The world’s second-biggest carbon market is ready to handle a surge in requests for new credits this year by using regulators more effectively, the new chairman of the Clean Development Mechanism said.
The program, where rich nations invest in emission-cutting projects in the developing world in exchange for tradable credits, will probably receive a 54 percent jump this year in requests for credits, according to a presentation published on the website of the UN Framework Convention on Climate Change.
“It’s going to be a mixture” of deploying staffers more effectively and also drawing on temporary workers who already helped provide record supply of credits last month, Martin Hession, the newly appointed chairman of the board, said today in a phone interview from Bonn.
The CDM’s executive board is open to suggestions on how to improve issuance of credits to renewable-energy projects in nations that already pay electricity subsidies to windfarms and hydro plants, Hession said. For instance, China may provide new data at an unspecified time about tariffs it pays in each region, potentially easing decisions about projects in that nation, he said.
The board would seek to cut the time it takes to win approval for new systems that attract credits, known as methodologies, Hession said. Some methodologies have been waiting for more than a year for approval, he said. The board would seek to cut the time it takes for approval to less than a year, he said, declining to be more specific.
