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Shandong Dongyue, Zhejiang Dongyang and Shandong Fluorine Chemicals eliminated greenhouse gas HFCs based on the “Clean Development Mechanism†(CDM) in the “Kyoto Protocol,†and the three major projects require that 4.5 million of them be certified by the UN Secretariat for Reduction of Emissions. The amount of emission reductions (CERs), that is, carbon credits.
A UN spokesperson said in an email on Tuesday: “Some people have asked for a review of the application for carbon credits.â€
The major environmental groups earlier this year stated that some hydrofluorocarbon projects approved by the “Clean Development Mechanism†have deliberately increased their carbon emission values, and then eliminated these gases to obtain more carbon credits.
The "Clean Development Mechanism" Executive Committee dispatched a working group last month to carry out further investigations.
Therefore, the issue of carbon credits to China's three major projects or delayed at least two months, analysts said that this move will further lead to tight supply and push up carbon credit prices, similar review will become a routine.
The UN "Clean Development Mechanism" provides financial assistance to clean energy projects in emerging economies.
Three Major HFC Projects in China Face UN Review
A UN spokesperson said that the UN committee will review the carbon offset trade requirements of China's three major carbon reduction projects, which means that the most profitable projects in the Jingdong Protocol will face more scrutiny.