Mitigation of greenhouse gases slowed: FICCI
Wednesday, February 11th, 2009Lacunae in the current Clean Development Mechanism framework has slowed down efforts to address greenhouse gas mitigation and sustainable developmental objectives, according to a FICCI report calling for a CDM-friendly regime.
In its report released today, Climate Change Task Force deliberated in detail on the lacunae in the present CDM system which otherwise it noted was a “most effective, positive action mobilising industry engagement in mitigation action.”
“Despite the growth of the Indian project pipeline, there have been difficulties along the way due to cumbersome, lengthy approval process for CDM projects. The mechanism needs to be transformed from an offsets to offsets plus reduction mechanism. Also a healthy demand and supply balance of Carbon credits needs to be ensured,” former union environment secretary Pradipto Ghosh, who chaired the task force told reporters.
He said speedy clearance of projects at the international level, greater efficiency and transparency in CDMs in the process and governance, more service providers in the market through relaxation of designated entities (DoEs) eligibility criteria as well stability of demand for carbon credits.
For instance as there are only seven DoEs globally while as many as 2148 projects are waiting for approval of which around 748 are from India, Ghosh said.
The task Force also called for reforms in technology transfer as well as financial sector to help developing nations tackle threats from climate change.
“There is a need for reforms in IPRs regime and setting up of a publicly funded global venture fund besides technology sharing among developing countries,” Ghosh said.
FICCI chairman Amit Mitra said the exhaustive report which presents Indian business perspectives on climate change negotiations will be presented to the government for further action.
In its report released today, Climate Change Task Force deliberated in detail on the lacunae in the present CDM system which otherwise it noted was a “most effective, positive action mobilising industry engagement in mitigation action.”