Govt to establish ‘Carbon Bank’

Rohan Mathes

COLOMBO: The Government is establishing a ‘Clean Development Mechanism’ which will enable the country to earn valuable foreign exchange by the sale of Carbon to developed countries.

Presiding at the ‘Environmental Leaders’ Presidential Awards presentation ceremony at the Presidential Secretariat yesterday, President Mahinda Rajapaksa asserted they would endeavour to earn rich dividends in monetary terms by engaging in environmentally friendly processes, in contrast to environmentally destructive modes.

He said: “Today the industrially developed world is releasing a large amount of Carbon Dioxide to the environment, resulting in global warming. The United Nations Environmental Charter however has directed these countries to control Carbon Dioxide emissions. On that premise, countries with high emissions will be obliged to compensate the developing countries for their control of Carbon Dioxide, on a proportionate basis”.

The President opined that this was a fine opportunity which they should utilise to the maximum. The Environment Ministry would establish a Carbon Bank to control the emissions in the mega development projects. The control of a ton of Carbon Dioxide will earn US$ 8. Power, Transport and Forest Conservation projects and the like could be directly deployed in this business.

Studies done to date, have revealed that around Rs.25,000 million could be earned within five years. In addition to the revenue, this process will also protect the environment.

Precautions would be taken to minimise the environmental damage in all mega development projects such as the Moragahakanda Reservoir, Hambantota Sea Port and the Southern Super Highway. The impact to the environment will be closely ascertained by the ‘Feasibility’ reports of all projects.

The President reiterated that development at the risk of harming the environment was futile, as clearly illustrated by certain countries now facing environmental hazards, to the extent that its citizens are compelled to carry micro oxygen bottles in their bags, even when shopping.

“Some were also on the verge of filling our paddy-fields and replacing them with large buildings. Preparations were underway to erect hotels in Sigiriya and to lease Sinharaja Forest to the Americans.

However, as a Government committed to protect our indigenous flora and fauna and realising the potential and the value of conserving our environment, we opposed all such moves and formulated plans on the firm principle of protecting and conserving our environment. We need a green country, a shining model to the world,” the President noted.

Natural calamities such as floods and landslides occurred as environmental considerations were not taken on board. Certain building constructions which had not adhered to geological factors had aggravated the situation.

Any future constructions within the Nuwara Eliya district, will have to be approved by the National Buildings and Research Institute. President Rajapaksa stressed that violations of environmental protection laws would be dealt with severely, irrespective of the persons involved.

He firmly believed the ‘Environment Leaders’ programme would produce an environmentally friendly nation in the future.