New Delhi, Feb 7 (UNI) Union Environment and Forests Secretary Meena Gupta today called for correction of the Clean development Mechanism (CDM) market to make it more meaningful in mitigating carbon emissions.
''In today's CDM market, there are many imperfection like high transaction costs and exclusion of small and medium scale industries which needed to be removed,'' she said.
Ms Gupta's remarks came while chairing a session on 'Mitigation and Adaptation Policies for Sustainable Development' at the Delhi Sustainable Development Summit (DSDS) here.
The CDM is an arrangement devised under the Kyoto Protocol allowing developed nations with a greenhouse gas reduction commitment to invest in projects that reduce carbon emissions in developing countries as an alternative to more expensive reductions of green house gas emissions in their own countries.
Ms Gupta said that a lot of carbon emissions was being caused by medium and small scale units too which should be taken into account.
Introducing CDM in the small and medium sector would give this sector an opportunity to earn carbon credits and result in improvement of environment.
She said the global effort to check climate change would be effective only if clean and latest techonology was transferred to the developing countries at an affordable cost.
Underlining the importance of adopting a sustainable lifestyle and conservation of natural resources, Ms Gupta said the sources required for adaption to climate change were going to cost as much as reqired for reducing carbon emissions.
The secretary said a number of the above concerns had been taken care of in the Kyoto Protocal and the raodmap adopted at Bali would lead to further progress.
The 8th edition of the DSDS was inaugurated earlier in the day by Prime Minister Manmohan Singh.
UNI NAZ VD DB2022