Brussels, 26/08/2010 (Agence Europe) - Given the too easy use of carbon dioxide emissions credits generated under the Clean Development Mechanism (CDM) in return for clean and effective investment by industrialised countries in developing countries, the European Commission is planning to introduce restrictions in the EU on the use of carbon credits acquired through the use of industrial gas projects in the EU's carbon trading system (emissions trading system) beyond 2012. This is in order to tackle climate change more effectively and create a global carbon trading system governed by clear rules.
In a statement published on Wednesday 25 August, EU Climate Action Commissioner Connie Hedegaard explained: “The CDM has been successful in some aspects but has also given rise to criticism, e.g. with regard to environmental integrity. As a first step towards a more advanced carbon market the CDM therefore needs a major overhaul. In view of the difficult UN negotiations on market mechanisms the European legislator has created ample flexibility for the EU to leverage its role as the leading market for international credits in the climate and energy package. (...) I strongly believe that it is time for decisions on how to strike the right balance between leverage and clarity. (...) At this stage, an impact assessment is being done to carefully examine the best design of these restrictions.” (A.N./transl.fl)