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Italy and some energy firms have once again stalled EU ETS CDM reforms and managed to get 20million carbon credits issued by UNFCCC panel for controversial projects under EU scrutiny. The projects mainly located in China and India and funded by Italian companies are suspected of adjusting plants to produce more of potent greenhouse gas hydrofluorocarbon-23 (HFC-23) and then destroying it.
The Italian Government holds stake in two HFC -23 projects, while Italian energy major Enel holds stake in six others projects. Italy permits 15% of its Carbon reduction from Carbon offsets and heavily depends on HFC-23 which is a waste by product from manufacturing refrigerants.
The European Commission was due to propose curbs or ban from 2013 of carbon offset projects involving HFC-23 during its November session. The same was however delayed due to wrangling and procedural bottlenecks instigated by Enel which says that the EU proposed reform would undermine the UN authority which issues such Carbon Credits. After delaying the EU reforms, the Italians managed to persuade the UN panel that issues Carbon Credits to issue 20million Carbon Emission Reductions (CERs) despite a U.N. investigation into possible flaws in the way the projects account for their emissions cuts.
Now the European Commission plans to put forward a CO2 credit curb plan for these controversial projects at Cancun Mexico Climate Change Conference long after the bird has flown. With major flaws in the EU ETS already subject of intense debate at the failed Copenhagen summit and thereafter, Europe's sloppy methods to ban misuse of Carbon credits will once again be in limelight at Cancun.
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