The Hindu Business Line : ONGC seeks carbon credit for CDM projects in 5 sites

ONGC has submitted clean development mechanism (CDM) projects implemented at five assets, out of nine, to the designated national authority under Union Ministry of Environment and Forests for approval to avail itself of carbon credit.

The approved CDMs will be forwarded to the United Nations Framework Convention on Climate Change, set up as per Kyoto Protocol, for certified emission reduction (CER) trading.

According to available estimates, India is expecting investments of up to Rs 15,000 crore through carbon trading with developed nations.

Claiming ONGC to be the first Central PSU to submit CDMs for approval of the designated national authority, company sources said that efforts were underway to submit CDMs for all nine assets, seven basins and plants of the company in the future.

The company has also launched a CDM awareness campaign for sensitising the issue across the board.

The five assets from which CDMs have been submitted are Mumbai High, Neelam and Hira, Ankleswar, Mehsana and Ahmedabad. The last three on-shore assets are in Gujarat.

The company is currently implementing clean development mechanism projects at three more assets in Assam, Krishna-Godavari and Cauvery. CDM is also undertaken at Uran and Hazira gasification and processing plants.

According to sources, ONGC Energy Centre in Delhi is spearheading the preparation, development and implementation of the CDMs.