PartagerBriefs: Record-breaking CDM deals in Asia
The Clean Development Mechanism, established under the Kyoto Protocol, is a project and market-based mechanism that allows industrialized countries to invest in greenhouse-gas-mitigating activities in developing countries and earn certified emissions reductions which can be applied against their own greenhouse-gas (GHG) emissions.
Interestingly, Eight out of 10 CDM projects concern the destruction of HFC-23, a by-product generated during the manufacturing of refrigerant HCFC-22. HFC-23 has a global warming potential (GWP) over 11 700 times that of CO2. The World Bank's Umbrella Carbon Facility buys emissions reductions at the rate of 6 € for the equivalent of a Ton of CO2. In these conditions it is not surprising that a recent emissions deal concerning HFC-23 was the largest ever : Changshu 3F Zhonghao New Chemical Materials Co. Ltd, China, is committed to cut its emissions by 10.4 MT CO2-eq annually, roughly half of the annual emissions of Estonia, for the next 7 years and will therefore be granted 438 M €, 35% of which go to the chemical plant as such, and 65% will go to the Chinese Government's sustainable development programmes. Another project concerns Gujarat Fluorochemicals which runs the largest refrigerant plant in India. The plant is to receive 10 billion Rs (170 M €) over the next 7 years, for its emissions reductions of HFC-23 by thermal oxidation.
Interestingly, Eight out of 10 CDM projects concern the destruction of HFC-23, a by-product generated during the manufacturing of refrigerant HCFC-22. HFC-23 has a global warming potential (GWP) over 11 700 times that of CO2. The World Bank's Umbrella Carbon Facility buys emissions reductions at the rate of 6 € for the equivalent of a Ton of CO2. In these conditions it is not surprising that a recent emissions deal concerning HFC-23 was the largest ever : Changshu 3F Zhonghao New Chemical Materials Co. Ltd, China, is committed to cut its emissions by 10.4 MT CO2-eq annually, roughly half of the annual emissions of Estonia, for the next 7 years and will therefore be granted 438 M €, 35% of which go to the chemical plant as such, and 65% will go to the Chinese Government's sustainable development programmes. Another project concerns Gujarat Fluorochemicals which runs the largest refrigerant plant in India. The plant is to receive 10 billion Rs (170 M €) over the next 7 years, for its emissions reductions of HFC-23 by thermal oxidation.