Sustainability Encouraging Mechanism (SEM): The Way After 2012

Kyoto protocol will be over by 2012 and most of the world nations have not yet achieved the emission reduction targets. Even COP 16 and 17 were unable to answer this question: “What after 2012?” Though CDM and JI are effective tools to curb GHG emissions but here they are missing out an important perspective- Sustainable Development. GHG abatement is just a part of the whole picture. So, in furtherance to this and as a path after Kyoto, a “Sustainability Encouraging Mechanism (SEM)” is proposed here. Under a common mechanism it will consider GHG abatement, renewable energy generation, water management, and energy efficiency. These four verticals together can lead to the complete and sustainable development of a nation. Under this mechanism the black credits, green credits, blue credits, and yellow credits will be awarded respectively for the verticals - GHG abatement, renewable energy generation, water management, and energy efficiency and management. Each colour credit will have different monetary value according to the market. A company, going for a project, will decide the certification it wants to apply for. Then the nodal committee will set a performance benchmark for them and they have to perform equal to or above that benchmark to gain the monetary benefits. Nodal Committee is a group of professionals at national level which will approve the project for a particular vertical. One can apply for two or more verticals. This mechanism will reduce the cost of application for more than one vertical and will increase the flow of foreign funds to the developing countries. It will also bring together all the world nations as it has provision for different sustainable activities operating in different countries. This mechanism, if employed effectively, will not only encourage inclusive and sustainable growth but will also help in reducing our ecological footprint.