Even though the United States administration decided not to ratify the Kyoto Protocol, the US left the treaty with a legacy of market-based "flexible mechanisms".

In 2001 Mark Lynas wrote in The Guardian that these flexible mechanismswould lead to a net increase in emissions from industrialised countries, rather than a reduction of 5.2%.

As Larry Lohman's authoritative critique on carbon traiding is published (see link below), The Two Degrees Show examines the record so far of the projects that are being funded under the Kyoto Protocol's Clean Development Mechanism.

We speak to Soumitra Ghosh in West Bengal who has been documenting the impact of CDM projects in India. He found that projects are dispossessing people from their land, lowering water tables, and polluting water and air - resulting in lower crop yields and ill health.

We also speak to Kevin Smith of Carbon Trade Watch and ask whether the CDM is beyond reform and, if so, what should be done instead.