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Hyderabad Feb. 8 Indian companies and organisations could vie for a pie in the $3.5-billion opportunity in the form of CDM (clean development mechanism) projects.

Delivering the keynote address at the seminar on clean development opportunities here on Thursday, Mr R.K. Sethi, Director in the Union Ministry of Environment and Forests, said 513 projects were approved in all by host countries in energy efficiency, fuel switching, industrial process and renewable energy sectors.

"Of these, 156 projects are from India with an annual average CERs (Certified Emissions Reductions) of 15.5 million," he said.

The Kyoto Protocol required the rich countries to bring down emissions of greenhouse gases during the commitment period of 2008-2012.

The companies that emitted those gases were allowed to buy carbon credits (from environmentally sustainable projects) in order to meet the norms. However, there were concerns on the future of CDMs beyond 2012.

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