Global carbon trading system has ‘essentially collapsed’

The UN clean development mechanism, designed to give poor countries access to green technologies, is in dire need of rescue.

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The world’s only global system of carbon trading, designed to give poor countries access to new green technologies, has “essentially collapsed”, jeopardising future flows of finance to the developing world.

Billions of dollars have been raised in the past seven years through the United Nations’ system to set up greenhouse gas-cutting projects, such as windfarms and solar panels, in poor nations. But the failure of governments to provide firm guarantees to continue with the system beyond this year has raised serious concerns over whether it can survive.

Read the full article here:
http://www.guardian.co.uk/environment/2012/sep/10/global-carbon-trading-system?INTCMP=SRCH

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