World Bank: CDM Slow and Expensive
The World Bank recently said that the UN’s Clean Development Mechanism (CDM) is âexpensive and time consumingâ because it requires project managers to follow new rules regarding emission reduction technologies, Bloomberg reports.
According to data on a UN Web site, of 3,788 projects that have applied for CDM emission credits, only 385 had received the allowances as of Aug. 1.
The Carbon Market and Investors Association recommends having a full-time staff to consider project issues more frequently because the current process takes three meeting and delays projects by about 4.5 months.
The CDM executive board has instructed the UNFCCC to finish completeness checks for credit issuance within 20 working days and to process completeness checks for requests for registration within 30 days of receiving a fee.
Earlier this year, U.N. regulators who administer the CDM questioned whether projects produce a real environmental benefit and raised concerns about some independent auditors of the projects.
Last summer, a CDM senior figure suggested there may be faults with up to 20 percent of the carbon credits already sold.
Stay Up-to-Date On Environmental Management, Energy & Sustainability News with EL's Free Daily Newsletter
Energy Manager News
- Energy Storage in the Fast Lane
- Alberta Firm Aims for Energy Neutral Egg Laying Barn
- The Department of Energy Seeks to Improve the Better Buildings Challenge
- Behind the Meter: The Many Advantages of Energy Benchmarking
- Telecommunications Companies Upgrade Their Approaches to Energy
- Cutting Energy Use in Fire Stations
- Revolution Lighting Signs School Districts in NY, NJ
- Green Building Boom Is Pumping Billions into US Economy, Retrofits Are Fueling the Trend