Sunday, Aug 03, 2003
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By R.K. Radhakrishnan
Quoting an Oxford University Press study, the Institute for Solid Waste Research and Ecological Balance, a Visakhapatnam-based NGO, and Eco Carbon, a Hyderabad-based NGO, say that when the CDM mechanism is implemented globally, India would be benefited by about $ 35 billions based on the encashment of certified emission reductions. Similar benefits would be available to the rest of the developing world, which is estimated at $ 40 billions. Under the 1997 Protocol, developed countries have to reduce their average emission of green house gases — which warm the atmosphere — by five per cent by the period 2008-2112 (although Australia and the U.S., citing concerns over economic impacts, have withdrawn from the agreement). The Protocol will enter into force 90 days after it has been ratified by the Russian Federation. Though Russia had stated that it would ratify the treaty last year itself, there has been little forward movement since. The World Wildlife Fund and Greenpeace say that making the Protocol international law is an essential first step in the effort to curb climate change. It is the world's only agreement for limiting global warming pollution. It is also the basis for increasingly effective global action against climate change in the coming decades. Only Russia is needed for the Kyoto Protocol to become international law. The process of CDM seems to offer one avenue to achieve some reduction in emissions in developing countries and, at the same time, bring in credits to the developed nations. The CDM was established under the 1997 Kyoto Protocol as a way of promoting sustainable development while minimising the costs of limiting greenhouse gas emissions: In return for investing in a CDM sustainable development project, companies will earn "certified emission reductions" that developed countries may use to meet their Kyoto commitments. The CDM proposals approved on July 30 include a landfill project in Brazil and an HFC decomposition project in the Republic of Korea. The methodologies will be available on the UNFCCC CDM web site (http://unfccc.int/cdm) shortly, a release from the organisation said. Baseline and monitoring methodologies play a key role in determining how well the CDM functions as they help ensure that emission reduction credits claimed by CDM projects are legitimate. Any approved methodology helps to build the body of "case law" and can be drawn upon by similar projects. Proponents of a CDM project may use an approved baseline methodology to demonstrate that their project is truly "additional" and would not have happened anyway. It must also include an approved monitoring methodology to account for their project's actual emissions. A project, which properly applies a baseline and monitoring methodology and meets the other CDM requirements, could then proceed with the validation and registration. The Board will automatically register a project within eight weeks unless a review process is requested.
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