I say, it’s lucky people who want to save the planet do it for the love of it:
National Post: The Kyoto Protocol’s Clean Development Mechanism (CDM) has helped funnel almost $400-billion into emission-cutting projects in developing countries by allowing investors to earn carbon credits they can sell to companies and governments of richer nations that use them to meet emission targets.
I imagine they love $400 billion too.
This was just one branch of the great green-industrial-machine. (And yet skeptics are winning, she says wickedly, with hardly any money).
But those halcyon days are gone for the CDM — what was $30 per ton, is now 30c.
From 2003, developers flocked to register projects such as destroying heat-trapping waste gasses at Chinese chemical plants or installing hydroelectric power stations in Brazil, and made huge profits by selling the resulting carbon credits for up to $30.40 a tonne in 2008.
But interest has waned while countries wrangled over setting new emission goals under the United Nation’s Framework Convention on Climate Change (UNFCCC), hammering credit prices down to unprofitable levels below $0.30.
There’s a tiny $200 million or so left ticking over in the accounts:
The latest UN financial statements show […]
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