UN seeks alternatives to CDM

"We need to find an alternative system that functions equitably, more efficiently and effectively," said Hession at an industry function on Tuesday. "The US isn't loud on the CDM project idea and I think it is time to look at other mechanisms that we can put in place."

He said, however, that he did see a future for CDM up until 2020.

Under the CDM, developed countries can invest in carbon reduction projects in developing countries, gaining Certified Emissions Reductions (CERs), which can be trad