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ONE of the curiosities of carbon markets is that they do not just trade in carbon. Other greenhouse gases can be given a value, too—sometimes a very high one. Claims that these prices promote scammery are now prompting some searching questions.

The gas at the centre of the controversy is HFC-23, a greenhouse gas which, on a weight-for-weight basis, is 14,800 times better at trapping heat than carbon dioxide. HFC-23 is produced as a by-product of the manufacture of HCFC-22, an ozone-destroying refrigerant. HCFC-22 is banned in developed countries, but developing countries can keep making it until 2030.

The acronyms do not end there. Under the Clean Development Mechanism (CDM) of the United Nations HCFC-22 producers in developing countries that destroy, rather than release, their HFC-23 can be eligible for Certified Emission Reduction (CER) credits, which can then be traded in the European Union’s emissions-trading scheme. This allows companies to buy extra emissions reductions to meet their cap-and-trade obligations, and in so doing to transfer money to schemes reducing emissions in developing countries.

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With the world's attention focused on climate change, one of the methods suggested to reduce global carbon emissions is causing the displacement of indigenous persons as western companies rush to invest in tree-planting projects in developing countries.

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