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Our Bureau

New Delhi , Dec. 15

Industrial Development Bank of India Ltd (IDBI) entered into a non-exclusive memorandum of understanding with Washington-based International Finance Corporation on Friday, to jointly assist domestic companies undertaking Clean Development Mechanism (CDM) projects, which reduce carbon emissions.

The two financial intermediaries will also help companies realise the value of the carbon credits, arising from the implementation of CDM, by selling the credits in the global markets. With the IDBI-IFC tie up, domestic companies planning to undertake CDM projects under the Kyoto Protocol can now avail of solutions such as project identification, funding implementation of CDM projects, registration and verification, advisory services for trading certified emission reduction units.

In October, IDBI had entered into a similar non-exclusive MoU with MITCON, a technical consultancy organisation based in Pune. IDBI is currently working on some CDM projects in the textiles, steel, power, paper and sugar sectors.

More Stories on : Environment | Financial Institutions

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