Aim for a 'carbon trade' worth one billion
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The Association of Independent Energy Producers, Nepal (IPPAN) has signed an agreement regarding the acquisition of International Renewable Energy Certificate (IRICS) for 2,000 megawatts of electricity produced by the private sector.
Ganesh Karki, President of IPPAN, and Kavin Kumar Kandasamy, Chief Executive Officer (CEO) of ProClime exchanged the memorandum of understanding during a program held in Kathmandu on Friday.
According to the agreement made by IPPAN with Proclaim, 2700 MW of electricity produced by the private sector in Nepal will be eligible for carbon trading in the first phase. With the agreement, Nepal's private sector can trade carbon worth about 1 billion rupees per year, said Ganesh Karki, president of IPPAN.
Proclaim CEO Kandasamy said that since India, Bhutan and Sri Lanka are benefiting from carbon trade, Nepal is also going to use this opportunity. International Hydropower Association (IHA) vice president Sushil Pokharel said that the hydropower projects being built in Nepal are being built by meeting the standards of sustainable development and said that Nepali projects will soon get money from the carbon trade.
In this event, the IRIX calculator has also been launched for Nepal. Ramprasad Dhital has launched the IRIX calculator designed for Nepal. The calculator will show how many megawatts of electricity is produced and how much rupees worth of carbon trading is eligible for it annually. If the 2,600 megawatts of electricity produced by the Nepali private sector like
is connected with carbon trading, it should get a profit equal to about 1 billion rupees annually.
Even though carbon is being traded in the world market, Dhital, the chairman of the commission, said that Nepal is not benefiting from it.
Co-secretary of the Ministry of Forestry and Environment Dr. Maheshwar Dhakal said that even though Nepal has taken money for carbon sequestration on a small scale from forests, the hydropower project has not benefited from it yet. Prabal Adhikari, a senior energy expert of the Ministry of Energy, expressed his belief that Nepal, which is exporting electricity to the Kshatriya market, will soon be able to earn good income from carbon trading.
Global Carbon Council Manager Ashok K Chandel and Global Renewal Alliance's Eric Solhim also addressed the program and said that Nepal, which is located between powerful countries like China and India, should benefit from carbon trade.
