* Hedegaard seeks reforms of U.N.’s CDM system

* More money for poorest nations, pilot projects (Updates with Hedegaard quotes in Geneva)

BRUSSELS/GENEVA, Sept 3 (Reuters) – Europe’s climate chief called on Friday for a major reform of the U.N.’s carbon crediting mechanism, including more money for the poorest countries as well as a number of new pilot projects.

Connie Hedegaard said that U.N. talks in Cancun, Mexico, later this year should agree to reassure carbon markets that the current CDM mechanism would continue beyond 2012, when the first period of the U.N.’s Kyoto Protocol climate treaty expires.

Continue Reading at Reuters

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Tags: Carbon Credit, Carbon Market, Carbon Reduction