Emission-reduction projects have proposed to voluntarily cancel 25,000 metric tons of carbon credits to offset greenhouse gases from this month’s United Nations climate talks and to highlight plunging prices.
The Project Developer Forum, a London-based lobby group for companies that cut heat-trapping gases in emerging nations, will send the credits to the Clean Development Mechanism registry’s voluntary cancellation account to offset estimated emissions from travel and accommodation of 10,000 participants at the talks in Doha, Qatar.
The value of CERs has plunged 93 percent in the past two years, according to data from the ICE Futures Europe exchange in London. Credits for December fell 3.5 percent today to 82 euro cents ($1.05) a ton as of 12:49 p.m., ICE data show. Still, the so-called CDM has triggered $32 billion in clean-energy investment in the developing world since it was formed as part of the 1997 Kyoto Protocol, the forum said.
“The imminent failure of the Clean Development Mechanism is the greatest threat yet to clean energy in the developing world,” Gareth Phillips, chairman of the PD Forum, said in the statement. “The plummeting value of CERs places this future in grave danger.”
The group called on climate envoys to adopt demanding emission reduction targets and allow use of CERs to meet those limits, according to the statement.
Advanced developing countries should pay for some credits as part of their own effort to reduce greenhouse gases, the forum said.
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