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CO2 Investors Seek Clarity as 'Spelling Error' Delays Project
2010-07-27 17:38:10.123 GMT
By Mathew Carr
July 27 (Bloomberg) -- Investors in projects to curb
greenhouse gases in poorer nations are asking United Nations-
overseen regulators in Bonn whether new rules will delay the
creation of tradable credits.
The Carbon Markets and Investors Association, a global
trade group, said rules governing registration and issuance of
credits may worsen delays rather than shorten them. The London-
based group claimed in an e-mail today that at least one project
was rejected because of "spelling and punctuation errors, which
are irrelevant." A UN spokesman said he would comment shortly
in an e-mail response.
The statement asked the UN Framework Convention on Climate
Change secretariat in Bonn to clarify whether rule changes
made after an application is submitted apply retroactively.
Credits from the UN-overseen Clean Development Mechanism, the
world's second-biggest greenhouse gas market, can
be used for compliance in the European program, the biggest.
The CDM Executive Board is meeting this week in Bonn.
"It is likely that the changes which have been implemented
will not improve the issue of efficiency and timely
consideration of registration and issuance requests," Miles
Austin, the association's director, said in the statement.
"Instead, we feel the new processes could have the opposite
effect and add further delays to the already lengthy approvals
process and based on what very well could be an editorial
mistake."
The 1997 Kyoto treaty, which places greenhouse-gas limits
on 36 industrialized nations including Japan, Germany and
Russia, spawned the world's two biggest carbon-trading markets.
Developing nations want it extended to keep pressure on richer
nations, which produce most of the heat-trapping gas in the
atmosphere. The European Union wants the U.S. and China in a
deal to even out the burden of environmental law on industries.
For Related News and Information:
Emissions-trading prices EMIT <GO>
Power-market stories NI PWRMARKET <GO>
Today's top energy, environment news ETOP <GO>, GREEN <GO>
--Editors: Mike Anderson, Randall Hackley.
To contact the reporter on this story:
Mathew Carr in Copenhagen via +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
