Andrew Brandler, chief executive of CLP Holdings, the Hong Kong-based energy group, yesterday called for the UN’s Clean Development Mechanism to be fundamentally reformed.
The CDM is designed to encourage low-carbon economic development in poorer countries by allowing companies in rich states to gain carbon credits if they sponsor such projects.
These credits, known as Certified Emissions Reductions, are accepted by the EU Emissions Trading System as equivalent to EU Allowances. That means...