ISLAMABAD: Believe it or not, India is all set to get from UN on July 28, 2012 the carbon credits of almost $700 million for 10 year against seven hydropower projects being built on Pakistanís riversóIndus, Chenab and Jhelum. This will automatically provide the legitimacy to all the projects.
UN may extend carbon credits to India from July 28, 2012 on seven projects that include Lower Jhelum 105 MW, Upper Sindh-22.60 MW, Ganderbal 15 MW and Upper Sindh-105 MW, Salal (Chenab Basin) 690 MW, Uri ñ I (Jhelum Basin) 480 MW, Dul-Hasti (Chenab) 390 MW.
This shocking disclosure has been revealed in the document of UNFCCC (United Nations Framework Convention on Climate Change) with the name of Clean Development Mechanism Project Design Document Form (CDM-PDD) exclusively available with The News.
ìThe CDM Board has approved Indian CDM project design document seeking carbon credits on 22 September 2011,î document further reveals. A carbon credit is a tradable certificate or a permit representing the right to emit one tonne of carbon dioxide or the mass of another greenhouse gas with a carbon dioxide equivalent (tonnes of CO2e) equivalent to one tonne of carbon dioxide.
Each carbon credit can be traded in the open market, with the current spot rates on the European Unionís Emission Trading Scheme averaging 25 Euros (31.79 $) per tonne. The annual average over the crediting period of estimated reductions (tonnes of CO2 e) 2222866 per year as calculated by UNFCCC officials.
It may not be out of place to mention that Pakistan is right now in a legal battle with India on Kishenganga project in International Court of Arbitration (ICA) at Hague. The Uri-1 project is one of those 7 projects on which India is seeking carbon credits is linked with Kishenganga project and in case India manages to get legitimacy by getting carbon credit on Uri-1, then India will be in a better position to get verdict in its favour on Kishenganga project from ICA.