Carbon Credit At Risk of Getting Discredited

'Carbon credit' has so far been touted as a practical scheme of fighting global warming. Simply stated, it is intended to reward 'carbon credits' to those who bring down greenhouse emissions by adopting appropriate measures. Those who exceed greenhouse emissions would have to buy 'carbon credits' for offsetting.
The whole business of fighting global warming this way appeared too simplistic to me. My apprehension that the rich nations would be exploiting the poor nations by their unrestricted greenhouse emissions with the help of carbon credits bought from the poor nations was sounded in my post 'Carbon Credit As Sops Saps Poor Nations'. It said:
"... 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!" After reading a news report in The Times of India titled 'British firms use India prop to pollute', I feel reassured that I was not wrong in harbouring such apprehension. It quotes Mary Taylor - a green activist saying
"It is really perverse. It allows western companies to continue polluting while handing over large amounts of money to a company in India, which itself produces large amounts of green house gases."
Companies earning millions of dollars by encashing carbon credits and investing the profits in projects that contribute to global warming should not be allowed to put an air of 'holier than thou' in the corporate world while for the poor masses, it would be be out of frying pan into fire.
Is it not?