COLOMBO, June 4 (Xinhua) -- Sri Lanka's cabinet has approved a proposal to appoint a committee to evaluate the proposals to reduce greenhouse gas emissions until Sri Lanka prepares a carbon market strategy, the government's information department said on Tuesday.

The department said Sri Lanka signed the Paris Agreement in 2016, a legally binding international agreement on climate change, adopted by 196 Parties at the UN Climate Change Conference (COP21) in 2015.

According to the department, it will allow the parties to exchange the results of greenhouse gas reductions bilaterally and the reporting of such exchanges will also allow for the use of the parties to achieve their nationally determined contributions.

Under that situation, Sri Lanka is preparing the carbon market strategy and guiding principles with the technical assistance of the Dubai Regional Cooperation Center of the United Nations Framework Convention on Climate Change and expects to complete the work by the end of this year.

Meanwhile, various project developers have submitted project proposals related to the main sectors of electricity, industry, waste management, transport, agriculture and forestry identified by Sri Lanka to reduce greenhouse gas emissions, the department said. Enditem

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