The Big Chill on Carbon Offsets. Editorial, CSMonitor, May 30, 2008. "Before Congress attacks global warming with a cap on greenhouse gases - and then allows firms to pollute if they buy 'carbon offsets' elsewhere -- lawmakers should consult the UN's abysmal record in this slippery type of trading. The UN set up its Clean Development Mechanism (CDM) to help companies in industrialized countries invest in projects in poorer nations that cut greenhouse-gas emissions as part of their countries' commitment under the Kyoto Protocol or the European Union's emissions plan... As many as two-thirds of the programs funded contribute nothing new to reducing emissions... As a British investigative journalist put it: 'Offsets are an imaginary commodity created by deducting what you hope happens from what you guess would have happened'... Next week, the US Senate takes up a bill that would impose a cap-and-trade system that includes the buying and selling of licenses to emit carbon... As in Europe, a final bill from Congress will likely allow US companies to buy carbon offsets through CDM or similar groups that claim an expertise in identifying projects that reduce greenhouse gases... No doubt some CDM projects do make real cuts in emissions. But as a whole, the CDM is clearly flawed and needs, at the very least, significant reform. It's one more sign that a cap-and-trade system is a complex and highly suspect way to make emissions cuts. A more honest, reliable course is a simple tax on carbon emissions. The dodges are easier to spot."
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