This report focuses on carbon trading and is intended to in-fluence current climate politics. In the debate on the Kyoto Protocol few actors have expressed a critical view. It is high time, for the purposes of debate and policy-making, to put the spotlight on the core problem – fossil fuel extraction and consumption. This publication, therefore, takes a broad look at several dimensions of carbon trading. It analyses the problems arising from the emerging global carbon market pertaining to the environment, social justice and human rights, and investigates climate mitigation alternatives. It provides a short history of carbon trading and discusses a number of ‘lessons unlearned’. Nine case studies from different parts of the world provide examples of the outcomes – on the ground – of various carbon ‘off set’ schemes.

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