Environment and Natural Resources Minister Patali Champika Ranawaka said that SAARC countries are entitled to a large amount of carbon stocks by way of an environmental capital which have been used by developed countries, infringing the rights of the present and future generations. These carbon stocks together with carbon credits from Clean Development Mechanism (CDM) process can be pooled together, to form a carbon cartel, similar to the rice cartel proposed by Thailand or to the OPEC of oil producing counties.

He said that such a mechanism will allow us to price our carbon stocks or credits in a manner that will benefit the developmental activities of the country.

"It is a fact that SAARC countries are paying large debts to developed countries, at the cost of their own developmental activities and hence it is necessary to look into the possibilities of setting off the existing financial debts with carbon credits available in SAARC countries," he said.

Ranawaka said that the SAARC region while having nearly 1/6th of the global population, has only a total Carbon Dioxide emission level of around 1330 million tons per year, which is only 3. 7 per cent of the total global emissions. According to available data for 2007, the per capita Carbon Dioxide in SAARC countries range from 0.25 – 1.3, whereas the global average is 4.22 Carbon Dioxide.