Skip to content
Subscriber Only

UN Seeks Carbon Market Revamp as Green-Project Backers Bolt

Climate negotiators meeting in Warsaw have until the end of the year to overhaul the United Nations’s 16-year-old carbon credit system or risk exacerbating a record plunge in funding for clean-technology projects.

Investment in UN Clean Development Mechanism projects registered this year slumped to $15 billion in the 10 months through October from $198 billion in all of 2012, the first drop since 2005 when the UN started publishing the estimates. Failure to reform the CDM may hamper market-based efforts to curb emissions, according to the Project Developers’ Forum, a lobby group based in London.