A UN climate panel suspended the third emissions cuts verifier under the Kyoto Protocol's $33 billion carbon finance scheme in the past 15 months and partially suspended a fourth, reports Today's Hot News.
The scheme's executive board suspended emissions auditors TUEV SUED and partially suspended Korea Energy Management Corporation (KEMCO) due to procedural breaches but will work with both companies to resolve the issues, reports Reuters. The board said both auditors can continue to work on existing projects but are barred from new validations or verifications.
Germany's TUEV SUED is the second largest validator under Kyoto's Clean Development Mechanism (CDM), which has approved 1,147 projects or nearly one fifth of all validated projects up until the end of February, reports Reuters. The firm is also a major emissions cuts verifier, confirming reductions of 84 million tons of CO2 from about 100 projects, or 21 percent of the total to date.
KEMCO validated only 0.8 percent of all projects and has verified cuts for a single project.
The CDM's board suspended SGS UK last September and DNV in December 2008. Both have been reinstated.
However, more carbon fraud cases have been found around the globe including Australia and Belgium. Most recently, it was discovered that the Hungarian government sold 2 million previously used CERs.
