By Charles Ogallo in Durban, South Africa
United Nations Climate change Conference enters its second week in Durban, South Africa with a long list of activities awaiting the over 10 thousand delegates attending the seventeenth Conference of Parties commonly known as COP17/CMP 7
Representatives of heads of states from COP member countries have started arriving in the city ready to join the Durban talks currently facing deadlocks over proposals to extend the Kyoto Protocol, an international agreement binding countries to commit themselves to greenhouse gas emissions targets set out by the United Nation framework convention on Climate Change UNFCCC in the process of limiting climate Change and global warming.
This comes as World Bank releases its score card on Clean Development Mechanism –CDM, one of the robust mechanisms created under the Kyoto Protocol to limit gases emissions as well as encourage sustainable development and transfer of technologies between developed Nations and emerging economies.
Addressing Climate Change Journalists in Durban, World Bank’ Climate Change Practice Manager Neeraj Prasad praised CDM’s vital role terming its as catalyst of low emission investment across many developing countries.
Mr Prasad was however reserved on the primary share of CDM in the market following a significant drop in number of projects beingundertaken by the mechanism. According to World Bank, the market share has dropped from 25 percent in 2005 to 1 percent last year. CDM market value also halved within the last four years with African countries lagging behind.
MrParad also warned that CDM may see a constraint demand between 2013 and 2020 as economic gaintsscramble to dominate the market value. He challenge Africa to take an advantage of Cop17 being hosted in African Soil to increase its market share in the green investments project.
Africa only has a 5 percent share in CDM projects compared to China and India which has over 70 percent of such projects.
CDM has brought a total of 100billion Dollars of earnings to the global economy, from 360 million tonnes of carbon gases invested.