Qatar Eyes Carbon Credits To Meet Emission Cut Target| MENAFN.COM

Thursday, 30 March 2023 01:06 GMT

Qatar Eyes Carbon Credits To Meet Emission Cut Target

(MENAFN- The Peninsula) sanaullah ataullah | The Peninsula

Doha: Qatar has stepped up efforts to use carbon credits along with a slew of measures in place following National Climate Change Action Plan which aims at reducing greenhouse gas (GHG) emissions 25 percent by 2030.

“Qatar is currently implementing many initiatives such as improving energy efficiency, operating renewable energy plants, and introducing carbon capture and storage technologies,” said Saad Abdullah Al Hitmi, Acting Director of the Climate Change Department at the Ministry of Environment and Climate Change (MoECC).

In order to achieve the target, set by the plan, he said, Qatar seeks to use carbon credits, through international cooperation, including exchanging knowledge and transferring technology.

Al Hitmi was speaking in a seminar on the role of carbon credits in achieving the goals of reducing emissions, entitled 'Carbon Credits'.

Held in the presence of Minister of Environment and Climate Change H E Sheikh Dr. Faleh bin Nasser bin Ahmed bin Ali Al Thani, the event was organised by MoECC in cooperation with the Japanese Ministry of Economy, Trade and Industry.

Al Hitmi said that the symposium is focusing on the global scenario and the role of carbon credits in achieving the goals of reducing emissions, by discussing the energy transition and the latest developments in carbon credits, including Article 6 of the Paris Agreement, the Joint Credit Mechanism, and Voluntary Carbon Credits.

He pointed out that the symposium aims to achieve several goals, including raising awareness about the use of carbon credits, achieving a society free from this substance, and exchanging knowledge about carbon credits, and the latest technologies to remove it, as well as joint credit case studies.

Al Hitmi noted that Article 6 of the Paris Agreement would enhance carbon transactions between governments, pointing out that it allows countries to exchange carbon credits through bilateral agreements so that emissions can be reduced abroad and used to achieve their own goals.

He pointed out that recently, many countries showed interests in using carbon credits following the Article 6 of the Paris Agreement in 2021, which is expected to be expanded in use in the near future.

The voluntary carbon markets are an important solution to achieving carbon neutrality in companies that fall under the umbrella of compulsory emissions trading.

He noted that carbon offsets are financial tools issued by project developers to avoid or remove greenhouse gas emissions from the atmosphere.

Voluntary carbon credits allow emissions exporters to compensate for their inevitable emissions, by purchasing carbon credits issued by projects aimed at removing or reducing greenhouse gas emissions from the atmosphere.

He praised FIFA World Cup Qatar 2022 hosted by the Qatar, which was the first Carbon neutral tournament in the history of FIFA World Cup tournaments.

For his part, the chief negotiator on climate change at the Office of Global Environmental Affairs, Norihiro Kimura stressed the importance of this workshop which aims to promote a better understanding of the latest developments in the field of carbon credit, as well as the exchange of good practices to reduce greenhouse gas emissions.

He said that projects that provide advanced carbon reducing technologies through the joint credit mechanism will lead to strengthening bilateral cooperation between Qatar and Japan in this field.

Carbon credits were devised as a mechanism to reduce greenhouse gas emissions by creating a market in which companies can trade in emissions permits. Under the system, companies get a set number of carbon credits, which decline over time. They can sell any excess to another company.


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