Financial Daily from THE HINDU group of publications
Thursday, Dec 08, 2005
Financial Daily from THE HINDU group of publications Thursday, Dec 08, 2005 |
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Corporate
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Announcements Industry & Economy - Environment JCT project gets UN nod for carbon trading
Mamuni Das
New Delhi , Dec. 7 TEXTILE major JCT's rice husk-based power project at its plant in Phagwara, Punjab, has been registered with the UN panel for clean development mechanism (CDM) projects. CDM projects are those that qualify to trade carbon credits. Registration is the formal acceptance by the UN's CDM Executive Board of a validated project as a CDM project activity. It is a prerequisite for the verification, certification and issuance of carbon credits or certified emission reductions (CERs) relating to that project activity. CER stands for one tonne equivalent of carbon dioxide reduction and can be traded. This is the ninth project from India to be registered at the UN's CDM executive board till date. Meanwhile, JCT is betting heavily on agri-energy projects for earning additional revenues through the sale of carbon credits. The company is also planning a similar project at Hoshiarpur. The project design report for the Phagwara plant has been prepared by the UK-based consulting firm Agrinergy. For the 5.5-MW project at Phagwara, slated for commissioning in March next year, JCT will get Rs 2 crore as upfront payment for potential carbon credits. The agri-based energy project, involving an investment of around Rs 9 crore as turbine cost, is entirely for captive use, Mr S.K. Singhal, Executive Director, JCT Ltd, said. "We are putting up a similar facility in Hoshiarpur, where we have a nylon filament yarn plant. The project is slated for commissioning around August next year," Mr Singhal said. The project activity consists of the installation of a 5.5-MW turbine generator at the Phagwara textile plant to generate electrical power for the textile mill. The new turbine generator will be fed by a boiler that will burn biomass (rice husk) to generate electricity, said Mr Robert Taylor, Director, Agrinergy. The electricity generated will be used to satisfy captive power demand within the textile plant. Currently, the textile plant draws about 7.2 MW from the Punjab State Electricity Board (PSEB). The new plant will meet part of the total power requirement, with the rest being imported from the PSEB. The UNFCCC (United Nations Framework Convention on Climate Change) designed the CDM to achieve cost-effective greenhouse gas (GHG) mitigation for industrialised countries. The Kyoto Protocol, that came into force on February 16, 2005, makes it obligatory for 37 developed countries to reduce their emissions of six harmful GHGs, including carbon dioxide.
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