First CERs forwarded to holding account of project participant
The UNFCCC CDM Registry Administrator has for the first time forwarded Certified Emission Reductions (CERs) to the holding account of a project participant, representing a milestone in the implementation of the Kyoto Protocol's Clean Development Mechanism (CDM). CERs are generated by climate-friendly, sustainable development projects in developing countries. They can be used by developed country Governments and companies to meet their reduction commitments under the Kyoto Protocol.
Under the emissions trading scheme set up by the Kyoto Protocol, CERs can be traded and thus help to combat climate change in the most cost-effective way. A CER amounts to one tonne of CO2 equivalent. The forwarding of CERs to the holding accounts of project participants provides them with the end product of their efforts to reduce emissions of greenhouse gases in developing countries with a view to help industrialized countries meet their committments under the Kyoto Protocol. The 139 CDM project activities currently registered are expected to produce in excess of 270 million CERs before the end the Kyoto Protocol's first commitment period in 2012. The official CDM "CER" pipeline of more than 630 activities, including the 139 registered activities, is expected to deliver more than 800 million tonnes by the end of 2012.