Rahimafrooz to start carbon trading

Rahimafrooz will start commercial carbon trading from May 2010 for the first time in the country by achieving carbon emission reduction (CER) standard with an aim to earn $100 million a year.“Carbon trading will provide monetary reward and facilitate the focus to reduce emission in every activity in our economy and bring the country to the global carbon commerce market worth $100 billion,” said Munawar Misbah Moin, managing director of Rahimafrooz Renewable Energy Ltd.“We are optimistic about earning $100 million a year from the global carbon commerce market. This will also help the country's role in addressing global warming and climate change issues,” he added.Bangladesh Carbon, a clean development mechanism (CDM)-based carbon trading service of Rahimafrooz Renewable Energy, and Carbon Planet, an Australian company, yesterday signed an agreement in this regard. Munawar Misbah Moin, managing director of Rahimafrooz Renewable Energy, and Haris Chaudry, director (Carbon Commerce Division for Asia and Africa) of Carbon Planet, signed the deal. Moin said initially the project design document of CER is to be submitted to the government for approval and then Designated Operational Entity, a UN-approved agency, will validate it.The CDM Executive Board in Geneva, Switzerland, then registers the project.Currently, there are two companies -- Bangladesh Centre for Advanced Studies and Waste Concern BD -- working with CDM projects in the country. Another 2 projects are under validation from CDM Executive Board.Md Mostafizur Rahman, state minister for environment, said the government would consider a public-private partnership to promote carbon trading in near future.Dr Justin Lee, Australian high commissioner, and Feroz Rahim, group managing director of Rahimafrooz, were also present at the agreement signing ceremony.