Feb. 27 (Bloomberg) -- China’s Duan Maosheng has been appointed chairman of the United Nations Clean Development Mechanism executive board.
Duan, professor at the Institute of Energy, Environment and Economy at Tsinghua University, joined the board in 2010 and served as its vice chairman in 2011, according to an e-mailed statement from the UN Framework Convention on Climate Change.
China has produced 506.5 million metric tons of emission credits since supply began in 2005, 59 percent of the total. The price has plunged 57 percent in the past year because of an oversupply in the European Union carbon market and rules limiting their use. Credits for December rose 1 cent to 5.05 euros a ton today on the ICE Futures Europe exchange in London as of 4:29 p.m.
“China is going to be a big focus this year in the CDM market,” said Isabelle Curien, an analyst for Deutsche Bank AG in Paris. EU lawmakers have banned the use of some industrial-gas credits starting May 2013, most of which been supplied by China.
The EU, which operates the biggest carbon market by traded volume, will also stop use of credits from projects not registered by the end of this year, unless they are located in least-developed nations, according to rules of the market.
The U.K.’s Martin Hession, former chairman, has been appointed vice chairman. Both chairman and vice chairman were elected unopposed, according to a webcast today of the board’s first meeting for the year in Bonn.
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