New Delhi: Expressing concern over the delay in the approval of Clean Development Mechanism (CDM), Union Environment and Forest Secretary Tishyarakshit Chatterjee on Wednesday said that the slow deliberation in project sanction affects its importance in market.
Addressing a programme on Carbon Market, Chatterjee said that to make prominent position in the International Carbon Market, India should stress on the stipulated time period for the approval of projects.

Mentioning about the trends in the International carbon market, the secretary said that Carbon market witness frequent fluctuation in price. In such a situation, delay in approval of the concerned projects affects its importance at the global level.

Apprising about the importance on the development of carbon market in the country, Chatterjee said. “Country should lay thrust on sectors like wind energy, forest conservation and others. The companies taking initiatives in this direction to reduce pollution level, gets Certificate Emission Reduction (CIR) Unit, which can be sold to companies of developed nation at a high rate.”

Chatterjee also mentioned that the considering the requirements of the construction companies, it is important to develop the Carbon market in the country.