United Nations, Sept. 7 (PTI): The UN has launched a web portal to give a boost to efforts to reduce global warming gases by facilitating carbon credit exchange, a trading mechanism that allows States which cut emissions below treaty targets to sell their surplus allowances to others.
The CDM Bazaar (www.cdmbazaar.net), launched jointly by the UN Framework Convention on Climate Change (UNFCC) secretariat and the UN Environment Programme is designed to spur the exchange of information among buyers, sellers and service providers engaged in the Kyoto Protocol’s clean development mechanism (CDM).
Under the CDM, projects that reduce greenhouse gas emissions in developing countries and contribute to sustainable development can earn certified emission reduction (CER) credits. Industrialized countries with a commitment under the Kyoto Protocol buy CERs to cover a portion of their emission reduction commitments under the Protocol.
However, it is not meant to be a trading platform for CERs, but rather an information exchange platform designed to create opportunities for CER buyers and sellers and CDM service providers.
The CDM has seen exponential growth in number of projects, with strong interest in developing countries for projects and in developed countries for CERs.