More good news.
The CDM is one of the only truly global carbon markets. It’s been the main mechanism for “mitigation” in developing countries, (China says “thank you”). Born with the Kyoto agreement, it was in a sick state last year and was even said to have collapsed. Now however it’s reached a state of “coma”.
Each CDM was worth 20 euros in 2008. Now they are selling for 50c.
Reuters: Investment under the U.N.’s $315 billion Clean Development Mechanism (CDM) has ground to a halt as the value of the credits they generate has plunged 95 percent in five years to around 0.30 euros, crushing profits that investors count on to set up carbon-cutting schemes in the developing world.
“As a tradable commodity, it’s in a coma and will be unless and until a 2015 agreement wakes it up,” said Jorund Buen, co-founder and partner at consultancy and project developer Differ.
A lot of things could be said about the last UNFCCC meeting in Warsaw. Here’s the one that matters:
“…no major nation offered to set or deepen emission targets, while Japan scaled down its 2020 goal.”
The language of death:
“…almost 200 nations “expressed concern” over the state […]
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