“In this exclusive interview with CarbonFreeZone.com, Mr. Halldor Thorgeirsson shared his concerns on Carbon Market and talks about UNFCCC’s initiative on CDM”.
June 11, 2007 (Press Release) --
“CDM has proven the merit of market-based mechanisms to stimulate investment and reduce emissions. The challenge now is to greatly leverage the considerable potential of the mechanism which means more projects, covering wider areas, generating more investment, and resulting in more emission reductions” Said Mr. Halldor Thorgeirsson, Director of the Sustainable Development Mechanisms Programme, UNFCCC in an interview with CarbonFreeZone.com
Kyoto Protocol allows developed country’s to trade Certified Emission Reductions, CER’s generated from CDM and JI activities to meet their emission reduction targets. He expressed his concern over the adaptability of CDM and meeting Kyoto targets. More than 2 billion CER’s are expected to be certified by the end of first commitment period, but the number is less than half of the emission produced by the European Community in a year. UNFCCC till date has around 700 projects registered and more than 1600 in pipeline.
As Carbon Market and trading enters its new phase, it is shadowed by the uncertainty in the market as rates per CER tumbling from as high as 30 euros to as low as 10 euros. “The demand for emission reductions is determined by the level of ambition at the international level to address climate change. Without commitments to reduce emissions there is no demand for emission reduction and there is no market” Mr. Thorgeirsson shared his concern on the distribution of credits under National Allocation Plan in EU Market and UNFCCC role in regulating such practices.
In this exclusive interview Mr. Thorgeirsson tried to clear confusion rising from CDM approval processes and how UNFCCC is helping spread awareness about Kyoto and Clean Development Mechanism (CDM) in least developed nations of the world, especially Africa. “Nairobi Framework, initiated by former United Nation Secretary General, Kofi Annan in 2006 will help African countries like in sub Sahara to participate more actively in CDM initiative.”
Major investment in CDM is concentrated in South Asian and South American leading to an imbalance as far as investment goes, as these countries attract more investors because of their growing and attractive economic structure. Due to this imbalance countries in Africa and sub-Sahara region haven’t been able to reap benefits from Kyoto Protocol.
He acknowledged the growing concern over climate change in media and at the household level, but called for a regulation on voluntary mechanism to follow a standard quality procedure to be accepted as real in terms of emission reduction and its impact. In last few years or so there has been a considerable increase in companies proclaiming to provide offsets by planting trees or investing in renewable energy projects many of which do not follow tough guidelines of Kyoto, thus raising doubts over their offset mechanism and impact.
To read the full transcript of the interview visit: http://www.carbonfreezone.com/Halldor_Thorgeirsson_Interview_405.aspx
Kyoto Protocol allows developed country’s to trade Certified Emission Reductions, CER’s generated from CDM and JI activities to meet their emission reduction targets. He expressed his concern over the adaptability of CDM and meeting Kyoto targets. More than 2 billion CER’s are expected to be certified by the end of first commitment period, but the number is less than half of the emission produced by the European Community in a year. UNFCCC till date has around 700 projects registered and more than 1600 in pipeline.
As Carbon Market and trading enters its new phase, it is shadowed by the uncertainty in the market as rates per CER tumbling from as high as 30 euros to as low as 10 euros. “The demand for emission reductions is determined by the level of ambition at the international level to address climate change. Without commitments to reduce emissions there is no demand for emission reduction and there is no market” Mr. Thorgeirsson shared his concern on the distribution of credits under National Allocation Plan in EU Market and UNFCCC role in regulating such practices.
In this exclusive interview Mr. Thorgeirsson tried to clear confusion rising from CDM approval processes and how UNFCCC is helping spread awareness about Kyoto and Clean Development Mechanism (CDM) in least developed nations of the world, especially Africa. “Nairobi Framework, initiated by former United Nation Secretary General, Kofi Annan in 2006 will help African countries like in sub Sahara to participate more actively in CDM initiative.”
Major investment in CDM is concentrated in South Asian and South American leading to an imbalance as far as investment goes, as these countries attract more investors because of their growing and attractive economic structure. Due to this imbalance countries in Africa and sub-Sahara region haven’t been able to reap benefits from Kyoto Protocol.
He acknowledged the growing concern over climate change in media and at the household level, but called for a regulation on voluntary mechanism to follow a standard quality procedure to be accepted as real in terms of emission reduction and its impact. In last few years or so there has been a considerable increase in companies proclaiming to provide offsets by planting trees or investing in renewable energy projects many of which do not follow tough guidelines of Kyoto, thus raising doubts over their offset mechanism and impact.
To read the full transcript of the interview visit: http://www.carbonfreezone.com/Halldor_Thorgeirsson_Interview_405.aspx
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