A number of Clean Development Mechanism (CDM) projects remained pending with the Department of Environment (DoE) for clearance because of the delay in getting approval from the executive board of Designated National Authority (DNA), reports UNB.
The DNA Executive Board is the highest body, headed by the Principal Secretary to the Prime Minister, to approve such projects under the jurisdiction given by the United Nations Framework Convention on Climate Change (UNFCCC) as per the Kyoto Protocol of 1997.
For the delay in approval of the projects, the country is ultimately missing the enormous opportunity of carbon trading which can make the way to earn huge foreign exchange.
Following the Kyoto Protocol, Bangladesh has taken the decision to introduce the CDM to reduce the greenhouse gases (GHG). This has also brought a big opportunity to trade the green house gas (GHG) emissions from the less polluting countries to polluting countries.
The last meeting of the DNA executive board was held on May 5 in 2011 and in more than last 17 months, there was no meeting for which a number of CDM projects remained pending. From the date of last meeting, so far 3 meetings were called, but later cancelled for unknown reasons.
The projects that remained pending include Akij Bio-mass to Energy Generation Project, Bundled Waste Heat Recovery CDM Project and CDM Project on Decentralised Water Purification in Remote Areas.
These projects were submitted to the DoE between August 2011 and February this year. After scrutiny and approval, the DoE placed those for the final clearance of the DNA executive board.
When asked about the issue, DoE's Director General Monwar Islam informed that he is expecting a DNA board meeting within a week which will consider the pending projects.
Officials said though Bangladesh has no legal binding about reducing the GHGs under the Kyoto Protocol, but it can invest and develop various energy efficient technologies for its own sake which in return can earn Certified Emission Reductions (CER) credit.
The country can sell the credit in the market where the developed countries are ready to purchase CERs to pay off their domestic activities to meet the legally binding GHG emission reduction obligation under the Kyoto Protocol.
The private sector entrepreneurs can invest in the CDM sector and earn money through selling off the CER to the developed countries in the process of carbon trading.
Officials said despite having enough potential, so far only five CDM projects obtained registration from the authorities concerned while several others are at a validation stage.