Recently, 160 countries attending the climate change conference in Montreal, Canada, reached an agreement to enhance investment in promoting clean energy projects in developing countries.
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Clean energy currently does not meet the world’s demands. |
The conference approved the “Clean Development Mechanism (CDM)” program, which will come into effect in 2012, following the conclusion of the first phase of the Kyoto Protocol on climate change.
The CDM program incentivizes international investors to fund projects such as hydropower, wind energy, and solar energy, significantly reducing the burning of fossil fuels.
Wealthy nations can invest in these clean energy projects in the developing world and receive credits for reducing greenhouse gas emissions.
According to the United Nations Environment Programme (UNEP), there are currently more than 40 clean energy projects underway in developing countries.
The UN has established a reform framework for managing the CDM program and is calling on countries to urgently contribute $18 million to cover expenses.
