1 SEP 2010
By Ewa Krukowska | Bloomberg
The European Union regulator wants to offer carbon markets a quick response on restrictions that could be imposed on United Nations offset credits for use in the bloc’s cap-and-trade system, the EU’s climate chief said.
The EU is working on a draft measure introducing further quality restrictions on offsets from industrial-gas projects after 2012. The European Commission, the bloc’s regulatory arm, has said it is concerned that credits related to hydrofluorocarbon-23 and nitrous oxide may be generating “windfall” profits for some developers.
“It will have to go through a lot of consultation procedures, but the aim is that it is for a swift reaction, because there’s something in the system that simply doesn’t work well enough,” Hedegaard said in an interview in Brussels today.
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