CDM Projects
Since 2000, the CDM has allowed crediting of project-based emission reductions in developing countries (Gupta et al., 2007). By 1 January 2005, projects submitted to the CDM amounted to less than 100 MtCO2e of projected savings by 2012 (Carbon Trust, 2009, p. 18-19). The EU ETS started in January 2005, and the following month saw the Kyoto Protocol enter into force. The EU ETS allowed firms to comply with their commitments by buying offset credits, and thus created a perceived value to projects. The Kyoto Protocol set the CDM on a firm legal footing.
By the end of 2008, over 4,000 CDM projects had been submitted for validation, and of those, over 1,000 were registered by the CDM Executive Board, and were therefore entitled to be issued CERs (Carbon Trust, 2009, p. 19). In 2010, the World Bank estimated that in 2012, the largest potential for production of CERs would be from China (52% of total CERs) and India (16%) (World Bank, 2010, p. 262). CERs produced in Latin America and the Caribbean would make up 15% of the potential total, with Brazil as the largest producer in the region (7%).
By 14 September 2012, 4626 projects had been registered by the CDM Executive Board as CDM projects. These projects are expected to result in the issue of 648,232,798 certified emissions reductions. By 14 September 2012, the CDM Board had issued 1 billion CERS, 60% of which originated from projects in China. India, the Republic of Korea, and Brazil were issued with 15%, 9% and 7% of the total CERS.
The Himachal Pradesh Reforestation Project is claimed to be the world's largest CDM.
Read more about this topic: Clean Development Mechanism
Famous quotes containing the word projects:
“But look what we have built ... low-income projects that become worse centers of delinquency, vandalism and general social hopelessness than the slums they were supposed to replace.... Cultural centers that are unable to support a good bookstore. Civic centers that are avoided by everyone but bums.... Promenades that go from no place to nowhere and have no promenaders. Expressways that eviscerate great cities. This is not the rebuilding of cities. This is the sacking of cities.”
—Jane Jacobs (b. 1916)