Clean Development Mechanisms (CDM)to bring in $ 0.5m annually

Clean Development Mechanisms (CDM)to bring in $ 0.5m annually
eKantipur.com, 5-May-07

Nepal will receive $500,000 (Rs 33 million) within this week as a part of compensation from industrialized countries to the developing countries through the registration of Clean Development Mechanisms (CDM) projects by the latter, said an official.

According to Batu Krishna Uprety, under secretary at the Ministry of Environment Science and Technology (MoEST), the Community Developed Carbon Fund of the World Bank agreed to send money for two bio gas support programs which were earlier registered by the CDM Executive Board. The amount will be given annually from now, he said.

"This is a part of carbon credits given to the country after its endorsement of the Kyoto protocol by pursuing CDM projects," according to Uprety. It is estimated that the projects, registered at the CDM Executive Board, will reduce around 94,000 metric tones of CO2 equivalent per year.

Uprety said that the industrialized countries that emit higher amounts of green house gases into the environment give money to developing countries which emit less green house gases, as carbon credits.

According to Alternative Energy Promotion Center, the authorized participants, the two projects which were registered as small-scale CDM project activities on December 27, 2005 are "Project 0136: Biogas Support Program - Nepal (BSP-Nepal) Activity-1", and "Project 0139: Biogas Support Program - Nepal (BSP-Nepal) Activity-2".