Funding the winds blow

The wind turbines installed in Chinese villages promises clean electricity, but they are also part of a growing dispute involving UNs program aiming to raise funds to help developing countries. Those countries that particularly growing fast, ought to economise their use of energy to fullfil their share of fight against global warming and avoid future disasters. UN’s progam, The Clean Development Mechanism has been successful in raising billions of dollars from rich countries to invest in renewable energies or efficient energy-use projects in poor countries. While scientists became extremely worried about emissions from emerging economies, China with 1.2 trillion in foreign exchange rserves, was successful to get hold of 3/5 of the money raised last year ( up from 100 M in 2002 - 4.8 billion in 2006, Dlrs).

And that is why the program is becoming a battle ground, pitting an unlikely coalition of bankers, traders, industrialists and environmentalists, who defend it against economic development advocates, who warn of distortions. (Herald Tribune, knowing which way wind blows, May 9)