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NEW DELHI: Italy could potentially invest about 100 million Euros per annum during 2008-12 in Indian projects as a part of its green house gas emission (GHG) reduction targets set by the Kyoto protocol.

The investment would flow to those Indian projects that qualify to be clean development projects (CDM) by reducing GHG emissions and thus, trade carbon credits.

"We expect to invest about 500 million euros on clean development mechanism (CDM) projects in several non Annex-I countries including China, Brazil and Argentina.

Out of this about 20 per cent should accrue to Indian projects given the vast number of projects that have been approved by the Government here," the Italian Ambassador to India, Mr Antonio Armellini, had said recently at a conference organised by FICCI.

Non-Annex I countries are the developing countries that are signatories of the Kyoto protocol but do not have to meet any green house gas reduction targets.

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