Head of clean development project advises caution

March 17th, 2008 - 11:39 pm ICT by admin  

New Delhi, March 17 (IANS) There is need to exercise caution about projects for which Indian entrepreneurs are seeking funds under the clean development mechanism (CDM) of the UN, an official said here Monday. R.K. Sethi, chairman of the UN convention for climate change (UNFCCC) board and director (climate change) in the Ministry of Environment and Forests said: “Though climate change is a hot topic, and over 950 CDM projects from India are registered with the CDM executive board, there is a need for some caution about the steps that are being taken by project proponents, validators and governments.”

Projects that reduce emissions of greenhouse gases that are leading to global warming are eligible for CDM funding.

Speaking at an event organized by the CII-ITC Centre of Excellence for Sustainable Development with the support of PricewaterhouseCoopers, Sethi said there were over 3,000 CDM projects in the pipeline, and the executive board was keen to grow the momentum.

He wanted more small and medium enterprises in India to come up with CDM projects.

Delivering a critique of CDM projects, Sethi said their monitoring by the UNFCCC was becoming more rigorous. He stressed on the need for “collaborative effort on guidance on investment analysis so that no ambiguities remain”.

Chairman of the CII (Confederation of Indian Industries) National Committee on Environment S. Sandilya said that India recognizes the fact that it is the fourth largest emitter of greenhouse gases in the world and is keen to find ways and means to mitigate the harmful effects of such gases.

PricewaterhouseCoopers partner Bharti Gupta Ramola said the government has approved over 890 projects, though there has been criticism of their quality.

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