The UN’s CDM passes 6,000 project landmark
- 04 February 2013
BRUSSELS: The United Nations Framework Convention on Climate Change's clean development mechanism (CDM) tool has passed a 6,000 project milestone, with a new wind power project in Vietnam.
The CDM is an international market-based tool defined in the Kyoto Protocol, that incentivizes emission reduction projects in developing countries to generate Certified Emission Reduction units, of which may be traded in emissions trading schemes. Currently 83 nations are registered in the mechanism.
Over the last ten years, CDM projects, which range from industrial to domestic solutions, have generated 110,000 megawatts of clean energy capacity. This is roughly the equivalent to the total power generation capacity of the whole of Africa.
The 6,000th project is installing 21 megawatts of wind power into an electric power grind in Vietnam, which will reduce emissions by 32,000 tons a year.
Peer Stiansen, the new Chair of the CDM Executive Board said: “This is a remarkable milestone for a remarkable tool created to combat climate change and contribute to sustainable development. Participation in the mechanism has been well beyond expectations, which is the surest sign of the value that countries have placed in the CDM.”
In the same week, at its 71st meeting, the CDM Executive Board also approved a two-year business plan which is aimed at building on the CDM's success to date.
Changhua Wu, Greater China Director, The Climate Group and a member of the UNFCCC High-Level Panel on the CDM Policy Dialogue, said: "The role of CDM in capturing cost effective mitigation opportunities has been recognized worldwide. The knowledge, experience and expertise accumulated over the years of implementing the CDM are expected to lay the foundations for many countries and regions to develop and adopt a market-based policy instrument to price carbon, as reflected by the current emerging carbon markets such as China, Korea, Brazil among others.
"But more fundamentally, if the global community together fails to increase the level of ambition to tackle climate change to reduce emissions, in the short run, let alone the longer run, mechanisms like CDM would not have the required policy foundation to continue to grow, which will negatively compromise the role of such a mechanism."