World emissions rise, carbon markets fail
A 2008 working paper by Professor Michael Wara & David Victor on how the CDM market does not reflect actual reductions in greenhouse gas emissions is featured in this GreenLeft article by Simon Butler.
Global greenhouse gas emissions rose faster than ever last year and the market-based schemes set up to bring emissions down are in trouble.
That’s the bad news from two recent reports by the International Energy Agency (IEA) and the World Bank.
The IEA said emissions in 2010 were 5% higher than 2008, the previous highest year. It estimated that about 44% of the emissions came from coal, 36% from oil and 20% from natural gas.
A 2008 paper by Stanford University’s Michael Wara and David Victor said: “In practice, much of the current CDM market does not reflect actual reductions in emissions.”