OSLO: DNV is the first company to be accredited by the UN to verify greenhouse gas emissions reductions from projects in the developing world. The accreditation consolidates DNV’s strong position in the international climate change arena.
Facing the severe consequences of global warming, climate change has emerged as a major international concern. The so-called flexible mechanisms of the Kyoto Protocol provide for transferable credits from greenhouse gas emission reduction projects.
One of these is the Clean Development Mechanism (CDM), where industrialised countries or companies can receive credits for financing emission-reduction projects in developing countries. In this way developing countries gain a new source of financing towards their sustainable development, whereas companies in industrialised countries can supplement their commitments to reduce emissions at home. The value of such credits has a considerable impact on the bottom line of today’s forerunners in this emergent market as current prices of €29 per tonne of CO2 in the EU Emissions Trading Market indicate.
The CDM Executive Board, appointed by the parties to the UN Framework Convention of Climate Change (UNFCCC), today accredited DNV for verification of CDM projects.
The way the system is designed climate change project applications first are to be validated by an independent and accredited third party. Then the projects are implemented. After that, another independent and accredited third party comes in to check if the project output is as estimated; a so-called verification of the result. DNV is the first and so far only company accredited for such verification related to CDM projects in all major sectors. DNV was also the first company to be accredited for validation of CDM projects in 2004.
World leading provider
The accreditation entitles DNV to verify CDM projects and hence contribute to the generation of credits in the emissions trading markets.
“This accreditation confirms DNV’s position as a world leading provider of third party services for climate change projects,” says Einar Telnes, technical director of climate change services in DNV.
DNV’s involvement with climate change project validation and verification increases from month to month. Today, DNV has over 100 trained climate change auditors worldwide, with technical expertise and local presence.