UN Admits Cap & Trade a Fraud

The UN admits Cap & Trade is a fraud:

About a fifth of the $100 billion of credits traded annually come from projects funded under the Clean Development Mechanism (CDM). The heavily criticised programme allows industrialised countries to offset their pollution by buying “certified emission reductions credits” generated by low-car-bon schemes in the developing world. China and India are the biggest generators of the credits: more than 900 projects are now running, producing billions of credits, with thousands more in the pipeline.

Critics say the system is not sufficiently policed and allows western polluters to buy their way out of more costly carbon-cutting measures.

All such schemes must first be approved by organisations such as SGS. DNV was the single biggest auditor until it was suspended last year, when much of its workload was shifted to SGS, which was simply unable to cope.

Simon Shaw, chairman of EEA Fund Management, a backer of emission-reduction projects and an investor in Climate Exchange, the carbon-trading platform, said: “There was obviously a lack of resources. We knew this was coming.”