Carbon Credits, India

India Tops in Carbon Credit Deals

November 2, 2007 (Business Standard) – India has registered the largest number of Clean Development Mechanism (CDM) projects in the world.

The country accounted for 283 CDM projects out of the 819 registered by the CDM Executive Board, Environment Secretary Meena Gupta said at the India Carbon Market Conclave, organised by Ficci, the environent ministry, the World Bank and the International Emissions Trading Association.CDM or carbon credits is a mechanism devised under the Kyoto Protocol to award encashable points or CERs (carbon emission reduction) to eco-friendly projects on the basis of the carbon emissions they control.

These CERs are bought by the nations that are bound by the emission cut targets under the protocol.

The Indian National CDM Authority has accorded host country approval to 753 projects, facilitating investment of more than Rs 63,000 crore.

These projects are in areas of energy efficiency, fuel switching, industrial processes, municipal solid waste and renewable energy and have the potential to generate 421 million CERs by 2012.

Ficci and financial institutions could play a catalytic role in bundling of CERs and helping PSUs take up such projects, she said.

The recommendations from the conclave would go into framing the national climate change strategy, said Ficci.

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