SINGAPORE, June 22 (Reuters) - The most profitable projects under a U.N. carbon offset scheme may have claimed excessive emissions cuts, the head of a panel that governs the scheme said on Tuesday.
The scheme under the Kyoto Protocol allows developing countries to claim carbon offsets for emissions cuts, and sell these to polluting companies in the developed world.
The most lucrative projects are those that destroy a very powerful greenhouse gas called HFC-23 and earn a large number of offsets in return. But such projects may have allowed their factories to generate more of the greenhouse gas, a waste by-product from manufacturing refrigerants, than necessary. [ID:nLDE659169]
“I think what happened is the maximum production that is allowable, I think the number we have may be is too high and that has to be adjusted,” Clifford Mahlung, Chair of the Clean Development Mechanism’s Executive Board, told Reuters on the sidelines of a carbon conference in Singapore. (Editing by Himani Sarkar)