UN certified emission reduction issuance climbs by 23.5% week on week
Weekly issuance figures for certified emission reductions (CERs) rose by 23.5% to 5.93m during week 17, putting it just above the year-to-date average of 5.91m. However, the weekly total is 3.6% lower than issuance figures during week 17 in 2011.
According to Friday's ICIS assessment, the over-the-counter spot CER contract closed at €3.85/tonne of CO2 equivalent (tCO2e), putting the value of week 17's issuance just above €22.8m.
A hydrofluorocarbon (HFC-23) destruction project located in Gujarat, India, was awarded the greatest number of CERs, 1.38m (or 23.3% of the weekly total). The project is expected to generate up to 3m CERs per year. The UN lists Gujarat Fluorochemicals as project owners, while Ineos Fluor and Noble Carbon Credits are named as project participants.
New submission framework
The UN clean development mechanism (CDM) board announced on Monday that it will implement a new "CDM Cycle Procedure" as of 1 May. The main feature of the new submission framework concerns changes to how CDM project participants communicate with the UN Framework Convention on Climate Change (UNFCCC), which heads up the CDM mechanism.
Participants and other stakeholders will be able to ask for "private telephone consultations" to "clarify issues identified during assessment", the UN said in a statement.
"These calls, together with improved opportunities for rectifying documentation issues during the assessment process, should significantly improve clarity, transparency and efficiency in the CDM assessment process."
The changes have been instigated by the new regulatory framework for the CDM that was adopted at the Durban summit in South Africa last year, the UN said.
The new and the old submission frameworks will run alongside each until 1 September 2012. After this date, only submissions made under the new procedure will be accepted by the UN. CR
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