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  • Published: May 28th, 2010
  • Category: USA
  • Comments: 8

EPA Regulation to Invite Private Sector to Carbon Trading

| Sourced From Addisfortune |

The Environmental Protection Authority (EPA) is working on the Clean Development Mechanism (CDM) regulation which could avail the private sector of profit making projects related to the control and trading of carbon emissions.

The draft regulation mainly introduces CDM as a means for sustainable development. CDM is designed to prompt developing countries toward a path of less pollution with developed countries paying for such reductions. First introduced in the Kyoto Protocol, signed in 1997, the mechanism is intended to assist developing countries in achieving sustainable development and contribute to the prevention of the adverse effects of climate change through the development of forests and the use of renewable energy sources.

The Kyoto Protocol also levies limitations on the carbon emission of developed countries. In cases where these countries exceed their carbon emission levels, they will have to pay for projects in developing countries, such as forest development, which absorbs the excess carbon they emit.

The EPAs draft regulation was discussed at a consultative meeting involving governmental and nongovernmental institutions at Harmony Hotel on May 18, 2010. The draft regulation wants to encourage projects that will serve as carbon sinks, which private sector companies, public institutions, and NGOs can take part in as long as they meet the requirements, according to Selam Kidane, environmental law expert at the EPA.

Common, in other countries such as China, is also the use of renewable energy sources which help a country progress economically without exhausting its emissions quota.

Among projects the regulation considers are those of forest development and solid waste management.

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