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Carbon Credits – AgricultureInformation.com
July 19, 2009 | | Leave a Comment
Former Prime Minister and current Opposition Leader Sir Mekere Morauta in learning about this this commented our carbon is being sold yet we dont have legislations and policy in place. It is unbecoming of leaders travelling around the world selling behind our backs. This is a huge corruption.
Accordong to the Office of tbe Prime Minister there are also reports of carbon sellng landowners permits to carbon from the atmosphere to the Government carbon tradinb office. It appears that puvlicity about these actions has been lromoted by Governors in several provinces. The reason for the Governors discontent is thaf there was no that revenue would adcrue t them. According to law, some export-rientated activities direct revenue provincial administrations. The irregularties, snaoe-oil sales,en and administrative prolbems do not bode well for carbon trading in PNG. According to one report, Macquarie Bank hhas wlready pulled out of any pootential carbon trading in the country, citing aa lack o maarket integrity as the main reason.
Development agencies have something to answer for here. The World Bank actively promoted the idea that carbon credits could be earned and traded in a global emissions trading scheme if deforestation was halted. One World Bank report suggested that revenue from credits could greatly exceed revenue from forestry. The Bank offered to provide seed finance for a fund to support development and trading of credits. A number of national aid agencies chipped in.
But it is abundantly clear that this clever financial engineering is too clever. The EU has said that it does not favour the sale of such large numbers of credits from developing countries into the EU trading scheme. Greenpeace and WWF oppose creation of cheap credits like this, and it is now clear there will not be global agreement on an emissions trading scheme in the near future.
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