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Review Committee approves 07 CDM Projects costing Rs. 2.410 billion.

ISLAMABAD, 06 June, 2009 (Frontier Star) --Clean Development Mechanism (CDM) Review Committee has approved 07 CDM projects costing US $ 300.440 millions (Rs.2.410 billion) in energy and waste to heat recovery sectors for reduction of heavy fuel oil usage for power generation. CDM meeting was held under the chairmanship of Secretary Environment. These projects will cover the power and steam demand by reducing the carbon emission of 0.355 million tons of Carbon Dioxide (CO2) per year by reducing the local air pollutants. By installation of these projects, Pakistan will earn substantial foreign exchange revenue amounting to US $ 7.110 million per year along with other socio economic, technological and environmental benefits for sustainable development of Pakistan. CDM is a market based instrument under the Kyoto Protocol of UNFCCC. It assists developing countries in sustainable development by reducing Greenhouse Gases (GHG) emissions by implementing CDM Projects to earn Carbon Credit. The CERs generated by CDM project activities can be used by developed countries as credits to meet their emission targets under the Kyoto Protocol which was signed and ratified by Pakistan on 11th January 2005. Secretary, Environment informed that the Present Government is giving high priority to Climate Change issues, awareness raising and capacity building initiatives in Clean Development Mechanism (CDM) in Pakistan. For this purpose, process of grant of host country approval by the Ministry of Environment as Designated National Authority (DNA) has been made simpler to facilitate the industrialists and other CDM investors/stakeholders. So far, Pakistan has granted host country approval of 21 CDM Projects out of which three have already been registered with the CDM Executive Board in Bonn, Germany. Remaining projects are under validation process with the Designated Operational Entity (DOEs) appointed by the CDM Executive Board. Pakistan can have a benefit of establishing CDM link between local and global environmental issues, thereby providing means for effective financing for sustainable development within the country, securing foreign investment for CDM priority areas, opportunity for effective requisite fuel substitution and job opportunities to uplift the socioeconomic conditions of both skilled and unskilled labours in the country.

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Publication:The Frontier Star (Northwest Frontier Province, Pakistan)
Date:Jun 6, 2009
Words:354
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