Dec
18
Written by:
ECRA Bloggers
18/12/2009 19:46
In an article entitled, "Who is cashing in on carbon credits?" Probe
International objects to the fact that the purchased carbon credits are
being used to finance hydropower dams. Probe International has been a
consistent vocal opponent of large hydro projects around the world.
About 10 years ago, for example, the organization was a strong critic of
Canadian engineers involvement in the Three Gorges Dam in China during
the project's early stages.
Now the group is turning its attention to carbon trading. Part of the
problem, says Probe International, is that carbon markets are "prone to
fraud and organized crime," pointing out that the U.K. discovered an
alleged $60 million fraud involving their trading.
Probe International has also built up a carbon credits database that
lists all the projects around that the globe that have received carbon
credits through the U.N.'s clean development mechanism.
The database shows that China has received almost 50 per cent of all the
carbon credits issued through the CDM, and that the credits are worth
$3.2 billion at current prices.
China has used the funds, Probe International says, to build 47 new
dams, and has also received nearly $153-million in carbon credits for
wind projects. India has received 20 per cent of all the carbon credits
issued through the CDM. "Together India and China have received around
68 per cent of all carbon credits issued through the CDM, and used them
to build 70 new dams, more than 100 wind projects and more than $3
billion worth of hydrofuorocarbon-23 (HFC-23)projects -- a byproduct in
the manufacturing process of HCFC-22, which is a gas used as a refrigerant."
Probe International is particularly critical of China's dam-building
activities in Africa. The massive Tekeze Dam in Ethiopia, for example
has just been completed at $360 million and is the largest of its kind
in Africa. The 185-metre high dam, and 300-MW facilities, were developed
and built by the state-owned Chinese National Water Resources and
Hydropower Engineering Corporation, or Sinohydro.
To visit the database, follow this link:
http://www.probeinternational.org/carbon_credits
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