An international climate group is urging UN countries to ban a type of emissions credit that it claims doesn’t actually cut emissions and is allegedly open to abuse.
The call comes as UN climate change negotiators, the UNFCCC, meet in Durban this week.
The Environmental Investigation Agency wants countries to reject credits sold for the greenhouse gas, HFC-23 carbon.
HFC-23 is a by-product of the refrigerant HCFC-22. The campaign group suggests that Indian and Chinese manufacturers have been deliberately making more of the refrigerant to create more of the by-product GHG. Amazingly, they can earn more profit from the credits than from selling the original refrigerant.
Natasha Hurley, global environment campaigner for the EIA said: “Indian producers have recently reported revenue from HFC-23 credits to be double the sales of the actual refrigerant HCFC-22.”
Last week the UN cut the level of credits available for HFC-23 by two-thirds, but the EIA says that millions of fake credits have already flooded the global market and is calling on the UN to totally scrap the greenhouse gas credit.
Samuel LaBudde, at the EIA said: “HFC-23 crediting has already caused more harm than good for global climate, and clearly the only way to fix the HFC-23 Methodology is to eliminate it.”