Business Daily from THE HINDU group of publications
Monday, Oct 22, 2007
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Monday, Oct 22, 2007 ePaper | Mobile/PDA Version |
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Money & Banking
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Outlook Industry & Economy - Environment Fortis to offer carbon credit services in India
Our Bureau Mumbai, Oct. 21 International merchant bank Fortis is looking to tie up with an Indian partner to offer carbon credit and carbon banking services by December 2008. The Indian partner is likely to be a bank or a financial institution, said Mr Shane Spurway, Head of Carbon Banking, Fortis. Carbon credits, earned by reducing carbon emissions from plants, are an emerging business globally. “Our Indian partner will be one with knowledge of the market. We will offer the carbon expertise and risk management services. Our partner will offer the financial support like lending. Also, we see a big market in the small and medium enterprises, which is where we will need the Indian partner to understand the market,” Mr Spurway added. Fortis is the number one provider of carbon compliance in the European market and has 20 per cent of the market share. China too is a big market for Fortis, as it has to reduce 3 billion tonnes of carbon from 2008 to 2012, he said. “India is a much smaller market with smaller installations, but they are spread out, unlike China where industries are largely concentrated in one area,” Mr Spurway said. $40-45 b marketInternationally, carbon trading was a $30-billion market in 2006 and is likely to be $40-45 billion market this year. European countries have to reduce their carbon emission to 8 per cent of the levels in 1990, under the European Union Emission Trading Scheme, Mr Spurway said. Banks here that already offer carbon banking services include State Bank of India, IDBI, and ICICI Bank. More Stories on : Outlook | Environment | Financial Services
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