The U.N. approved on Tuesday a major Kyoto Protocol project in Qatar that will be the largest yet cutting emissions other than the most potent greenhouse gases, hydrofluorocarbons and nitrous oxides.
The Al-Shaheen Oil Field Gas Recovery and Utilization project in Qatar, registered under the United Nations Clean Development Mechanism (CDM), will cut an estimated 2.5 million metric tons a year of greenhouse gas emissions until 2014.
The project, being developed by Qatar Petroleum, will cut natural gas emissions from the Al-Shaheen oil field, which is operated by Maersk Qatar Oil, part of Denmark's A.P. Moeller-Maersk.
The CDM is a scheme under the Kyoto Protocol that allows rich countries to meet emissions targets by funding clean energy projects in developing nations.
To date, the UN Framework on Climate Change (UNFCCC), has issued over 50 million Certified Emissions Reductions credits (CERs), each equivalent to the reduction of one metric ton of carbon dioxide (CO2), to 684 different projects in over 40 countries.
Projects that destroy industrial hydrofluorocarbons (HFCs), a greenhouse gas 12,000 times more potent than carbon dioxide (CO2), have been the most lucrative under the CDM scheme, and are now almost exhausted.
The Al-Shaheen Oil Field Gas Recovery and Utilization project in Qatar, registered under the United Nations Clean Development Mechanism (CDM), will cut an estimated 2.5 million metric tons a year of greenhouse gas emissions until 2014.
The project, being developed by Qatar Petroleum, will cut natural gas emissions from the Al-Shaheen oil field, which is operated by Maersk Qatar Oil, part of Denmark's A.P. Moeller-Maersk.
The CDM is a scheme under the Kyoto Protocol that allows rich countries to meet emissions targets by funding clean energy projects in developing nations.
To date, the UN Framework on Climate Change (UNFCCC), has issued over 50 million Certified Emissions Reductions credits (CERs), each equivalent to the reduction of one metric ton of carbon dioxide (CO2), to 684 different projects in over 40 countries.
Projects that destroy industrial hydrofluorocarbons (HFCs), a greenhouse gas 12,000 times more potent than carbon dioxide (CO2), have been the most lucrative under the CDM scheme, and are now almost exhausted.