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Greenhouse gas reduction.

The Environment Secretariat announced that it will establish a Clean Development Mechanism (CDM) office as part of its obligation to reduce greenhouse gas emissions under the Kyoto Protocol. The office will promote investment in projects involving renewable energy, energy efficiency, fuel switching or carbon sequestration in the forestry sector.

The estimated market value of CDM projects between 2008 and 2012 is US$500 million, based upon a projected reduction of 81 million tons, and will support the government's sustainable development efforts.

The federal government formed a committee--consisting of representatives from several secretariats, including Energy, Agriculture, Economy and Communications and Transportation--to study and promote greenhouse gas reduction. In addition, the Canadian government and the World Bank will work with Mexico on the design and operation of the CDM office.

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According to the World Resources Institute, the CDM was created as part of the Kyoto Protocol in 1997 to lower the overall cost of reducing greenhouse gas emissions released to the atmosphere and to support sustainable development initiatives within developing countries.

The basic principle of the CDM is to allow developed countries to invest in low-cost opportunities in developing countries and receive credit for the resulting emissions reductions.

Since many abatement opportunities are less expensive in developing countries, this increases the economic efficiency of achieving initial reductions in emissions. Because greenhouse gas emissions contribute equally to climate change irrespective of where they occur, the impact on the global environment is the same--hence the international cooperation on this domestic issue.

Edward M. Ranger is the only U.S. environmental lawyer licensed to practice in Mexico. Comments may be directed to EdRanger@usa.net.
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Title Annotation:Clean Development Mechanism
Author:Ranger, Edward M.
Publication:Business Mexico
Geographic Code:1MEX
Date:Apr 1, 2004
Words:272
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