KARACHI (APP) - The 120 Clean Development Mechanism (CDM) projects of $1715 million potential Foreign Direct Investment are in pipeline at various developmental stages in the country. Pakistan has undertaken number of initiatives to promote the CDM projects activities, said Federal Minister for Environment, Hameedullah Jan Afridi. The Minister was speaking at a consultative meeting with the President and other representatives of the Karachi Chamber of Commerce and Industries (KCCI) on CDM held at KCCI here. The consultative meeting was jointly organized by the Ministry of Environment and KCCI. It is worth mentioning here that the CDM has an advantage of introducing environment friendly technologies and also has the potential to become a tool for technology transfer and a source for foreign exchange earnings. Hameedullah Jan Afridi said expected benefits from these 120 CDM projects in the form of FDI is around $ 1715 million and GHGs reduction of 28 million tons CO2/year. Afridi told the participants that Pakistan has undertaken a number of initiatives to promote the CDM project activities in the country and granted host country approval to 25 CDM projects out of which seven CDM projects are registered with CDM Executive Board. Benefits from these seven CDM projects in the form of FDI is around $ 195m and GHGs reduction of 1.7m tons CO2 eq/year, he added. He said the expected benefits form these 25 CDM Projects in the form of FDI is around $ 742m and GHGs reduction of 4m tons CO2 eq/year. The Federal Minister for Environment said during his recent visit to Karachi and overwhelming interest of Korean Trade delegation is received to invest in CDM Projects in Pakistan. He said he had requested the President of KCCI, Abdul Majid Haji Muhammad to arrange a presentation on the opportunities and untapped Potentials of Clean Development Mechanism (CDM) in Pakistan. He mentioned the Carbon Finance through CDM could be an attractive business opportunity and an increasing number of governments and private companies are now entering the market. The business is expected to grow to billions of dollars. Pakistan can potentially aspire to host CDM projects. He informed the participants that the country offers the best technical, financial and administrative opportunities together with political stability that creates a highly conducive environment to attract International investors in the carbon finance. He hoped that these favorable conditions will facilitate the growth of this highly profitable business in Pakistan. He was greatly encouraged to see the active participation of large number of private sector representatives in this event and asked the private and corporate sector to come forward and invest in this win-win activity by initiating CDM projects unilaterally, bilaterally and multilaterally. The Minister for Environment pointed out towards the great potential that exist for CDM projects in various sectors of our economy - including energy efficiency, alternate and renewable energy production, cleaner technologies in industrial processes, and improvements in agriculture and forestry practices and assured governments strong commitment to support all initiatives under this portfolio. He appreciated the efforts of organizers of this event including Karachi Chamber of Commerce and Industry (KCCI), the CDM Cell of Ministry of Environment and particularly all representatives from print and electronic media to present CDM as win-win scenario. He hoped that this event will go a long way in creating awareness and building partnership among the business community to get benefit from carbon finance opportunities and attract the National and International investors in the different CDM Potential areas in the country. President KCCI Abdul Majid Haji Muhammad welcomed all participants and highlighted the aim and objective of the consultative meeting. He has also given detail background of establishment of KCCI and briefly described about the profile of KCCI and its role for promotion of investment in Pakistan. CDM Expert from Ministry of Environment, Syed Amjad Hussain delivered an elaborated presentation on potentials and untapped opportunities of the CDM in Pakistan. Amjad Hussain told the participants about impacts of climate change on different sectors of our economy and how to address these negative impacts by implementing CDM Projects in different sectors in Pakistan. In his presentation, he described the CDM potential opportunities in different sectors and role of Designated National Authority (DNA) for CDM projects in Pakistan. He expressed special thank to the Federal Minister for Environment and KCCI for their interest in CDM Project activities in Pakistan. Earlier the Advisor to Chief Minister Sindh for Investoment Zubair Motiwala also spoke on the occasion. The objective of the event is to introduce to public and private sector partners a new business opportunity on Carbon Finance through Clean Development Mechanism (CDM) of Kyoto Protocol under the United Nations Framework Convention on Climate Change (UNFCCC). The event aims to develop linkages among Local, National, International CDM Investor companies, project developer, technology provider, public and private companies, NGOs for promotion of CDM Investment and Facilitation for enhancement of CDM Project in the country. The CDM under the Kyoto Protocol has been particularly introduced for the developing countries for initiating sustainable development projects in return for Carbon Credits that can be sold to developed countries. The event will bring together National CDM investor companies, local public and private sector representatives and is being attended by more than a 150 participants. It is expected that this meeting will enhance understanding of the Carbon Business through the CDM and develop a number of CDM Project pipeline in the country.