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Don´t reform the CDM, says China

United Kingdom
BusinessGreen
26/07/2010
Tom Young

Project developers refute claim that firms have been deliberately over-producing HFC 23

A Chinese government fund has told a UN panel it does not want the Clean Development Mechanism (CDM) to be reformed, according to a report from Reuters.

A UN panel will decide next week whether to launch a formal review of the scheme, which allows carbon-reduction projects in the developing world to issue Certified Emission Reduction (CER) credits which are then sold to governments or businesses in the developed world and counted towards their carbon-emission targets.

Firms which want to claim credits for projects that aim to reduce levels of the potent greenhouse gas HFC 23 have told the panel they do not think now is the time for reform, and are supported by the China CDM Fund.

Earlier this year environmental group CDM Watch said these types of projects were producing more of the waste gas than necessary to destroy it and claim the resulting offsets.
An undated letter signed by 10 Chinese project developers disputes the claim.

"We consider that some of the key issues raised are contrary to the actual facts [and] lack scientific proof," it says, according to Reuters.

HFC projects account for more than half of all carbon offsets generated under Kyoto, but represent just 22 out of a total of more than 5,300 CDM projects, according to data from the UN.
The projects – mostly in China and India – have so far generated carbon offsets, called certified emissions reductions (CERs), worth $3.32bn.

China receives more financial benefit than any other country from the CDM, which has been widely criticised for being expensive and inefficient, while there have also been accusations that it has been poorly policed.

The scheme has also recently come under fire for awarding credits for the construction of new coal-fired power plants on the basis that they emit less CO2 than other, less-efficient ways of burning coal.

A recent report by the World Bank criticised the CDM's structure, arguing that it had restricted it to a relatively small number of projects.

"The CDM has not moved developing countries onto low-carbon development paths," the report stated. "The incentive of the CDM has been too weak to foster the necessary transformation in the economy, without which carbon intensities in developing countries will continue to increase."

But a blocking minority of three members at next week's meeting of 10 EB board members would be enough to prevent a formal review, sources close to the process told Reuters.

El contenido de las noticias que se presentan en esta sección es responsabilidad directa de las agencias emisoras de noticias y no necesariamente reflejan la posición del Gobierno de México en este u otros temas relacionados.

    

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