Carbon trading, its backers claim, brings emissions reductions and supports sustainable development in the global south. But, argues Kevin Smith, it may do neither, and is harming efforts to create a low-carbon economy.
A new U.N. led scheme called "Reduced Emissions from Deforestation" (RED) is due to be announced later this year that aims to make it rewarding for countries to preserve their forests rather than cut them down.
'A common price for carbon' has become the soundbite of the forward-looking 'green' politician. It pleases everyone, not least business, which can plan ahead by looking at the carbon 'market'. But is it the best way to proceed?