This report explains the failure of the world's biggest carbon offsets program to make a dent in greenhouse-gas emissions. It also maps the world of rivers and dams for the past year and pinpoints hotspots for the coming year. Efforts to solve the climate crisis are stumbling over poorly designed carbon-offset programs. One of the biggest programs created in Kyoto - the Clean Development Mechanism - has proven to be a huge failure that is actually increasing greenhouse gas emissions behind the guise of promoting sustainable development. It is handing out billions of dollars for destructive dams and fossil fuel projects. A rapidly growing industry of carbon brokers and consultants is lobbying for the CDM to be expanded and its rules weakened further. This report dissects the CDM's major flaws, and lays out a Greenhouse Development Rights framework for creating true climate equity.