now nearly 18 million
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UN Carbon Market Issues Credits to 12 HFC Projects in Asia
2010-11-29 13:37:23.512 GMT
By Catherine Airlie and Mathew Carr
Nov. 29 (Bloomberg) -- Regulators of the United Nations
carbon market issued Certified Emission Reductions to 12
hydrofluorocarbon-23 reduction projects in China, India and
South Korea, according to information on its website.
The executive board overseeing the UN's Clean Development
Mechanism gave out at least 16.6 million credits to HFC-23
projects today, boosting supplies to the market and dragging
down the price of credits. UN offsets for delivery in December
lost 3.9 percent to 11.76 euros a metric ton as of 1:15 p.m. on
the ICE Future Europe exchange in London.
The credits can be used by more than 11,000 factories and
power stations in Europe to comply with emissions limits and by
other nations to meet greenhouse gas targets under the Kyoto
Protocol. HFC-23 is a waste gas with almost 12,000 times more
global warming potential than carbon dioxide.
The EU proposed last week a ban from the start of 2013 on
credits linked to HFC-23 and nitrous oxide from adipic acid
production. The European Commission, the EU regulator, said that
projects related to those industrial gases may create
"excessive" profits for investors and undermine the market's
integrity.
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To contact the reporter on this story:
Catherine Airlie at +44-20-7073-3308 or
cairlie@bloomberg.net
To contact the editor responsible for this story:
Stephen Voss at +44-20-7073-3520 or sev@bloomberg.net
