IETA fears over EU CDM plans

The International Emission Trading Association (IETA), which represents emission trading businesses, has criticised EU plans to shut down the clean development mechanism (CDMⁱ) for larger developing countries. The IETA says that the CDM is “one of the main private finance success stories of the Kyoto protocol”. It claims that proposals to phase out the CDM are being made before an alternative model for private funding has been established. The European Commission wants to introduce a sectoral approach to replace the CDM in advanced developing countries under a new global climate deal.