A UN scheme aimed at distributing simple technologies to cut carbon emissions in developing countries is showing signs of success after investors who originally shied away from it, calling it too risky, are now throwing their weight behind it.
Using technologies such as solar lanterns, higher efficiency cooking stoves and solar water heaters millions of people are now in line to see an improvement in their lifestyles, Financial Soultions understands.
The so called “program of activities,”
"It is very clear that the project-by-project standard way of CDM is not going to be allowed in many countries. If you want to be active in the normal markets, China and India and so on, you have to move toward these approaches which move toward sectoral approaches,"
The EU approach to CDM’s is to push for emission reductions in industrial areas in poorer nations.
It would prefer the CDM's project-based approach to be phased out for advanced developing countries, such as India and China, to assist the lesser developing countries get more aid from the CDM scheme, worth $6.5 billion last year, Financial Soultions was informed.
To date, China and India have received the majority of CDM's investment, but the EU is now questioning environmental integrity of giving carbon credits to large hydro and wind power projects.
