LONDON (Reuters) – A United Nations climate panel will ask a working group to investigate further claims that a Kyoto Protocol scheme may be incentivizing participants to emit more greenhouse gases, it said on Friday.
Several carbon-cutting projects approved under Kyoto’s $2.7 billion Clean Development Mechanism (CDM), which helps provide carbon finance to emerging economies, have been accused by green groups of intentionally increasing their emissions in order to destroy them and collect more carbon offsets.
LONDON (Reuters) – The United Nations’ climate secretariat on Thursday issued 228,400 Kyoto Protocol carbon offsets to three Asian clean energy projects, ending a two-week issuance drought but failing to reassure concerned investors.
The offsets, called Certified Emissions Reductions, were given to two Chinese wind farms and an Indian biomass facility, and represented the largest daily issuance since June 16.
LONDON (Reuters) – London’s once high-flying carbon emissions permit brokers have been grounded by the recession and dwindling client volumes, with layoffs and business lost to exchanges clouding the horizon of a once sunny future.
The London-based desk at CantorCO2e, one of the many players in the now over-crowded European emissions trading space, was the latest casualty as the firm laid off its last three carbon brokers in the UK earlier this month, sources told Reuters.
LONDON (Reuters) – Greenhouse gas emissions from heavy industry currently regulated under the European Union’s Emissions Trading Scheme will be capped at 1,926,876,368 tonnes of carbon dioxide in 2013, the EU Commission said on Friday.
In the scheme’s third phase, which runs from 2013-2020, the emissions cap will then be tightened at an annual rate of 1.74 percent of the average Phase 2 (2008-2012) cap of 2,032,998,912 tonnes, or by 35,374,181 tonnes per year, the Commission said on its website.
LONDON (Reuters) – The European Union is under pressure to finalize details on its emissions cap for industry from 2013, how carbon permits will be auctioned and the amount to be given to airlines when they join the EU’s scheme in 2012.
Businesses say they urgently need clarity on these still undecided elements surrounding the EU’s Emissions Trading Scheme, the bloc’s main weapon to fight climate change, in order to minimize compliance costs in its third phase (2013-2020).
LONDON (Reuters) – A Kyoto Protocol scheme may be encouraging projects to emit more greenhouse gases because of incentives to earn carbon offsets from subsequently destroying these, a U.N. report said.
The projects under investigation are the most lucrative under Kyoto’s Clean Development Mechanism (CDM) and account for more than half carbon offsets sold under the scheme. Limiting their output could impact carbon prices.
LONDON (Reuters) – June has been the worst month in over a year for the issuance of UN-backed carbon offsets, data compiled by Reuters showed, as auditor suspensions, bottlenecks and possible rule changes hinder requests from projects.
Only 3.4 million offsets have been issued by the U.N.’s climate change secretariat this month, the lowest level since May 2009, when 2.3 million were handed to clean energy projects registered under the Clean Development Mechanism. In the 12 months before June, the monthly average was 10.8 million.
LONDON (Reuters) – Firms that audit greenhouse gas-cutting projects approved under a Kyoto Protocol carbon offset scheme received poor grades from green groups for a second year, a report said on Monday.
Unqualified and insufficiently trained personnel was cited by WWF and Germany’s Oeko-Institute as a problem plaguing emissions auditors, accompanied by ambiguous scheme rules and a general failure to show that the clean energy projects they approved would not be feasible without getting carbon offsets.
LONDON, June 22 (Reuters) – Developing countries may thwart
a North American effort to reduce the global use of
hydrofluorocarbons (HFCs), a potent greenhouse gas, a UN
official said on Tuesday.
HFCs, which are a byproduct of refrigerant chemicals, trap
over 12,000 times more heat than carbon dioxide.
LONDON (Reuters) – Firms participating in a Kyoto Protocol carbon scheme are abusing it by artificially inflating their greenhouse gas emissions, thereby allowing rich nations’ emissions to rise significantly, a watchdog said on Saturday.
Under Kyoto’s Clean Development Mechanism (CDM), worth $2.7 billion in 2009, companies can invest in carbon-cutting projects in emerging economies, and in return get carbon offsets that can be used against their own emissions.