UN Grants Tradable Credits for 12 HFC-23 Projects, Delays Ulsan Decision

The regulatory board overseeing the world’s second-biggest carbon market decided to hand out tradable emission credits to 12 projects destroying hydrofluorocarbon-23, a potent greenhouse gas.

The Clean Development Mechanism executive board approved 17 issuances to the projects that it had previously placed under review, according to an e-mailed statement today.

About half of all United Nations-overseen credits supplied since 2005 come from HFC-23-cutting factories, including in China and India. The gas is a waste product of refrigerant making. The credits can currently be used for compliance in the European Union, which this week proposed to ban their use starting 2013.

The regulator of the United Nations emissions market deferred a decision on a request, the first of its kind, by Ineos Group Holdings Ltd. to renew a crediting period at an HFC-23-cutting factory in Ulsan, South Korea.

To contact the reporter on this story: Mathew Carr in London at m.carr@bloomberg.net

To contact the editor responsible for this story: James Regan at jregan19@bloomberg.net

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