New Delhi, Sept 12 (UNI) The United Nations Framework Convention on Climate Change(UNFCC) is considering a proposal under which projects of Clean Development Mechanism(CDM) would have fast and easy clearance.
Called programmatic CDM, the concept has been there for quite sometime, but it was now under rptg under active consideration, Jt Secretray (Climate Change) Ministry of Environment and Forests R R Rashmi told UNI.
Under the CDM, a developed country can take up greenhouse gas reduction project in a developing country where the costs are usually much lower.
The purpose of Clean Development Mechanism is to assist developing countries in achieving sustainable development and in contributing to the ultimate objective of UN Convention on Climate Change--reduction in emissions of greenhouse gases.
Besides, it also assists developed countries in achieving compliance with their quantified emission reduction commitments under the Kyoto Protocol.
Under the existing set-up, a CDM project is cleared individually, while under the Programmatic CDM, a series of CDM projects could be cleared in one go, said Mr Rashmi.
For example, if someone wants to set a number of wind energy plants at a farm, one would not have to obtain clearance for each plant, he said.
India, as a developing country, participates in the Clean Development Mechanism set up under the Kyoto Protocol of the UNFCCC.
Recently as many as 15 more CDM projects have got clearance bringing the total to 1013 of such projects, which will now have to be registered wih the CDM Executive Board of the UNFCC.
The projects approved are in the sectors of energy efficiency, renewables including biomass based cogeneration projects, industrial processes; fuel switching, municipal solid wastes and forestry.
All the approved projects, if registered by the CDM Executive Board, will have the potential to generate 506 million Certified Emission Reduction (CER) units. At a conservative price of 10 dollars per CER, it corresponds to an overall inflow of approximately 5 billion dollars into the country by the year 2012.
A Certified Emission Reductions (CERs) unit is equal to one metric tonne of carbon dioxide equivalent, calculated using global warming potentials defined by decision 2/CP.3 or as subsequently revised in accordance with Article 5 of the Kyoto Protocol.
Out of total 1133 projects registered by the CDM Executive Board, 355 CDM projects are from India. This is followed by 248 and 143 projects from China and Brazil respectively. On the Issued CERs, China leads with 63 million CERs, followed by India at 46 million and Republic of Korea at 27 million.
UNI NAZ PK HS1329