UN Climate Change News,October 2019 The Clean Development Mechanism (CDM) has passed two exciting milestones – its millionth cancellation on the UN carbon offset platform and its 2-billionth issuance, demonstrating ongoing demand for cooperative action on climate change.
Under the CDM, projects in developing countries can earn a saleable credit – a certified emission reduction (CER) – for each tonne of CO2 they reduce or avoid. The units are used by countries to help cover commitments under the Kyoto Protocol. CERs are also used as part of climate action efforts by companies, organizations, events and individuals who source and cancel units on the United Nations online platform for voluntary cancellation of certified emission reductions, and by national and subnational jurisdictions as part of systems to incentivize action and limit emissions.
To date, some 1,014,000 CERs have been sold and cancelled on the platform, by those wishing to do more to address climate change by supporting the actions of others in developing countries. Meanwhile, those developing-country projects using the commission-free site have earned more than USD 1,084,000.
Companies, organizations, events and individuals are encouraged to measure their emissions, continually reduce all they can, and compensate for the rest by supporting climate action through purchase and cancellation of CERs.
Visit the Climate Neutral Now website where you can measure your emissions, learn about practical ways to reduce emissions, and consider taking the Climate Neutral Now pledge to measure, reduce and offset, via the UN carbon offset platform.
The incentive created by the CDM has catalysed the registration of more than 8,100 projects and programmes of activities in 111 countries and has led to the issuance of some 2,016,262,000 CERs.
An increasing number of subnational and national governments are using carbon-pricing instruments as part of efforts to address greenhouse gas emissions in their jurisdictions. Some domestic emissions trading systems, including the Colombian emissions trading system and carbon tax, the European Union Emissions Trading System, the Korean emissions trading system, the South African carbon tax and the Swiss emissions trading system, have been using CERs as eligible offset units that emitters in these jurisdictions can use for compliance with emission obligations.
The platform for voluntary cancellation of CERs was launched in 2015 as part of efforts by the CDM Executive Board to find new sources of demand for CERs and give an opportunity to individuals, companies and organizations to easily buy and cancel CERs.