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Cabinet has approved the reactivation of Carbon Trading in Fiji under the United Nations Framework Convention on Climate Change (UNFCCC) with effect from 10th October, 2008. Cabinet has also approved a list of carbon trading projects identified by the Carbon Trading Technical Team. Cabinet based its decision on a submission by the Acting Minister for Labour, Industrial Relations, Local Government, Urban Development, Housing and Environment, Mr Filipe Bole. Mr Bole said that Carbon is predicted to be the single biggest commodity market in the world by 2012, commanding in excess of US$30 billion annually and experiencing unprecedented exponential growth, doubling every eight months. “The market size is expected to be well in excess of US$100 billion in 2010, and for Fiji to capture only 1% of this global market would mean a foreign exchange earning of US$1 billion per year for the next 25 to 30 years.” “Fiji, through the Director of Environment, can approve carbon trading projects that can be traded within the Compulsory Carbon Market (CCM).” “These project areas include environment friendly sources of energy which facilitates fossil fuel switch e.g. hydro dams, bio-fuel plants, bio-diesel plants, wind mill, and solar. “Some viable projects identified include hydro projects, bio mass plants, geothermal projects, methane capture and storage and fossil fuel switch.” Mr Bole said that Fiji, through the Director of Environment, can also approve carbon trading projects that can be traded within the Voluntary Carbon Market (VCM). “These project areas include increasing the capacity of our natural resources to store carbon, such as Reforestation, Afforestation (Sandalwood), Payment of Ecosystem Services (PES), and Reduction of Emission of Deforestation and Degradation (REDD), etc. “Some projects identified are trading of all water catchments and forest reserve on Government leaseholds, all native tropical forests, re-afforestation, and afforestation, as well as avoiding drilling of oil deposits and avoiding flaring of gas deposits.” Mr Bole said that these projects, when implemented, will facilitate sustainable environment development, technology transfer, employment creation, income generation and tax benefits, export and foreign exchange earnings, rural infrastructure development, entrepreneurial development and equitable social justice. He added that Carbon Trading Regulations will now be formulated under the enabling Environment Management Act 2005 and will be submitted to Cabinet by mid 2009. -End- No:1731 |
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