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Today, the Carbon Disclosure Project (CDP) released its much-anticipated Global Corporate Climate Change Report (CDP5). This is the fifth annual report by the CDP tracking carbon disclosure and attitudes toward climate change in the world's largest companies. The CDP additionally this year launched the Climate Disclosure Leadership Index (CDLI), an honor roll for companies who are best addressing climate change issues.

According to David Victor, a leading carbon trading analyst at Stanford University, as many as two-thirds of the supposed "emission reduction" credits being produced by the CDM from projects in developing countries are not backed by real reductions in pollution. Those pollution cuts that have been generated by the CDM, have often been achieved at a stunningly high cost: billions of dollars (or pounds) could have been saved by cutting the emissions through international funds, rather than through the CDM's supposedly efficient market mechanism.

The most interesting energy news last week dealt with the negative environmental aspects of renewable energies, as Jesse Ausubel, one of the leading US academics on energy and climate change policies, launched a damning attack on the “green” credentials of renewable energy projects.