TEHRAN - Swiss South Pole Company signed an MOU with Iranian Offshore Engineering and Construction Company here on Wednesday to carry out Clean Development Mechanism (CDM) projects in Iran.
The firms will finalize the agreement in three months, the Mehr news agency reported.
It is estimated that Iran's CDM projects would cost up to $3 billion.
The CDM is an arrangement under the Kyoto Protocol allowing industrialized countries with a greenhouse gas reduction commitment (called Annex A countries) to invest in projects that reduce emissions in developing countries as an alternative to more expensive emission reductions in their own countries.
The CDM allows net global greenhouse gas emissions to be reduced at a much lower global cost by financing emissions reduction projects in developing countries where costs are lower than industrialized countries.
The CDM is supervised by the Executive Board (CDM EB) and is under the guidance of the Conference of the Parties (COP/MOP) of the United Nations Framework Convention on Climate Change (UNFCCC).
© Tehran Times 2009
