TABLE-Kyoto carbon offset supply on the rise

Thu Jan 29, 2009 4:44pm GMT



 Jan 29 (Reuters) - The issued supply of Kyoto Protocol carbon offsets has
grown by a fifth in the past three months, new United Nations data show.
 The issuance of Certified Emissions Reduction (CER) credits, handed out to
clean energy projects registered under Kyoto's Clean Development Mechanism
(CDM), rose for a second straight quarter ended in December. [ID:nLS218311]
 CDM project developers have long blamed administrative bottlenecks at the
U.N.'s climate change secretariat for delays in project registration, which they
say have led to a choked distribution of CERs.
 CER supply grew by 45.7 million last quarter, up 29 percent from 35.5
million issued in the third quarter of 2008 and up 73 percent from 26.4 million
issued in Q2.
 Issuances picked up late last year with a record 21 million CERs handed out
to projects in November and another 15 million in December, the second largest
amount distributed in a month.
 CERs CEREZ9 have plummeted some 60 percent since hitting an all-time high
of 24.38 euros ($31.89) a tonne last July. CERs for delivery in Dec. 2009 traded
at 10.30 euros on Thursday.
 Although the stream of CERs is growing, a majority of the offsets are going
to a group of 10 industrial gas destruction projects.
 Below is a list of the top 10 recipients of CERs as of Jan 28. These
projects account for over 60 percent of the CERs issued so far.
RANK  U.N.    PROJECT OWNER                     HOST    PROJECT  TOTAL CERs
   REF #                                    COUNTRY   TYPE     RECEIVED 

 1    0099   Rhodia RHA.PA                   S.Korea    N2O    25,647,813
 2    0306   Shanghai 3F (600636.SS)           China      HFC    20,135,976
 3    0001   Gujarat Fluorochemicals (GFLR.BO) India      HFC    18,293,679
 4    0232   Dongyue Group (0189.HK)           China      HFC    16,059,798
 5    0011   Jiangsu Meilan Chemical Co.       China      HFC    15,952,466
 6    0116   Rhodia RHA.PA                   Brazil     N2O    14,044,796
 7    0193   Juhua Group Corp. (600160.SS)     China      HFC    13,173,993
 8    0115   SRF Ltd. (SRFL.BO)                India      HFC    12,557,782
 9    0003   Foosung Group (093370.KS)         S.Korea    HFC     7,735,164
10    1238   PetroChina (0857.HK)              China      N2O     7,102,124
                                                      TOTAL  150,703,591
 (Reporting by Michael Szabo; Editing by Gerard Wynn)