Carbon CER issuance hits high in November
Submissions of clean development mechanism (CDM) projects ahead of the phase II emissions deadline are receding further, figures from the UN's UNEP Risoe research body show, but issuance has hit a record as has the number of national appropriate mitigation actions (NAMA) submitted.
Also, a large number of joint implementation (JI) and Programme of Activities (PoA) projects were again submitted.
"With a submission of only 37 new CDM projects (plus four resubmissions) in November we have really passed the peak of new submitted projects that started in June 2011," the researchers said on the UNEP Risoe website.
The number of submissions is almost half of that seen in October, when 61 projects entered the system.
The UN body noted that of the 37, only four projects are located a least developed country (LDC), including Zambia, Ethiopia and Lao PDR. From 2013 onwards, the EU Emissions Trading System (ETS) will accept only certified emission reductions (CERs) generated by CDM projects registered after phase II that are located in LDCs.
The new registrations brings the total number of projects in the CDM pipeline to 9,051, with 336 now in the registration phase.
The CDM executive board previously ramped up the number of registrations, as the deadline for non-LDC projects looms (see EDCM 9 November 2012), which may have contributed to the issuance record.
As a result of the new monthly issuance high, the UNEP Risoe also revised upward its estimate of the number of certified emissions reduction (CER) carbon offsets to be issued by the end of this year.
In November, issuance more than doubled month on month, from 26.8m to 57.9m CERs, bringing the total issuance to 1,094m CERs. "If the average issuance in the last six months of 25.3m CERs continues in the [last month of 2012], we project a total issuance at the end of 2012 to 1,119m CERs," it said on its website.
On average, 92.5% of registered projects succeed in securing issuance.
While submissions have ebbed off on the CDM side, a large number of JI projects were submitted in November most of them based in the Ukraine though almost half only compared to the previous month's submissions.
The rush comes despite a European Commission proposal to ban this type of offset from the EU from projects registered after 31 December 2012, which the bloc's environmental ministers are expected to vote on, on 13 December.
The draft legislation does allow for the use of emission reduction units (ERUs) issued for cutting carbon before the end of 2012, even where these ERUs are issued by countries that have no post-2012 carbon-reduction targets, such as Russia.
A total of 27 new projects were submitted, of which all were track-1 projects, with 21 in the Ukraine, six in Russia; while none were track-2 projects. In October, 46 JI projects were submitted.
This brings the number of projects in the JI pipeline to 686.
A total of 1.1m ERUs were issued for JI projects over the course of the month only, down sharply against October's 19m.
The UN body predicts that if the issuance average remains 20m in December, that 273m are expected to be issued by the end of 2012.
The submission of PoA projects rose month on month, totalling 10 in November. None of these were based in LDCs. The addition brings the number of projects in the PoA pipeline to 383, of which 320 are at validation, 49 are already registered, and 14 are still awaiting registration.
A record number of NAMA projects were submitted in November.
Of these seven, the majority are Uruguayan projects. Three, which are seeking support for preparation, are based in Uruguay; while one in Chile and another in Uruguay are seeking support for implementation; and another two in Uruguay recognition. MLDB
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