In another incentive to reduce pollution, the Kyoto protocol has extended project eligibility under the carbon-trading scheme whereby efficient coal-fired power plants will be able to sell carbon-offsetting credits.
The U.N.’s clean development mechanism (CDM) until now has mostly focused on projects to install renewable energy like wind, or to destroy powerful greenhouse gases from the chemicals industry and landfills, especially in China, India and Brazil. Some 40 power plants worldwide may be able to earn CDM credits.
Soon China is going to become the biggest emitter of carbon dioxide, overtaking the United States mainly because of its rapidly rising coal consumption.
Under Kyoto rich countries can meet domestic greenhouse gas emissions goals by buying carbon offsets from emissions-cutting projects in developing nations, in a scheme meant to cut the cost of fighting climate change. Demand for carbon offsets is growing from large Western businesses. Companies want to be seen to be green by paying others to cut emissions of greenhouse gases on their behalf.
While the Kyoto protocol has received much criticism for being weak and irresolute, by this it might make the developing world more accountable towards the environment.
Source: Reuters
