Tuesday, June 26, 2007

Peasants could see slice of carbon offset revenue

Rich countries can meet their targets under the Kyoto Protocol on global warming by funding emissions cuts in developing countries, but such funds have drawn criticism both for alleged abuses and for focusing on big, industrial projects.

...Now simple, replicable activities, like changing an old inefficient light bulb, can by-pass bureaucratic hurdles, opening the way for private individuals to apply.

...China cornered 60 percent of emissions cuts in a market worth $4.8 billion last year, after a clutch of big chemical plants claimed carbon credits for destroying an especially potent greenhouse gas.

...By contrast, sub-Saharan Africa excluding South Africa has seen less than 1 percent of total investment.

Miguez is now working with Brazil's Ministry for Development Industry and Trade to enable as many as hundreds of thousands of car drivers to get carbon credits for filling their tanks with ethanol instead of gasoline.

From Reuters