Training session on benefits of 'carbon credits'
20.07.2009
How Seychelles can benefit from “carbon credits” sold to developed countries will be one of the main subjects of a training workshop this week.
It will also look at other advantages of involvement in the Clean Development Mechanism (CDM) set up under the Kyoto Protocol, which aims to reduce greenhouse gases that cause climate change.
The 1½-day workshop is to be held at the International Conference Centre tomorrow and Wednesday by the Department of Environment, in collaboration with the United Nations Development Programme.
Countries that ratify the Kyoto Protocol – an agreement made under the United Nations Framework Convention on Climate Change – commit to reducing their emissions of greenhouse gases (GHG) or engaging in emissions trading if they maintain or increase emissions.
To achieve its objective, the protocol created the CDM, which allows developed countries to finance emission reduction projects in developing countries in exchange for carbon credits.
These credits can help countries taking part in the project to meet their GHG reduction targets as an alternative to what are generally considered more costly emission reductions in their own countries.
Developing countries such as Seychelles have no GHG emission restriction, but when a reduction project is carried out in these countries they will receive carbon credits, which can then be sold to developed countries.
So Seychelles’ involvement in the CDM will provide many benefits in terms of foreign investment in CDM projects, employment and income opportunities, setting-up of ecologically-friendly projects that will contribute to a healthier environment, technology transfer and income from carbon purchases by the developed countries.
The Department of Environment said for CDM projects to be successful in a country it is important that its people, particularly its policy-makers, are conversant with the mechanism, because if this is not the case then activities will fail right from the start.