Global: Ah… who took the money, who took the money away?
With apologies to Talking Heads.
The world’s only global system of carbon trading, designed to give poor countries access to new green technologies, has “essentially collapsed”, jeopardising future flows of finance to the developing world.
Billions of dollars have been raised in the past seven years through the United Nations’ system to set up greenhouse gas-cutting projects, such as windfarms and solar panels, in poor nations. But the failure of governments to provide firm guarantees to continue with the system beyond this year has raised serious concerns over whether it can survive.
A panel convened by the UN reported on Monday at a meeting in Bangkok that the system, known as the clean development mechanism (CDM), was in dire need of rescue. The panel warned that allowing the CDM to collapse would make it harder in future to raise finance to help developing countries cut carbon.
Joan MacNaughton, a former top UK civil servant and vice chair of the high level panel, told the Guardian: “The carbon market is profoundly weak, and the CDM has essentially collapsed. It’s extremely worrying that governments are not taking this seriously.”
Time for a euphemism check? “Taking this seriously” = “Chucking large sums of money in my general direction”.
Update: Here’s the second verse, and another euphemism to go with it:
The European Union will impose a limit on the use of crop-based biofuels over fears they are less climate-friendly than initially thought and compete with food production, draft EU legislation seen by Reuters showed.
The draft rules, which will need the approval of EU governments and lawmakers, represent a major shift in Europe’s much-criticized biofuel policy and a tacit admission by policymakers that the EU’s 2020 biofuel target was flawed from the outset.
“Flawed from the outset” = “Insufficiently well-hidden from informed investigators”.