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Europeans Aim for `Swift Reaction' on UN CO2 Offsets, EU's Hedegaard Says
Date 01/09/2010 13:34  Author webmaster  Hits 913  Language Global

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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