I had always looked at carbon credits with a lot of contempt because it provides no incentive for big corporations to pollute. But I have to admit that I have never closely looked at the whole mechanism and how does it work in a developing region like ours. I attended a presentation today which revealed to me that most of the Indian Cement companies have gotten rid of old polluting equipment and gotten new less polluting plant and machinery. This has allowed most of these companies to earn revenue by selling carbon credits. Actually some of the cement companies are earning more revenue by selling carbon credits than by selling cement (which, by the way, is in high demand in the region). We, in Pakistan, shall look at this in more detail and advise our industrialists who have old polluting plants. Could be a very nice DAWN article.
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