International Carbon Trading Fraud Fact-finding : Six Chinese Enterprises Suspected Of Arbitrage

Following the December 2009 , August 2010 , the United Nations CDM Executive Board

(EB) of 10 successive cut in China , 20 CDM ( clean development mechanism) project, involving 126.17 million tons of carbon credits of Chinese enterprises 8 A repeat survey CDM projects .

From the United Nations CDM Executive Board (EB) of the latest report shows that there is a total of six Chinese enterprises in international carbon trading arbitrage malpractice.

According to the United Nations CDM Executive Board to disclose information, which six are Chinese companies , Zhejiang Juhua and Shandong Dongyue Chemical Co., Ltd. , Jiangsu Changshu 3 Zhong Hao New Chemical Materials Co., Ltd. , Zhejiang Dongyang Chemical Co., Ltd. , Linhai City , Zhejiang Limin Chemical Co., Ltd. , China Fluoro Technology Co., Ltd. .

The United Nations CDM Executive Board to the surveys sent by the company requirements , and ordered the six companies before the declaration of 8 for CDM projects to explain and clarify the data .

According to this reporter learned that the United Nations CDM Executive Board halted the total of 16 global CDM projects on carbon credits totaling up to 13 million tons , about 200 million euros , of which the number of projects involving Chinese companies accounted for Half , which is opening up the international carbon market , the most serious problems involved .

Six companies involved in carbon trading fraud ?

The United Nations CDM Executive Board accused of fraud in the six carbon trading companies in China , Juhua topped .

Juhua CDM project manager Wang Shaoqin introduced in the interview , Juhua has been successfully registered in the United Nations two HFC-23CDM project , the total amount of 10 million tons per year reduction .

If the EU carbon market price of 13 euros / tonne basis, the Juhua the CDM project should be a total of 1.3 billion yuan in revenue , net to the national needs of sustainable development as 65% of the proceeds fund the two projects Giant of a pre-tax income left alone more than 400 million .

Notice under Juhua revealed that the company's first half profit in 2010 totaled 200 million yuan . That is, if the first half of this year to maintain profits , Zhejiang Juhua for CDM project benefits almost equal to its annual profits .

But the face of the United Nations CDM Executive Board of the accused , Juhua not authorized . " (from the CDM in the fraud spread) in other companies in this matter how, I did not investigate , so there is no right to speak . But there is no absolute guarantee of the interests of our drivers , we signed with the World Bank and accepted by check , verification is very Strict . " September 10 , Juhua Securities Service in the Department to respond to this newspaper that Mr. Wang .

And another accused of carbon trading fraud , called the three love the rich (600636.SH) of the companies avoid the problem. Head of its securities in the interview with this reporter , said , " is being verified, and the final results will be released under the Announcement . "

Britain's biggest private carbon buyers Aisi Kai Co., Ltd. (icecap) Chief Representative of China Li Dong told us that the United Nations CDM Executive Board , including the accused , including Chinese companies there is carbon trading fraud , in fact, from A company investigation.

Li Dong explained that in Germany there is a NGO organization " Clean Development Mechanism Watch " , they often do some research on the CDM project , and then research the conclusion to remind the United Nations CDM Executive Board concerned .

Li Dong said the group suspected of projects , including China, the owners deliberately to increase production , thus to earn a more money CDM .

The United Nations CDM Executive Board to judge the information disclosed and Li Dong consistent . Newspaper reporter learned that the "clean development mechanism of observation " that there are chemical companies by chloroform (HFC-23) in the CDM project in return for much higher than its input .

According to the "Clean Development Mechanism Watch " proposal , the United Nations CDM Executive Board meeting at the end of July , received the " Clean Development Mechanism Watch " survey requirements and plans in September to make report at the meeting .

According to reporter understanding , if not the blame , the Chinese part of the six enterprises should HFC23 decomposition project in 3 months ago has been issued.

According to this reporter learned that , in addition to enterprises, the buyer of several items including the UK Chinese Climate Change Capital (Climate Change Capital), the Italian National Electricity Company (ENEL), Mitsubishi Corporation (Mitsubishi Corporation), acquired by JP Morgan Chase Bear Stearns (Bear Stearns) and the World Bank's Umbrella Carbon Fund (Umbrella Carbon Facility) , also involved in the investigation.

"For this incident , the current United Nations is organizing a survey , companies are in the process of response , is still far from ' corruption ' argument . " September 10 , Potential and National Energy Research Institute , told reporters .

For the CDM and the CDM?

Newspaper reporter learned that , HFC-23 is the refrigerant HFC-22 ( an alternative to the traditional Freon ) in the production process, the inevitable by-product , safe and nontoxic , but its global warming potential 11,700 times the value of carbon dioxide . Through the CDM mechanism , production companies through the elimination of refrigerant HFC-23 and get a large number of approved emission reductions (CERs), these lines in the EU carbon trading market by selling to the enterprise of " extra " income .

"CDM Watch " given is based on the current which was halted 16 projects , almost all of the items have appeared the following: successfully registered CDM projects in no case , HFC-22 production can be significantly decreased Once access to the CDM registration will be disease -liter capacity ; in can not continue to receive CERs , the project selection to stop production.

" Under the current international carbon trading prices, a ton of HFC-23 is 80,000 euros , which is 800,000 yuan . " Li Dong explained , HFC CDM projects in China account for half the proportion of the issue , reaching 200 million tons .

At present most of the HFC-23 projects have come from China and India, these projects have brought the two countries producers hundreds of millions of dollars in profits and huge taxes .

Some reporters industry recognition in the domestic part of the CDM projects currently in existence " for the CDM and the CDM " phenomenon , that CDM projects Chinese companies to do is to direct economic benefits from the project itself , not to reduce carbon emission Entirely driven by economic interests rather than the environmental benefits drive .

Li Dong example , businesses to the United Nations CDM Executive Board for CDM projects, the design of the HFC-22 production was 100 tons, so may produce 10 million tons of carbon dioxide (in the CERs , each producing one ton of HFC- 22 , that is calculated as 11,700 tons ) , but in fact may be installed in the production of 80 million tons, 8 million tons of carbon dioxide can be decomposed , " so there are 20 tons of room to increase the equipment to obtain additional CDM funds . "

Mr. Wang Juhua denied . Its interpretation , the company discharged a month after the World Bank are the verification , "We are under contract , a sign that is 7 years , that is, 2013 , 6 euros per tonne of emissions , the target month was 10.43 million tons . " he said, more and more rows , it will not take a penny , so there is no arbitrage CDM potential to increase production .

" Enterprises now need to prove two points: First, the HFC-22 production has not increased noticeably in recent years ; Second, if growth is too fast , companies need to prove that such growth is logical . " Lidong the same time Stressed that , in fact, there is no hard evidence to present things , how businesses do not have such a case .

by: fdgbg

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