Clean-energy credits questioned

Nature : A diplomatic cable published last month by the WikiLeaks website reveals that most of the Clean Development Mechanism projects in India should not have been certified, writes Quirin Schiermeier for Nature. The CDM, established under the Kyoto Protocol, allows rich countries to offset some of their carbon emissions by investing in climate-friendly projects in developing countries; verified projects earn carbon credits that count toward meeting rich nations’ carbon-reduction targets. The cable, written in 2008 by the US consulate in Mumbai to the US secretary of state, summarizes a discussion among officials that many CDM projects in India may not have reduced emissions beyond those that would have been achieved without foreign investment. If true, the revelation could cast doubt on the principle of carbon trading. In defense of the program, Martin Hession, head of global carbon markets at the UK Department of Energy and Climate Change and chairman of the CDM executive board, says that since 2008, the board has adopted more stringent guidelines. The European Union maintains that the carbon-trading system remains crucial in tackling climate change.