Carbon debate heats up

Times Live, Crispian Olver 5 June 2012.

Johannesburg hosted the last of the African consultations on the future of the Clean Development Mechanism (CDM), the UN’s global carbon trading system.

Carbon markets have been in crisis this year, with the price of carbon offsets issued under the CDM reaching all-time lows.

CDM has also received bad press over the last year, primarily because the mechanism has funded large industrial gas projects in India and China with questionable emissions, reductions and limited benefits for sustainable development. As a consequence, the CDM executive board appointed a high level panel to investigate the impact of the CDM, and make recommendations about its future. The panel is chaired by Valli Moosa, South Africa’s former environment minister, who has roped me in to provide technical support to the work of the panel…