{"id":50050,"date":"2024-03-07T14:30:07","date_gmt":"2024-03-07T14:30:07","guid":{"rendered":"https:\/\/www.climatechangenews.com\/?p=50050"},"modified":"2024-03-08T12:43:29","modified_gmt":"2024-03-08T12:43:29","slug":"fossil-fuel-firms-seek-un-carbon-market-cash-for-old-gas-plants","status":"publish","type":"post","link":"https:\/\/www.climatechangenews.com\/2024\/03\/07\/fossil-fuel-firms-seek-un-carbon-market-cash-for-old-gas-plants\/","title":{"rendered":"Fossil fuel firms seek UN carbon market cash for old gas plants"},"content":{"rendered":"

Fossil fuel companies are aiming to profit from a new United Nations’ carbon market by selling carbon credits linked to gas-fired power plants they have already built.<\/strong><\/p>\n

At the Cop28 climate summit last December, governments agreed to set up a new global carbon credit market under Article 6.4 of the Paris Agreement – and a host of fossil fuel firms and their middlemen are now trying to cash in by making their projects eligible for trading.<\/span><\/p>\n

Developers applied for thousands of projects to be transferred over from the old discredited Clean Development Mechanism (CDM) to the new market that will be established, before the deadline of January 1 this year.
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Most of these projects are for renewable energy – which, while good for the climate, have stirred debate. Critics argue<\/a> that they do not need additional funding from selling carbon credits because they are profitable without it.<\/span><\/p>\n

However, more controversial are ten projects Climate Home News has identified, based largely in Asia, which backed the construction of power plants that run on natural gas, one of the fossil fuels governments agreed<\/a> to transition away from at Cop28.\u00a0<\/span><\/p>\n

If approved by their host nations, the projects would transfer more than 10 million old gas-linked credits – equivalent to the reduction of 10 million tonnes of carbon dioxide (CO2) emissions a year – to the new Paris carbon market.<\/span><\/p>\n