The Hindu Business Line : Mumbai Metro rail project to earn carbon credits

The proposed methodology is applicable to projects that reduce emissions through construction and operation of urban rail-based mass transit systems.

Rahul Wadke

Mumbai, June 16

After Delhi metro rail, it’s the turn of the Mumbai Metro rail project to earn carbon credits. The project will generate 6,51,938 carbon credits between 2011 and 2020.

At the current market price of about €20 (Rs 1,320), the credits will generate a revenue of Rs 86.05 crore.

Mumbai Metro One Pvt Ltd, the special purpose vehicle (SPV) for the project, has submitted a detailed methodology report to the executive board of the United Nations Framework Convention on Climate Change seeking clean development mechanism (CDM) registration for the project.

Mumbai Metro One Private Ltd would be implementing the Versova- Andheri- Ghatkopar metro corridor in Mumbai. It is a joint venture formed by Reliance Energy of the Anil Ambani Group, Veolia Transport of France and Mumbai Metropolitan Region Development Authority (MMRDA).

Mumbai Metro One has been given a 35-year concession by MMRDA to develop and operate a rail-based mass transit system. The proposed methodology is for the transport sector and applicable to project activities that reduce emissions through the construction and operation of urban rail-based mass transit systems such as metro, light transit rail, tram and skytrains.

The methodology, submitted to the UNFCCC for approval, is currently under review by the UNFCCC panel and a decision would be taken in August, the SPV said in an email statement.

Product design

According to the project design document submitted to the UNFCCC, baseline emission have been established by computing emissions, a passenger would have caused in absence of the project travelling the same origin to destination trip using modes of transport such as walking and cycling, private passenger car, taxis, motorcycles, rickshaws, buses and suburban rail.

Mumbai Metro One has engaged CDM transportation specialist Grutter Consulting of Switzerland to develop the methodology for the project.

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