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UN Forecasts 80% Decline in Carbon-Issuance Backlog by Jan. 1
2010-11-25 10:00:00.71 GMT
By Mathew Carr
Nov. 25 (Bloomberg) -- The United Nations emission market
forecasts it can achieve an 80 percent decline by Jan. 1 in the
backlog of pending submissions from projects seeking tradable
credits and said it may allow developers to bundle requests.
Pending applications for issuance would drop to 62 from 312
as of Oct. 22, according to figures published on the website of
the UN Framework Convention on Climate Change, which is meeting
this week in Cancun, Mexico. The backlog of pending requests to
issue emission credits in the UN greenhouse gas market worsened
in the five months through November, while pending project
registrations improved.
The bottleneck for issuance of emission credits rose 17
percent to 239 submissions as of mid-November from 204 in mid-
June, according to the data. The backlog for registration of
emission projects dropped 70 percent to 94 submissions from 315
in the same period.
The UN said an expected surge in issuance may test project
managers' "faith" in the market, according to the website.
"The current system of assessments is not designed to
facilitate the processing of the expected volume of
submissions."
The UN said it would consider allowing similar project
activities to be "bundled into one issuance request."
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--Editor: Mike Anderson
To contact the reporter on this story:
Mathew Carr in London at +44-20-7073-3531 or
m.carr@bloomberg.net
To contact the editor responsible for this story:
Stephen Voss at +44-20-7073-3520 or sev@bloomberg.net
