Wind turbines, hydro-electric dams and efficient cooking stoves in Africa and other regions may attract up to $1 billion in investment after the United Nations agreed on new carbon market rules that may grant such projects more emissions credits, according to ClimateCare.
The UN Clean Development Mechanism’s Executive Board, regulator of the world’s second biggest carbon market by traded volume, agreed this month on new standards for projects in places where basic human needs aren’t met. The new rule melds the CDM’s goal of reducing emissions blamed for global warming with an aspiration to transfer technologies that poor nations need to avoid higher-polluting development paths akin to Europe’s Industrial Revolution.
