• Last Update 2024-06-13 18:08:00

Sri Lanka to claim carbon credits from high gas emission countries

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Sri Lanka plans to start claims credits from greenhouse gas emission savings in green projects such as hydropower and garbage management, joining other developing Asian countries in profiting from the Kyoto Protocol and the Paris Agreement.

The government is now strengthening the framework for monitoring, reporting and verification, and for registry needs and made internationally compatible, Finance Ministry sources said.   

It has ambitious carbon-reduction targets under its Nationally Determined Contribution to the United Nations Framework for Combatting Climate Change.

Sri Lanka’s Carbon Crediting Scheme (SLCCS) supports greenhouse gas emission reduction and enables companies to earn SL Certified Emission Reduction Units (SCERs) for their efforts to reduce emissions.

Chairman of the Parliamentary Committee on Ways and Means Patali Champika Ranawaka told the Business Times that Sri Lanka could rake in billions of dollars in revenue from carbon credit or settle external debt of countries involved in debt restructure.

"Sri Lanka is a small country with very small projects compared to international standards,” he said adding that the country can bargain to have its own share from the carbon-

He expressed the belief that Sri Lanka could receive a substantial inflow of carbon credits over the longer term.

“The government will have to set a price benchmark by announcing what its carbon tax rate will be for the next three to four years,” Mr Ranawake said.

According to the UN Intergovernmental Panel on Climate Change (IPCC) Sri Lanka’s per capita carbon emission is 1 ton per year compared to per capita emission of 2.1 ton which will enable to escape from global climate changes.

The average per capita of the world is 4.69 tonnes per year, the rate of Paris Club countries 8.3 tonnes per year.

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