Stage set for credit sale
THE UN appointed last month German consultancy firm tuv sud to verify the authenticity of clean energy projects in developed countries. The firm will certify if the project did indeed reduce greenhouse gas emissions.
Once a project is certified by an accredited agency, every tonne of greenhouse gas not emitted becomes an emission reduction unit (eru). The investing country can use the erus to meet its Kyoto Protocol commitments.
The Kyoto Protocol, adopted in 1997, set binding targets on developed countries to reduce emissions. There are 30 independent firms accredited to vet projects designed to reduce greenhouse gas emissions. The projects are to be evaluated against several criteria set by the UN before trading carbon credits.
tuv sud had helped Ukraine get greenhouse gas reduction verified for its project that uses methane gas from a coalmine to generate electricity. The company acted as a provisional verifier for the project that expects to prevent release of more than a million tonnes of greenhouse gases into the atmosphere annually. With tuv sud's accreditation, Ukraine would now be able to trade its emission reductions.
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