Carbon Credits As Sops Sap Poor Nations

The good earth cannot take any more. With reckless deforestation and wanton industrialisation necessitating rapid transportation of men and materials by automobiles causing carbon dioxide emissions ceaselessly, the die has been cast. Global warming is a stark reality now which cannot be wished away any longer. The changing and unpredictable weather all over the world has been serving as a constant reminder of nature's wrath against human excesses.
Now the death-knell has been sounded by the former Chief economist of World Bank, Mr Nicolas Stern, as appeared in Econmic Times, who has warned that 'the impact of global warming on world economy can be as apocalyptic as that of the Great Depression of the 1930s'. He minced no words to depict the horrifying scenario by saying "in the absence of significant cut in greenhouse gas emissions (GHG), the world economy will shrink by 20% in the decades to come. The rising temperature leading to floods may also displace about 200 million people globally."
The irony has not been lost in the report by raising his finger against industrialised countries as the worst offenders of carbon dioxide emissions. Contrary to the popular belief due to misinformation campaign, India and China have been absolved of customary charges of causing global warming. There is already a system of rewarding and punishing parties depending upon their share of reducing or increasing carbon dioxide emissions. I think carbon trading as prevalent now is not a fool-proof control to reduce carbon dioxide emissions. It is just a way of giving sops to the nations which are able to earn carbon credits by reducing GHG emissions so that the cash-rich nations can continue to do the damage by paying penalty in being the credits.
Already as per a survey 'Voice of the People,2006'conducted by Gallup International and TNS, FDIs are perceived by the majority to help the rich only rather than the masses. In the name of economic development, new mega projects are coming up mostly in developing countries. The damage to the environment and the misery of millions who are routinely displaced as a fallout of these projects will more than offset the so- called benefits of employment generation and raising standards of living. GHG emissions, unfortunately, do not affect selectively but pervade everywhere. So the rich as well as the poor will suffer unimaginable losses in the long-term and we will be leaving the planet in much less habitable condition for the future generations.
What a ghastly scenario! What do you say?