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Plantations on peatlands will no longer be supported by the Clean Development Mechanism (CDM), a framework for industrialized countries to reduce their emissions via projects in developing countries, reports Wetlands International.
The decision, which came last Friday during the executive board meeting, will bar biofuel plantations established on peatlands from earning carbon credits that could then be sold to industrialized countries to “offset” emissions. The concern is that under the CDM, carbon finance is used to perversely subsidize conversion of carbon-dense peatlands for oil palm plantations, a process that generates substantial greenhouse gas emissions, thereby undermining any potential carbon dioxide savings from use of palm oil-based biodiesel.
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