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June 29, 2007
Approval backlog for China carbon credit applications
A backlog is growing of Chinese energy and industrial enterprises awaiting UN approval, Reuters reported on Friday.
The Kyoto Protocol instituted a currency of carbon credits that allows rich countries to meet limits on greenhouse-gas emissions by funding emissions cuts in developing countries.The Chinese government has approved 524 such clean development mechanism (CDM) projects, said Yang Hongwei, director of the Chinese government's CDM project management centre.
But only 90 projects have reached the next step of official registration by a United Nations body, which is needed to start selling carbon credits. Of those, only 19 have begun operating, the report said.
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