The first International Conference on Clean Development Mechanism (CDM) began yesterday in Riyadh, the Arab News reported today.
Proposed under the Kyoto Protocol, CDM allows for industrialized countries to contribute to reducing greenhouse gas emissions by investing in energy-efficient technologies in developing countries.
Governor of Riyadh Province Prince Salman bin Abdulaziz opened the conference with a call for the business community to take advantage of the new opportunities in provided by CDM.
Minister of Petroleum and Mineral Affairs Ali Al-Naimi also spoke on the occasion. He said that the Kingdom is committed to reducing its CO2 emissions. However, the world cannot rely on alternative energy solutions such as solar, wind, nuclear or hydroelectric poser alone to meet increasing global demand, the minister said.
The three-day conference will address various aspects of CDM, including background, overview, perspectives and principles, legal, financial and methodological. It also aims to be a forum for an exchange of ideas on CDM projects.