Cabinet approves clean development plan [Archives:2007/1021/Local News]

February 1 2007

SANA'A, Jan, 30 ) The Cabinet of Ministers approved on Wednesday resolution on the establishment of a Designated National Authority for Approval of Projects under the Clean Development Mechanism of the Kyoto Protocol.

“The Clean Development Mechanism permits industrialized countries, which have emission targets under the Kyoto Protocol, to invest in sustainable development projects in developing countries that reduce greenhouse gas emission, and thereby generate tradable emission credits. Also unilateral projects can be carried out, where investors are developing country entities and the credits can than be sold to industrialized countries,” said Minister of Water and Environment Abdul-Rahman F. Al-Eryani.

“I am happy that our submission for approval has gained full support by the Cabinet,” expressed Al-Eryani, who is also the chair of the newly established approval board. “It reflects the importance to the government in achieving sustainable development by promoting social, environmental and economical sound investment. It is also an important milestone in our efforts to fully embrace Clean Development Mechanism as a tool for sustainable development.”

Six ministries and the Environment Protection Authority will be on the approval board. The aim of which is to ensure that Clean Development Mechanism projects contribute to sustainable development and thereby also promoting Yemen as attractive development location. The current status of the global carbon market is characterized by a large increase in the number of emissions reduction procurement programs resulting in an enormous increase in the demand for clean development projects.

“At the Ministry of Water and Environment in cooperation with the Environment Protection Authority we are now developing a portfolio of sectors and type of projects that provide most cost-effective greenhouse gas reduction measures, possess highest potential for attracting Clean Development Mechanism investments and that have the highest likelihood for receiving underlying financing and the availability of a capable project owner,” said Lia Sieghart, CIM-Advisor to the Ministry.

“Our first assessment has identified several sectors which could provide promising Clean Development Mechanism projects, amongst which are the oil industry, the landfills, solar/wind/geothermal energy generation and the cement factories,” outlined Al-Eryani.

“Capacity building and marketing the national Clean Development Mechanism programs to buyers of emission credits or project investors is one of the important tasks of host countries, like Yemen. In that context, we are at present developing a website to market Yemen's Clean Development Mechanism program and at the Ministry we are getting ready to present Yemen's Clean Development Mechanism capacity at the upcoming global carbon fairs,” said Sieghart.

The Minister concludes with thanking the United Nations Development Program for its ongoing assistance in this field and thereby enabling Yemen to fully engage as partner in the global carbon market.