CDM, or Clean Development Mechanism
Carbon-Trading Scheme Undermined by Chinese Projects
As the Copenhagen climate conference opens, the existing mechanism for carbon trading is drawing close scrutiny. The Chinese authorities’ misuse of the carbon credit scheme, CDM, has come to the surface, challenging the effectiveness of the global carbon trade in reducing greenhouse gas emissions.
CDM, or Clean Development Mechanism, allows developed countries to meet their carbon reduction quota by buying credits, or certified emission reductions (CERs), from developing countries. CDM was established in 2005 under the Kyoto Protocol to fund carbon reduction projects. China has been the largest beneficiary of CDM, taking over 40 percent of its carbon credits through hydropower, wind power, and other carbon-reduction projects.
Concerns over China’s abuse of the CDM funding involve eligibility for funding and the adverse impact of some of China’s CDM projects.
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