14 Jun 2010 02:06:14
Companies 'abusing CER scheme'
Companies are abusing measures put in place by the Kyoto Protocol in order to gain more carbon offsets, a new report suggests.
Reuters reported on the findings of the research by CDM (Clean Development Mechanism) Watch which suggested that larger firms are artificially inflating their emissions to take advantage of measures that allow them to invest in carbon cutting measures and receive offsets from their own emissions.
The report said that two plants which are producing a gas called hydrofluorocarbon-23 (HFC-23) have claimed to be producing the exact level of emissions which they can acquire Certified Emissions Reductions (CERs) for.
CDM Watch director Eva Filzmoser was quoted as saying: "It's completely unacceptable for the UN to keep issuing an inflated number of bogus credits that create vast profits for carbon trading groups and chemical companies."
HFC-23 was said to trap more heat and be cheaper to destroy than carbon, which is why they account for more than half of the CERs issued.
Some 37 industrialised nations and the European community are covered by the Kyoto Protocol, all of which have pledged to cut their carbon emissions by various levels - averaging at five per cent on 1990 levels between 2008 and 2012.