagallu raises questions about the effectiveness of CDM projects and the wisdom of relying on the carbon market to combat climate change. While carbon trading has helped lower overall global emissions, some argue the CDM system has significant flaws that need to be addressed in Copenhagen. One problem, critics say, is that the mechanism is subject to manipulation and creates undeserving winners. For example, the U.N. body in charge of managing carbon trading reportedly has suspended approvals that would have awarded credits for the construction of dozens of wind farms in China. Projects only qualify for credits...

Author: /time Magazine | Title: An Indian Village Sees the Downside of Carbon Trading | 12/3/2009 | See Source »

...industries in developing countries such as India, essentially allowing the industrialized West to outsource the heavy lifting of greenhouse-gas reduction to the world's poorer nations. "The trouble is the design of the CDM has been to guarantee the cheapest option for the Western countries to balance their carbon books," says Sunita Narain of the Center for Science and Environment in New Delhi. "It's not [just]what is happening in India that is flawed, it is flawed in design...

Author: /time Magazine | Title: An Indian Village Sees the Downside of Carbon Trading | 12/3/2009 | See Source »

...global emission of greenhouse gases. To help make this happen, instead of strictly holding countries to their emission reduction commitments under the Kyoto Protocol, it allows companies and countries to continue to pollute if they offset their emissions by purchasing Certified Emissions Reductions (CERs) - each representing 1 ton of carbon - from developing countries -where carbon-reducing modifications to power plants, factories and other facilities would be less costly. This was meant to promote the dispersion of green technology to the developing world, and also give emerging economies like India and China a financial incentive to start cleaning up their dirty...

Author: /time Magazine | Title: An Indian Village Sees the Downside of Carbon Trading | 12/3/2009 | See Source »

...concerns persist about whether the market is generating enough highly effective carbon-reducing projects, such as solar power plants and public transit systems - or if it is actually retarding the pace of reducing greenhouse gas emissions by subsidizing the dirtiest industries, which can rather easily and cheaply generate credits because they have the most to clean up and often have the resources to make improvements. Fluorochemical companies in India, for example, have been the biggest generators of CERs for the global market. That's because companies like SRF, a fluorochemical company headquartered outside of New Delhi, emit a gas called...

Author: /time Magazine | Title: An Indian Village Sees the Downside of Carbon Trading | 12/3/2009 | See Source »

...planet's atmosphere is perfectly happy with the tradeoff, says Derwent of the IETA, "just as much as it would be happy with the reduction of CO2 over a long period by the adoption of wind power in the place of coal." What matters is the absolute reduction in carbon emissions, regardless of the source, he says. "That's what markets do, they find the cheapest, most cost-efficient way of producing whatever it is that's demanded," says Derwent. "That's a good thing, not a bad thing. That means that the atmosphere gets an emissions reduction...

Author: /time Magazine | Title: An Indian Village Sees the Downside of Carbon Trading | 12/3/2009 | See Source »

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