Last week, the CDM Executive Board issued 8.37 million CERs to 33 projects. N2O projects were the most awarded with 2.36 million credits (an estimated value of €20,2M), followed by 11 hydropower projects earning 1.2 million CERs (€10,2 M). China, which recently announced province level energy intensity targets, monopolised last week’s issuance, with 22 projects out of the 33 projects. India, at the heart of a controversy, received 0.7 million Kyoto credits (€5,9 M).
Indeed, a diplomatic cable released last week in Wikileaks casts doubt on most Indian projects, challenging their eligibility to issue carbon credits. Thus, the financial additionality, i.e the fact that only projects that need carbon finance to be viable can issue credits, is questioned by a top Indian official’s statement acknowledging that the clean energy project investments would continue « with or without the CDM ».