CDM:- for better or for worse?

Today I attended the EU side event on CDM and changes to the carbon market proposed by the EU in this negotiation. The panel consisted of 2 of the members of the UK delegation; a couple of lawyers from Allen and Overy; a guy from the Peruvian Delegation ( Jorge Alvarez) and a chap from SGS.

Basically it appears whilst a couple of alternatives to CDM (or perhaps just a couple of suggested improvements...) have been proposed by the EU, these proposals pose the same problems or similar problems as the previous Kyoto system i.e.

1) they are difficult to comprehend
2) they dont propose speedy results
3) they are subject to manipulation

The new schemes have attempted to amend such problems by providing more transparent and flexible multi-sectoral solutions with appropriate MRVS(Monitoring, Verifiying and Reporting schemes). However even these schemes are subject to major issues regarding capacity building and finance.

I dont pretend to be any form of expert on CDMs and carbon markets but it in part seemed to me that the EU's proposals try to solve the CDM problems by providing other schemes which address the problems in part but are still far from flawless and subject to major criciticsm. Even these new schemes will require stringent baseline implementation, consideratble investment in capacity building and considerable additional regulatory measures to make a significant impact.

From my perspective the most interesting aspect of the 2 hour seminar was the fact that very few (if any) African delegations or NGOs were present and the conversation was dominated by European stakeholders (although it should probably be noted that noted everyone was for CDM; Friends of the Earth posed a number of questions highlighting the issues with the project not least the lengthy timescales associated with such schemes).

I was sitting next to Rowena Mason (reporter from the Daily Telegraph (a UK newspaper) who has yet to upload anything on the particular side event but did post an interesting article earlier in the day. Should she write anything on today's event I will, of course, upload the article for your perusal.