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ONE of the curiosities of carbon markets is that they do not just trade in carbon. Other greenhouse gases can be given a value, too—sometimes a very high one. Claims that these prices promote scammery are now prompting some searching questions.

The gas at the centre of the controversy is HFC-23, a greenhouse gas which, on a weight-for-weight basis, is 14,800 times better at trapping heat than carbon dioxide. HFC-23 is produced as a by-product of the manufacture of HCFC-22, an ozone-destroying refrigerant. HCFC-22 is banned in developed countries, but developing countries can keep making it until 2030.

The acronyms do not end there. Under the Clean Development Mechanism (CDM) of the United Nations HCFC-22 producers in developing countries that destroy, rather than release, their HFC-23 can be eligible for Certified Emission Reduction (CER) credits, which can then be traded in the European Union’s emissions-trading scheme. This allows companies to buy extra emissions reductions to meet their cap-and-trade obligations, and in so doing to transfer money to schemes reducing emissions in developing countries.

HCFC-22 HFC-23 cdm cer sandbag greennumbers Clean Development Mechanism Certified Emission Reduction

Sandbag has today released analysis showing how Europe’s carbon caps have turned into a carbon trap.

Emissions have dropped across Europe, however, this has almost exclusively been the result of recession rather than shrewd policy. Perversely though, the current design of the ETS prevents us from capturing any environmental benefit of this downturn. Rather this carbon saving is allowed - under the ETS Directive - to be banked and saved for a rainy day.

eu eu ets emissions trading scheme sandbag carbon caps carbon trap

Sandbag yesterday released analysis (pdf) showing how Europe's carbon caps have turned into a carbon trap.

The EU acknowledges there are problems with the systems and the oversupply of permits, recommending removing 1.4bn tonnes from the scheme from 3013-20. Sandbag analysis shows that that this number is too low, for caps to become effective 2.3bn tonnes need to be removed.

sandbag eu eu ets emissions trading scheme carbon caps

The biggest single producer of carbon emissions in the European Union has been named – and it is about to get even bigger. The appropriately titled Elektrownia Belchatow – a massive coal-fired power station – belched out 30,862,792 tonnes of CO2 last year and by 2010 the whole generating facility will have grown by 20%.

carbon emissions co2 belchatow poland coal sandbag greenmonktv

EU wide map of polluters in the carbon market showing those with an excess of credits and those in need of credits

carbon credits ets greenmonktv sandbag