| Topic: |
Religions > Atheism |
| User: |
"Fred Stone" |
| Date: |
30 Nov 2007 05:44:30 PM |
| Object: |
Only one in five? |
http://www.guardian.co.uk/feedarticle?id=7113314
A fifth of UN carbon credits may be bogus -WWF
* Reuters
* Thursday November 29 2007
(Refiles to insert dropped word "Mechanism" in fifth para)
LONDON, Nov 29 (Reuters) - One in five carbon credits issued by the
United Nations are going to support clean energy projects that may in
fact have helped to increase greenhouse gas emissions, environmental
group WWF said on Thursday.
The United Nations runs a scheme under the Kyoto Protocol that allows
rich nations to invest in clean energy projects in developing countries
and in return receive certified emissions reduction credits (CERs) to
offset their own emissions.
But WWF said in a report that the credits are being delivered to projects
that would have gone ahead anyway, even without the extra incentive
provided by U.N. approval under the scheme, called the Clean Development
Mechanism (CDM).
The report, prepared by Germany's Oeko Institute for Applied Ecology,
said projects lacking this so-called 'additionality' help increase gases
blamed for global warming by giving firms a spurious justification for
continuing to pollute.
"One out of five emissions reductions credits sold under the Kyoto
Protocol's Clean Development Mechanism (CDM) lack environmental
integrity," WWF said in a statement.
It said the problem damages the global carbon market, which is expected
to more than double in value to around $70 billion this year.
"The CDM is a new and very important tool and needs to be fine-tuned to
reach its purpose," Stephan Singer, head of WWF's European Climate Policy
Unit, said in a statement.
The report recommends improvements in the CDM, a market worth some $5
billion in 2006 according to the World Bank.
Strengthening procedures and increasing controls of the bodies that
verify the projects are among changes that WWF hopes governments will
discuss next week at a U.N. climate conference in Bali, Indonesia.
"Promoting sustainable development... seems to have been largely
forgotten by project developers, verifiers, and the CDM Executive
Board," the report said.
"The same is true for stakeholder consultation, considered by project
developers as a burden rather than an opportunity to gain public
acceptance."
The U.N.'s CDM scheme also works with the European Union's emissions
trading scheme, the 27-nation bloc's flagship programme to help meet
commitments under Kyoto.
In phase 2 of the European Union scheme, lasting from 2008-12, countries
are able to import around 10 percent of their required credits from UN-
approved projects, amounting to an expected market demand of up to 280
million CERs per year.
WWF proposes that the EU should limit the importing of the U.N. scheme's
CERs to those certified by the Gold Standard, a quality label developed
with help from WWF and endorsed by some 45 non-governmental organisations
worldwide.
Gold Standard-certified CERs can fetch between 26 and 28 euros, well
above EU credits and ordinary secondary CERs, which trade around 23 euro
and 18 euro respectively.
But of the near 94 million CERs issued by the U.N.'s climate change
secretariat to date, only around 72,000 are Gold Standard-certified, with
a further 3.5 million per year expected to 2012.
This compares with more than 500 million CERs expected annually from some
2,600 projects already in the U.N.'s pipeline. (Reporting by Michael
Szabo; Editing by Anthony Barker)
--
Fred Stone
aa# 1369
Liberal: a power worshipper without power. - George Orwell
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