Russia’s suspension from UN log continues

Russia’s potentially massive role in the carbon market is in doubt due to its continuing suspension from the UN’s International Transactions Log, which tracks exchange of Kyoto credits issued through the joint implementation (JI) mechanism.

The suspension, which took effect in late December 2008, results from non-payment of registry fees after three reminders. It means the country cannot transfer credits to foreign buyers until the matter is settled, potentially affecting the majority of the JI market if it continues much longer.

Russia is known to be ambivalent towards the Kyoto Protocol, but whether the crisis is through error or symptomatic of more serious policy concerns is not known.

The JI mechanism enables emissions reduction projects in one developed country to be financed by sale of Kyoto emissions reduction credits to another.

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