Some emission offsets from Russia, as well as those from large hydropower and coal projects, may be banned by regulators of the European Union carbon market, said Sindicatum Sustainable Resources Group Ltd. Certain projects approved by nations including Russia and Ukraine under the Joint Implementation program of the Kyoto Protocol may be sanctioned by the EU under proposals made as soon as early next year, Gareth Phillips, chief climate change officer at the Singapore-based developer of carbon offset credits, said today by phone. Other projects under the Clean Development Mechanism may also face bans, he said. UN Certified Emission Reduction credits dropped as much as 9.8 percent today to a record low 4.42 euros ($5.77) a metric ton on the ICE Futures Europe exchange in London. The European Union’s administrative arm in Brussels said last month it may consider proposing a ban on some credits for use in bloc’s carbon market under a process called comitology. That’s a procedure where a plan is first discussed by experts from national governments and if approved, becomes subject to scrutiny by governments and the European Parliament.
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