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LAHORE: Pakistan has a good potential to develop projects based on Clean Development Mechanism (CDM) through reduction in greenhouse gas emissions, however despite huge monetary benefits this potential has not yet been fully exploited.
Federal Secretary Environment Kamran Lashari stated this at a workshop on ‘Carbon credit opportunities in power sector of Pakistan’, jointly organised by the Ministry of Environment, the United Nations Industrial Development Organisation (UNIDO) and the Lahore Chamber of Commerce and Industry here on Saturday.
The secretary said other developing countries such as India and Brazil had taken a major advantage of the CDM and the window of opportunity was being curtailed because the first commitment period under which CDM benefits could be achieved would end in 2012.
“Pakistan thus needs to quickly grasp this opportunity and implement fuel-switching schemes as well as establish new power plants based on renewable energy.”
He said potential sectors for CDM were energy industries (renewable/non-renewable sources), energy distribution, energy demand, manufacturing industries, chemical industry, construction, transport, mining and mineral production, metal production, waste management and forestry.
“Though not a major contributor to global greenhouse gas emissions, Pakistan today is considered being among top 20 countries that are gravely endangered and vulnerable to the adverse effects of climate change,” he said.
“Pakistan produces more than 30 million tons of carbon emissions. This is about 0.4 per cent of global emissions. The energy sector contributes about 53 per cent to these emissions,” he revealed.
“Clean Development Mechanism (CDM) assists developing countries in implementing project activities which reduce greenhouse gas emissions in return for generating carbon credit certified emission reduction.”
The CDM is an instrument which helps developing countries to achieve a sustainable development goal while at the same time contribute to the ultimate objective of the United Nations Framework Convention on Climate Change (UNFCCC).
The secretary environment called for the development of an alternative clean mechanism and its application in different industrial and agricultural sectors for protecting the environment of the country.
He said CDM was initiated under the Kyoto Protocol in order to explore cost-effective options to mitigate the impacts of climate change.
Speaking on the occasion, LCCI Vice President Irfan Iqbal Sheikh said global warming was one of the greatest problems, which was causing grave concern in the whole world due to ecological changes. “Human, animal and plant lives are all being threatened by greenhouse gas emissions,” he said.
“Although Pakistan is eligible to benefit from the CDM and a CDM cell had been established by the government in August 2005 but most of the businessmen lack awareness of the modalities of the mechanism for establishing the projects that mitigate the impact on climate.
“Projects similar to those which have been established in India can be undertaken in Pakistan also. In addition, CDM arrangements can be made in brick, sugar, hydro and chemical industries.”
He said since the CDM was gradually gaining currency in the business circles of Pakistan, there was a need that the Board of Investment convince foreign investors to set up projects with 100 per cent equity or in the form of joint ventures on the basis of CDM arrangements.
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