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Kashmir to go for carbon trading

Srinagar, July 19, 2007:

The Power Development Corporation (PDC) in Indian administered Kashmir has decided to raise money from hydropower projects through carbon trading in the international market.

Chief Minister Ghulam Nabi Azad has also asked the Corporation to approach the Asian Development Bank (ADB) for assistance in exploiting hydropower potential in the region, an official spokesman said today.

The carbon trading proposal was approved by the chief minister, who is also the PDC chairman , Wednesday.

The Kyoto Protocol mandates developed countries to reduce emission of polluting gases by 2012.

Under an Emissions Trading Scheme companies in Europe that exceed their carbon emission limits, can buy credits from another companies, or from units in the developing countries.

Azad also asked the PDC to approach ADB for assistance to exploit hydropower potential of the State.

In a recent communication from ADB headquarter in Manila, the Bank has evinced interest in development of hydropower and assistance in clean development in Indian administered Kashmir.

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