China has been making $18 a ton in carbon credits for destroying HFC-23 which reportedly only costs less than a cent per ton to destroy. Surprisingly, some people have a problem with that. China's response is to threaten to release the gases without destruction if their money tree is cut down. HFC-23 is believed to be a powerful greenhouse gas and ozone depleting substance. I say tell the Chinese to go for it. The effect on a global scale would be negligible.
There are allegations countries are deliberately producing more HFC-23 in order to get paid for destroying it. What a scam...WASHINGTON, Nov. 8, 2011 /PRNewswire via COMTEX/ -- In the run-up to the international climate negotiations in Durban later this month, China has responded to efforts to ban the trading of widely discredited HFC-23 offsets by threatening to release huge amounts of the potent industrial chemical into the atmosphere unless other nations pay what amounts to a climate ransom.
China's threat comes after the European Union and other nations moved to ban HFC-23 credits from internal carbon markets in recognition of the perverse incentives created by these credits under the UN Clean Development Mechanism (CDM). The vast amounts paid for HFC-23 offsets have led factories in China and elsewhere to manufacture far more HCFC-22 and its HFC-23 by-product than necessary, just to maximize the amounts paid to destroy HFC-23 through the UN-backed carbon trading scheme.
In a shocking attempt to blackmail the international community, Xie Fei, revenue management director at the China Clean Development Mechanism Fund, threatened: "If there's no trading of [HFC-23] credits, they'll stop incinerating the gases" and vent them directly into the atmosphere. Speaking at the Carbon Forum Asia in Singapore last week, Xie Fei claimed he spoke for "almost all the big Chinese producers of HFCs who "can't bear the cost" and maintain that "they'll lose competitiveness".
China's claim belies the fact that HFC-23 can be destroyed for just 0.20 cents per CO2e tonne. The destruction of one CO2e tonne generates one Certified Emission Reduction (CER) under the CDM, which historically has been sold on carbon markets at an average price of $18 -- 70 times the actual cost of destroying HFC-23.
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In 1987 an international treaty was opened for signage by all countries of the world. It was created in order to make those that ratified it responsible for phasing out substances which were believed to be ozone depleting. This document is the Montreal Protocol and it went into force on January 1, 1989. Currently 196 countries have ratified the protocol. Amendment VI of the Clean Air Act of 1990 includes provisions in order to implement the Montreal Protocol in the United States.
China Must sacrifice for environment friendly gases like USA
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