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Projects that help cut climate-warming
greenhouse gases can apply to the National Development and
Reform Commission (NDRC) to be ruled eligible to receive a type
of carbon credit known as a CCER, which can then be sold on some
domestic exchanges to help companies cover their emissions
reductions targets.
But the NDRC said on its website (www.ccchina.gov.cn) that it
approved only 21 out of a recent batch of 54 projects, and
project developers suggested the rejections were the result of a
recent tightening of qualification rules.
To qualify now, a project must prove that it could not have gone
ahead without the income generated through the sale of carbon
credits. The sources said the NDRC is looking more closely at
the financial status of the projects in a bid to curb potential
oversupply in the market.
"We have only been told that the authority's checks would be
stricter, but it isn't clear where the bar will be," said one
project developer, who declined to be name because of the
sensitivity of the matter.
China has issued 14 million credits so far to help companies
covered by its seven pilot carbon markets meet a June compliance
deadline, but demand and prices have remained low.
The authority is trying to prevent too many credits from
flooding into the markets, where trade in locally-issued carbon
permits is already thin.
(Reporting by Kathy Chen and David Stanway; Editing by Tom
Hogue)
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