We now can say that the system has already been gamed and abused:
China dams reveal flaws in climate-change weaponThis is not a but, it's a feature. If you want Wall Street and its worldwide siblings to run this shell game, this is what is called "value added".
By JOE McDONALD and CHARLES J. HANLEY – 1 day ago
XIAOXI, China (AP) — The hydroelectric dam, a low wall of concrete slicing across an old farming valley, is supposed to help a power company in distant Germany contribute to saving the climate — while putting lucrative "carbon credits" into the pockets of Chinese developers.
But in the end the new Xiaoxi dam may do nothing to lower global-warming emissions as advertised. And many of the 7,500 people displaced by the project still seethe over losing their homes and farmland.
This is why a carbon tax is the way to go.