UN Carbon Trade "Expensive And Slow", World Bank Says - Bloomberg

[hatrack]

As opposed to our funding for coal-fired & natural gas power plants, which is speedy and cheap!!!!

:eyes:

Aug. 26 (Bloomberg) -- The United Nations Clean Development Mechanism is ``expensive and time consuming'' because it requires project managers to abide by new rules governing the technologies used to reduce emissions, the World Bank said.

The CDM, the world's second-biggest greenhouse-gas market, allows rich nations to buy emission credits from projects like wind farms and industrial-gas combustion plants in developing nations. The mechanism must become more effective in reducing gases blamed for climate change, the World Bank said on the Web site of the UN Framework Convention on Climate Change, or UNFCCC, which oversees climate-protection talks.

``These systems are viewed as cost effective, but they have the drawback of the initial distribution of allowances that are difficult to determine,'' the World Bank said. ``The process of creating new methodologies and applying an approved methodology to a proposed project is expensive and time consuming.''

The CDM executive board has approved a method to ensure that projects reduce greenhouse-gas emissions by the promised amount, the bank said in its submission. The method to encourage energy-efficient lighting systems monitors greenhouse gas saved by ``building safeguards into the project design and implementation stages to ensure environmental integrity,'' it said. ``This methodology is unique in its simplification of monitoring requirements.''

EDIT

http://www.bloomberg.com/apps/news?pid=20601081&sid=a.Z6VaaSXVuo&refer=australia