It’s like Oil-For-Food without producing either commodity. In other words, the perfect opportunity for U.N. collusion and fraud:

A multibillion-dollar experiment designed to curb global warming is stumbling as regulators question whether the program is doing enough environmental good.

[...]

The issue came to a head in December, at a meeting between U.N. officials and auditors during a U.N. conference on climate-change policy in Bali, Indonesia. A member of the U.N. board, Christiana Figueres, expressed concern that the system may be open to what she called “collusion” between auditors and project developers to push through environmentally dubious projects.

Ms. Figueres confirms that she used the term in the December meeting, but says she didn’t intend to suggest that auditors are purposely recommending that the U.N. approve projects whose legitimacy the auditors doubt. Rather, she says, she was suggesting “a systemic collusion in which the [U.N.] board is being put in a position of having to do an in-depth review of these projects because [the auditors] are not doing it.“

Help me separate the two issues, Ms. If the U.N. board is too stupid to do an in-depth audit of these projects, how did they approve them in the first place?

Something tells me this risky Carbon Credit scheme is going to back fire. We should probably keep all these “credits” some place safe (like a lockbox) until we can impose Sarbanes-Oxley requirements like we would expect from, say, a legitimate business.

We’ve had the tech bubble and the sub-prime bubble already. Can this steaming pile of greenhouse graft be far behind?

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