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5. Globalandlocalimplicationsofthecarbon market and other mechanisms In order to control global temperature increase by limiting GHG emissions worldwide, emissions trading mechanisms emerged with the signing of the Kyoto Protocol, in 1997.86 Countries in Latin America and the Caribbean participate in carbon trading through different mechanisms such as the Clean Development Mechanism (CDM), sponsored by the United Nations; voluntary carbon markets (mainly the US); domestic carbon markets; and Reducing Emissions from Deforestation and Forest Degradation (REDD+), another UN initiative. Currently, Nationally Appropriate Mitigation Actions (NAMAs), a new mitigation mechanism, is being developed. • The CDM allowed the transfer of responsibility for climate change and abatement costs to developing countries, allowing developed countries to avoid real commitments to reducing GHG emissions. • In Latin America and the Caribbean, CDM eventually resulted in economic losses for project developers because investment in carbon credits was higher than sales, due to the drop in the prices of carbon credits. Ultimately the expected GHG reductions were not achieved because the compensation was limited to the displacement of GHG reductions to cheaper regions. Therefore developed countries continued to pollute, assuming they could produce equivalent emissions savings elsewhere. 5.1. Clean Development Mechanism The CDM, part of the 2007 Kyoto Protocol, allows emissions trading between developed and developing countries, based on a ‘cap and trade’ system. Under the CDM, developed countries with emission reduction commitments could purchase certified emission reductions (CERs) generated in developing countries. CDM was available for Latin America and Caribbean countries until 2012. This mechanism aimed to finance projects that did not have sufficient funding for implementation, under certain prescribed conditions. In Latin America and the Caribbean,87 948 projects were registered under the CDM, mainly in the largest economies such as Brazil (34% – 319 projects), Mexico (20% – 189 projects), Chile (11% – (99 projects), Peru (6% – 60 projects) and Colombia (6% – 58 projects). Currently the equivalent of 167,514,492 tonnes of CO2 emissions have been avoided. The implementation of the CDM sparked strong criticism relating to the following issues: • The view that climate can be treated as a measurable commodity, when the problem is structural. The commodification of nature was a major criticism, especially from countries such as Bolivia and other members of the Bolivarian Alliance of the Americas (ALBA),88 who saw in the carbon market, a tool of green capitalism to encourage the conversion of environmental services to tradable commodities. Countries argued that this practice goes against the livelihood of traditional and indigenous communities who perceive the environment as a community resource. • Countries had to perform internal institutional changes in order to adopt the approval procedures. Some countries saw this as interference by the developed world in the sovereign decisions of developing countries. 28 Low-Carbon Development in Latin America and the Caribbean: Evolution, experiences and challengesPDF Image | Low-Carbon Development in Latin America
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