Several flaws in carbon development mechanism scheme of the United Nations have defeated its purpose, India said on Friday and suggested a fresh approach at local level to tackle global warming.
Pointing that benefits are not reaching locals under the present CDM system, Minister of Science and Technology Kapil Sibal said, "Whatever the world talk about CDM market, the truth is that what we really forget that despite of huge investment in India, no real transfer of technology has taken place."
India currently accounts for nearly 14 per cent of the world's total multi-billion dollar CDM market which allows developed nations to give financial incentives to companies in developing countries to cut greenhouse gas emissions.
He alleged that most people taking advantage of the CDM are settled abroad and use local technology to earn carbon credit.
"As a result, the CDM which aims to curb carbon emissions is not happening. Therefore, we need to think afresh on how to make the CDM mechanism more effective," Sibal said at a summit titled 'Clean Development Mechanism and Carbon Trading in India' which was organised by the Assocham.
Lashing out at developed nations for asking developing nations to cut emissions, he said the issue needs to be looked at in the context of financial limitations and human resource capabilities of populated countries like India and China which are trying to eliminate poverty.
"We are looking at sustainable development for reducing the carbon emissons. Unless solutions are affordable and accessible, it cannot be achieved," Sibal added.