Renewal of Ineos HFC-23 destruction project (Newsletter #11)

At the meeting the CDM Executive Board (EB) will also decide whether or not to allow the renewal of the crediting period of the first HFC-23 Decomposition Project (Project 003) ever registered. The project is located in Ulsan, South Korea and operated by the Ineos Group. The project has generated 1,4 Mio credits over its first crediting period (2003-2010) and is planning to sell another 2,2 Mio credits between 2010 and 2017.

However, research commissioned by CDM Watch has shown that the Ulsan project seems to have artificially increased HCFC-22 production. Production of HCFC-22 increased substantially after the registration of the CDM project in 2005 and therefore also dramatically increased the project’s credit issuance.

In light of the serious concerns highlighted in the HFC-23 revision request as well as in the note by the Meth Panel, CDM Watch believes that a decision about the renewal of the crediting period should only be taken after the significant shortcomings in the current methodology have been addressed. The Board should therefore put the request for renewal of the crediting period of this project on hold until the results of the full investigation have been presented and a revised methodology adopted.


Related posts

Carbon Market Watch welcomes EU ban on “carbon neutrality” greenwashing

Companies selling in the European Union will no longer be able to claim that their products are carbon or climate neutral, the EU has provisionally agreed. This victory against greenwashing corresponds to longstanding demands from climate campaigners to eliminate the use of offsets and send a signal to the voluntary carbon market.

Integrity Council’s rulebook sets minimum threshold instead of high bar for carbon markets

The Integrity Council for the Voluntary Carbon Market’s latest guidelines provide a set of much-needed incremental improvements but fail to raise the quality of carbon credits sufficiently and leave too much wiggle room to truly tackle the climate crisis. The ICVCM has the opportunity to clear up the loopholes and ambiguities when it issues its first assessments of carbon market programmes.

Renewal of Ineos HFC-23 destruction project (Newsletter #11)

Join our mailing list

Stay in touch and receive our monthly newsletter, campaign updates, event invites and more.