Connie Hedegaard finds EU is making plans to take unbiased motion to deal with issues over integrity of UN offset scheme
The EU’s most sensible local weather exchange reputable the day gone by waded into the talk surrounding alleged loopholes within the UN’s Clean Development Mechanism (CDM), arguing that the offsetting scheme wishes a “major overhaul”.
Connie Hedegaard, EU commissioner for local weather motion, issued a remark indicating the EU may introduce new rules for the bloc’s emissions buying and selling scheme (ETS) that may restrict the usage of CDM-approved credit issued by means of controversial projects that intention to curb HFC greenhouse gases.
Projects that curb HFC-23, a potent greenhouse gas, had been accused by means of environmental teams of “gaming” the device and intentionally expanding emissions of the gas with a view to then reduce emissions in go back for UN-approved carbon credit.
The UN board accountable for the CDM is investigating the allegations and 6 HFC projects in China and India are being reassessed by means of UN officers.
Hedegaard mentioned that reforms have been urgently had to take on the issue. “The CDM has been successful in some aspects but has also given rise to criticism, eg with regard to environmental integrity,” she mentioned. “As a first step towards a more advanced carbon market the CDM therefore needs a major overhaul.”
She added that the EU used to be making ready to behave independently to prevent probably compromised carbon credit getting into the ETS.