From Environmental Capital:
So this is the Kyoto Protocol in action: A marginally-economical chemical factory in an industrial superpower finally installs 1970s-era technology to clean up its act, and as a result makes 30 times more money by selling “carbon credits” to fight global warming than it makes by selling chemicals.
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South Korea is considered a “developing economy,” so it wins points—and factories there earn millions—by doing things that other industrialized countries do out of habit nowadays. That seems to flunk Kyoto’s own acid test that lucrative carbon credits have to come from projects that wouldn’t otherwise make sense.
