UN Expects 50% Increase In Emissions-Reduction Projects In ‘09

Feb 17 2009 | 12:05am ET

The United Nations’ emissions-trading market, the second largest in the world, expects a 50% increase in greenhouse-gas-reduction project registrations this year, increasing the supply of tradable credits.

A report published by the Clean Development Mechanism Executive Board, the program regulator, said applications are expected to jump to 1,000 from 666 in 2008. Proposals for issuances of certified emissions-reduction credits are expected to jump 55% to 800.

The budget for the UN market received a 30% boost in 2009 to $28.5 million. The market allows rich nations to invest in greenhouse-gas-cutting projects in poor nations. The UN Framework Convention on Climate Change, which oversees the market, will increase the number of employees dedicated to the caseload to 137 from 93.

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