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According to an industry watchdog, some companies participating in a Kyoto Protocol carbon trading system are falsely inflating their greenhouse gas emissions.
Countries that committed to reducing greenhouse gas emissions under the Kyoto Protocol must do so primarily through national measures.
As a way to help signatories meet designated targets, Kyoto introduced three market-based mechanisms—Emissions Trading, Clean Development Mechanism (CDM), and Joint Implementation—in effect creating a carbon market.
The CDM market alone was worth $2.7 billion in 2009.
With such huge amounts of money at play, it’s no wonder industry watchdog group CDM Watch—according to Reuters UK—found “that chemical plants that destroy a potent gas called hydrofluorocarbon-23 (HFC-23), may have inflated their emissions in order to destroy them and sell more offsets.”
“Analysis of monitoring data from all registered HFC-23 destruction projects revealed that plants are intentionally operated in a manner to maximize the production of CERs [Certified Emission Reductions],” CDM Watch said in a statement. “Because of the extra revenue … far more HFC-23 is generated than would occur without the CDM.”
“It’s completely unacceptable for the U.N. to keep issuing an inflated number of bogus credits that create vast profits for carbon trading groups and chemical companies,” said CDM Watch director Eva Filzmoser.
According to Reuters UK:
CDM Watch said it made an official submission calling for new Certified Emission Reductions (CERs) handed to HFC projects to be discounted by over 90 percent, and for projects up for renewal to be reviewed at a panel meeting.
If approved, the revision could drastically alter the 2,236-project strong CDM, which to date has been ruled by the credits of 19 HFC projects, mainly in China and India.
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Charming guy this psycopath. Criminal all his life. Stealing money with a big smile. God is watching you. Paybacktime getting closer.
Born as Oystein Christiansen and changed name to Chris Fast Bech Norwegian ziticenstealing money in Romblon Samar and now also in Mindanao. Give away an ambulance with stolen money. Sick