Climate negotiators meeting in Warsaw have until the end of the year to overhaul the United Nations’s 16-year-old carbon credit system or risk exacerbating a record plunge in funding for clean-technology projects.
United Nations regulators are probably cutting emission projects out of the European market by failing to reform processes fast enough and by changing existing rules, said Sindicatum Sustainable Resources Group Ltd.
United Nations efforts to speed up issuance of carbon offsets by accepting electronic transfer requests won’t be enough for some emitters to meet a European Union compliance deadline, project developers said.
Some emission offsets from Russia, as well as those from large hydropower and coal projects, may be banned by regulators of the European Union carbon market, said Sindicatum Sustainable Resources Group Ltd.
United Nations talks on reforms to emissions-market rules stalled this week after members rejected a proposal to reconsider the body’s decision-making rules, putting additional pressure on a climate summit in November.
United Nations envoys considered emission-trader requests for the Clean Development Mechanism Executive Board to introduce crediting using so-called baselines, according to a UN draft text published yesterday.
Eight offshore banks are under federal grand jury investigation for facilitating tax evasion by U.S. citizens as part of a probe the Justice Department said has dealt “fabled Swiss bank secrecy a devastating blow.”