06 May 2011 10:05:03
Clean Development Mechanism registers 3,000th project
The United Nations (UN) has announced it has reached a major milestone in its effort to promote green energy, registering its 3,000th project under the Clean Development Mechanism (CDM).
Designed to boost sustainable development in developing countries, the CDM allows emission reductions projects in emerging nations to earn certified emissions reduction credits.
These credits, equivalent to one tonne of CO2, can then be traded with industrial nations to help them meet their carbon reduction targets.
A wind power project in Inner Mongolia, China, became the 3,000th development to be registered under the scheme this week. A further 2,600 projects are at various stages of the vetting process.
Christiana Figueres, executive secretary of the UN Framework Convention on Climate Change, described the CDM as evolving.
She added: "From the original concept to now, it has been a success way beyond the initial expectations, not only in the number of projects but also in its ability to attract private sector investment into bettering livelihoods and environments of people in the developing world."
However, the CDM has previously come under criticism over claims that loopholes were being used by industrial nations to gain more carbon offsets.