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The British Government in partnership with British private companies are organizing Eastern African businesses realize potential opportunity to overcome perceived barriers in implementing projects which target investment on the Carbon markets.
Organized by the UK Climate Change projects Office (CCPO) and the UK Trade and Investment (UKTI), the move targets to build local knowledge and capacity for participation in the Clean Development mechanism (CDM).
The Clean Development Mechanism (CDM) is an arrangement under the Kyoto Protocol and mobilizes funds in public and private investment into carbon market to reduce the poisonous carbon emissions into the environment in a bid to reduce global warming.
Despite a growing share of the number of registered Clean Development Mechanism projects globally, sub-Sahara Africa has yet to fully benefit from the CDM.
The Carbon market has grown enormously since 2002 when the world’s first national green house was established in the UK with CDM projects being created around the world and purchased by the government and the private sector.
The Growth of the Carbon market has resulted in the growth of expertise within the companies working on climate change projects, emissions trading and associated services.
Latest science shows that climate change is the greatest environmental challenge facing the world today and efforts must be stepped up to cut greenhouse gas emissions.
This is a challenge that has been recognized by the international community and 2007 saw the initiation of the Nairobi Framework to focus on helping developing countries to improve their level of participation in the CDM projects.
According to the British High Commissioner to Kenya Bob Macaire, no sole country can solve the problem of climate change alone as the global future climate security depends on successful international co-operation. He says the carbon market was an excellent example of emerging international co-operation to mitigate the effects of global warming: “The UK believes the carbon market has a vital role to play in reducing greenhouse gas emissions and this calls for international co-operation not only between governments but also with the private sector who recognize that climate change is not just a threat but an opportunity.”
Said he: “There are still relatively potential projects in Sub Sahara Africa, however the UK believes potential projects in areas such as waste energy efficiency and renewable energy options can increase the continent’s share of CDM success.”
He challenged international donors not to forgo existing aid commitments because of the current global financial crisis but endevour to increase attention to sustained efforts on climate change.
He said the estimated social and economic and environmental impact if immediate action is not taken to reduce Greenhouse has emissions could be equivalent to losing 5 to 20 per cent global Gross Domestic Product (GDP) each year.
He lamented that Sub Sahara Africa is yet to benefit from the CDM despite a growing share of the number of the registered CDM projects globally.
The world’s first national greenhouse gas emission trading scheme was established in 2002 and since then Europe Union Emissions Trading scheme(EU ETS) in place since 2005 followed by the UN Clean Development mechanism (CDM).
The Intergovernmental Panel on Climate change has warned of disastrous economic and social impacts unless urgent efforts are stepped up to cut greenhouse gas emissions.
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