Dec. 2 (Bloomberg) -- Camco International Ltd., a manager of projects that generate greenhouse-gas credits, fell to a record after it said the validation and verification of some projects will be delayed by the suspension of a certifier.

Det Norske Veritas was suspended by the United Nations board that oversees the UN’s global emissions-trading program.

Camco doesn’t expect the suspension to have a “material” impact on its business. The UN emissions program is the world’s second largest greenhouse gas market.

Two projects were expected to be validated prior to March 31, 2009, the St. Helier, Jersey-based company said today in a statement. Nine further projects with expected credits of about 776,000 tons that were to be verified before March 31 will now be delayed until later in the year, it said. Projects need to be validated so they comply with rules of the 1997 Kyoto Protocol. The amount of greenhouse gas they abate needs to be verified.

Should DNV’s suspension continue “longer than two or three months, the supply in CERs will be lower,” Dennis Mignon, a trader with First Climate in Bad Vilbel, Germany, said today by phone. “Lower supply means higher prices.”

Camco shares fell 0.5 pence, or 2.3 percent, in London to a record 21 pence as of 9:07 a.m. local time.

United Nations certified emission reductions for December rose 15 cents, or 1.1 percent, to 14.35 euros ($18.07) a metric ton on London’s European Climate Exchange. European Union allowances for December fell 3 cents to 15.50 euros a ton.


Source: Bloomberg