* Environment secretary says Pakistan has potential for carbon credits’ generation
* Developed countries had agreed to reduce emissions by 5.2 percent under Kyoto Protocol
The government is actively engaged in international efforts to combat climate change, as Pakistan is a party to the United Nations Framework Convention on Climate Change and has ratified the Kyoto Protocol.
Ministry of Environment Secretary Ejaz Ahmed Qureshi said this on Wednesday while inaugurating a workshop on ‘Carbon Credits Potential in Cement Production Sector of Pakistan’.
Quereshi said that under the Kyoto Protocol. the global carbon market was being established and had touched the level of billions of dollars. He said this potential could be tapped to gain additional revenues by generating carbon credits.
Carbon credits’ generation potential: The Environment secretary said Pakistan has a potential for generating carbon credits from cement manufacturing. The Clean Development Mechanism (CDM) projects could provide a great opportunity to domestic and foreign investors to benefit from this initiative, he added.
Qureshi said, “Being a focal institution for climate change and the designated national authority for the CDM in Pakistan, the Ministry of Environment is undertaking necessary initiatives to promote carbon finance in Pakistan.” He said the vision behind promoting projects under the CDM was to get a share from global opportunities and also to address our environmental issues and sustainable development.
Developed countries agreed to reduce emissions: Under the Kyoto Protocol, developed countries have agreed to reduce their combined Greenhouse Gas emissions by 5.2 percent during the period 2008-2012, which was below the 1990 level, the Environment secretary said, adding that the CDM was introduced under the Kyoto Protocol.
He appreciated the efforts of the workshop organisers and expressed hope that the workshop would create awareness among manufacturers to benefit from carbon finance opportunities and attract investors in the field of carbon credits potential in cement manufacturing sector. He assured the participants of full cooperation of the Ministry of Environment in taking forward the carbon business in the country through CDM process.