Page 45 - AccountantApr-June2015-17-9-2015

sustainable development and in contributing to the Tax and Credit Sharing Policies ultimate objective of the United Nations Framework • No income tax or duty on transfer/sale of CDM emission Convention on Climate Change (UNFCCC), which credits. is to prevent dangerous climate change; and to assist • Credits to be awarded fully to the project sponsors. parties included in Annex I in achieving compliance • Banks and other financial institutions to be encouraged to with their quantified emission limitation and reduction provide special incentives to CDM Project Proponents. commitments (greenhouse gas (GHG) emission caps). Host Country Approval to 14 CDM Projects In all the three mechanisms, permission can be granted to the developed countries that have a commitment on carbon 1. Catalytic nitrous oxide abatement at the Tail Gas end of Pakarab Fertilizers (Pvt.) Ltd, Multan. The project got emission to emit more than the prescribed limits. This can registered with CDM Executive Board in November 2006. either be done through: a) carbon acquisition (which is 2. Cattle Waste Management, Landhi Cattle Colony, allowed under JI and IET, and b) carbon trading (which is Karachi, Pakistan. allowed under CDM). 3. 84 MW New Bong Escape Hydropower Project in Azad Jammu and Kashmir. Carbon Trading in Pakistan 4. Pakarab Fertiliser Co-generation Power Project, Multan. • Pakistan ratified Kyoto Protocol in January 2005. 5. Generator Change Project at Maple Leaf Cement • Ministry of Environment has been declared as Designated Company Limited, Mianwali. National Authority for CDM. D. G. environment is the 6. Fuel Switch and Energy Efficiency Project at Prosperity focal point for DNA. Weaving Mills Limited. • CDM Cell has been established under DNA for promotion 7. Construction of additional cooling tower cells at AES Lal of CDM, and for policy/technical support to DNA. Pir (Pvt) Limited, Muzaffar Garh, Pakistan. • Pakistan National Operational Strategy for CDM has been 8. Almoiz Bagasse Cogeneration Project, D.I. Khan, Pakistan. approved in February 2006 (www.cdmpakistan.gov.pk) 9. Fuel Switch to a less Carbon Intensive Fuel at S. Fazalilahi • Pakistan has granted Host Country Approval to fourteen and Sons Pvt Limited, Karachi. (14) CDM projects and more than 60 CDM projects 10. Community-Based Renewable Energy Development in are in process of development which require host country the Northern Areas and Chitral, Pakistan. approval in future. 11. Gul Ahmed Combined Cycle Gas Turbine Project, Karachi. • Several capacity building/ awareness raising initiatives 12. Composting of Organic Content of Municipal Solid have been conducted under this project. Waste in Lahore. • Government of Pakistan has signed a Memorandum of 13. Biogas-based Cogeneration Project at Shakarganj Mills Understanding (MoU) on Cooperation in CDM with Japanese Ltd., Jhang. Carbon Fund (JCF) through Japan Bank for International 14. Installation of natural gas based cogeneration system at Cooperation (JBIC) has been signed in July 2008. Century Paper & Board Mills Ltd., Lahore. • Government of Pakistan has signed a Memorandum of Understanding (MoU) in August 2008 with CAMCO Expected Benefits from the 14 CDM Projects in International for the realisation of CDM projects in Pakistan. Pakistan • A number of similar MoUs for promotion and -- Foreign direct investment = US$ 345 million. enhancement of CDM Project Activities in Pakistan. -- GHG Reduction = 3.35 million tones per annum. -- Other sustainable development, social, economic and Project Approval Process environmental benefits to Pakistan. • Project proponent has to submit CDM Project Design Documents (PDDs) to the DNA. Director general Environment, Focal Person of DNA CDM Projects in Pipeline • The Submitted CDM project will be evaluated according More than 60 CDM Projects are in Pipeline in different sectors to National CDM Criteria. • Energy (efficiencies/renewable/alternate energy) 3 Projects • Letter of approval will be issued by DNA within one • Waste management/industrial processes 20 Projects month of the project submission. • Afforestation/reforestation CDM 05 Projects April - June 2015 The Pakistan Accountant 43