Gareth Phillips News
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A lack of ambitious greenhouse-gas reduction targets among rich nations is the main barrier to continued investment in clean energy, according to a project developer lobby group.
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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.
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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.
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Developers of United Nations- sanctioned emission-reduction projects say they are “bitter” as polluting factories in Europe may be making more money buying their credits than they can by selling them.
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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.
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United Nations emission credits for December next year were little changed after yesterday rising at the fastest pace in almost a year.
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Efforts by the United Nations to ease rules for carbon-cutting projects may encourage investments in small-scale projects in solar water heaters and efficient cookstoves in Africa and Asia.
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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.”
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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.
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Officials operating the United Nations market for carbon offsets are fighting to prove they can deliver as much as a 10-fold increase in credits, board member Hugh Sealy said.
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