PM calls for action to cut emissions, boost carbon credits

Prime Minister Tarique Rahman has directed the authorities concerned to formulate a comprehensive action plan to reduce carbon emissions and enhance the Bangladesh’s carbon credit potential, aiming to position the country to benefit from the growing global carbon market.
The directive came at a meeting on climate change held at the Prime Minister’s Office in the Cabinet Division of the Bangladesh Secretariat on Sunday, according to a press release issued by the Prime Minister’s Press Wing.
The meeting reviewed ways to increase the country’s carbon credits by reducing carbon emissions and discussed an action plan to achieve the objective, Prime Minister’s Deputy Press Secretary Mostafa Zulfiquar Hasan said.
The prime minister stressed the need to expand the use of renewable energy, introduce environmentally friendly technologies in the industrial sector, improve energy efficiency, conserve forests and increase carbon absorption through large-scale tree plantation. 
He also directed the authorities to adopt realistic strategies to enable Bangladesh to tap into opportunities in the international carbon market.
Emphasising transparency in carbon credit management, the prime minister called for establishing a reliable national database and strengthening coordination with international organisations to facilitate carbon credit generation and trading.He also directed the formation of a committee to improve coordination among the relevant ministries and agencies to help the country achieve carbon credits.
Officials attending the meeting said effective measures to reduce carbon emissions would improve Bangladesh’s prospects of earning carbon credits in line with international standards.
A carbon credit is an internationally recognised financial instrument awarded for reducing or removing one metric tonne of carbon dioxide (CO), or an equivalent amount of other greenhouse gases, from the atmosphere.
Carbon trading is a market-based mechanism designed to limit greenhouse gas emissions. Under the system, governments or international bodies set emission caps for countries, institutions or companies. 
Entities that exceed their allotted limits are required to purchase carbon credits, while those that reduce emissions or increase carbon absorption through afforestation, renewable energy, improved energy efficiency or clean technologies can earn credits. 
These credits can then be traded or sold to entities that exceed their emission allowances.