Billions of dollars spent to encourage developing nations to cut greenhouse gas emissions are being wasted on projects that don't qualify, according to two new studies of the UN's carbon credit program. The Kyoto agreement arranges for wealthy countries unable to meet emission reductions to instead subsidize green energy projects in developing countries. But the fund is routinely abused by energy companies in developing countries improperly claiming emission reduction credits.
The result is that no new significant pollution cuts are being achieved, reports the Guardian. "Rich countries are clearly overpaying by a massive amount," and it's not making a difference, said one expert. Most of the 3,000 "green energy" projects that have been approved so far for $10 billion in subsidies would have been built regardless of the funding.