Fwd: India Calls for Climate Talks to Protect UN Emissions Program

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India Calls for Climate Talks to Protect UN Emissions Program
2010-12-01 09:40:58.285 GMT

By Natalie Obiko Pearson
Dec. 1 (Bloomberg) -- India called for envoys at global
climate talks in Mexico to protect a United Nations emissions-
trading program that has awarded hundreds of billions of euros
of credits to companies for offset projects in the country.
"India has been one of the major beneficiaries of the
Clean Development Mechanism," Environment Minister Jairam
Ramesh said, referring to the U.N.-administered program, the
world's second-largest emissions market. India wants "this
mechanism to continue and be further strengthened" at the talks
this month, Ramesh said, according to a statement today.
Countries failed last year in Copenhagen to write a
successor to the 1997 Kyoto Protocol, the global climate treaty
that created the UN trading program. Climate talks that began
Nov. 29 in the Mexican resort of Cancun are due to end Dec. 10.
The UN trading program has issued more than 80 million
credits since 2005 to Indian projects such as wind farms,
methane-trapping landfills and steel plants employing cleaner-
energy technologies to help reduce emissions of greenhouse gases
blamed for global warming. One UN credit, known as a Certified
Emission Reduction, traded down 0.6 percent at 11.76 euros
($15.20) a ton for December delivery on the ICE Futures Europe
exchange in London.

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--Editors: Mike Anderson, Randall Hackley.

To contact the reporter on this story:
Natalie Obiko Pearson in Mumbai at +91-22-6612-9107 or

To contact the editor responsible for this story:
Reed Landberg at +44-20-7330-7862 or landberg@bloomberg.net