Pakistan has vast potential for carbon credit

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ISLAMABAD: Pakistan has vast potential for carbon credit in sugar and cement industries and the ministry of environment is making all possible efforts to realise this potential.

Being a party to Kyoto Protocol, Pakistan is eligible to benefit from the projects under Clean Development Mechanism (CDM) and exploring carbon credit potential in different industries.

The ministry of environment is the Designated National Authority for CDM in Pakistan and has a mandate to raise awareness and encourage potential partners to benefit from opportunities in CDM.

The ministry has also identified tremendous potential of CDM in sugar industry in the processes like ethanol production, process and boiler efficiency, co-generation, composting, waste heat recovery, generator replacement and fuel switching, which can be tapped to gain additional revenues by generating carbon credit.

This also helps in addressing environmental and social development values and a number of CDM projects are already being developed in these sectors. The ministry has also established a CDM Cell to explore the carbon credit potential and the cell frequently interacts with industrialists.

The cell has also organised workshops on “Carbon Credits Potential in Industry” where experts deliberated on ways and means to benefit from the global carbon credit initiative.

These workshops brought together environmentalists, industrialists and investors who would be focusing on this area as countries such as India, China and Brazil are already earning millions of dollars through carbon credit.