Business Daily from THE HINDU group of publications
Monday, Jun 23, 2008
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Business Daily from THE HINDU group of publications Monday, Jun 23, 2008 ePaper | Mobile/PDA Version | Audio |
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Environment Corporate - New Projects Fewer Indian cos have registered for carbon credits 
Priyanka Vyas
New Delhi, June 22 Indian private and public sector companies have filed less number of carbon revenue generating projects in value and volume terms from January to June 2008, compared with the same period last calendar year. During the first six months of 2008, around 46 Indian CDM (clean development mechanism) projects were registered at the United Nations Framework for Climate Change — the body for registering, examining and certifying carbon credit projects. According to calculations by Business Line based on UNFCC data, this is around half the number of projects filed in the first half of last calendar year at 110. Even the size of the certified emission reduction (CER) projects in the first six months have been smaller compared to the volumes in the same period last year. This year, till date, Jorethang Loop Hydroelectric Project with 4.65 lakh and GSECL with 2.14 lakh CERs accrued the highest volume. In contrast, last year Navin Fluorine International Ltd with 28 lakh, JSW Energy with 8.11 lakh and JSW Steel with 7.6 lakh CERs owned the largest chunk. One CER is equivalent to one tonne of reduction in carbon dioxide. The price of CER on the EU climate exchange on Saturday was around €20.21 (Rs 1,353), while it was slightly higher on the NCDEX at €21 or Rs 1,406. “Some of the big players tapped the opportunity of earning carbon credits in the fertiliser and hydrofluoric carbon sector. These projects were about 7-8 last year. This year we have seen small-volume projects getting registered. But we expect large-volume projects to be generated through gas-based and super critical coal-based power plants from next year on as these methods have now been validated,” said Dr Ram Babu, Managing Director of a carbon trading brokerage firm, Cantor CO2e. Moreover, in cases where a project has already been rejected, there is slight apprehension among the companies and the consultants in registering similar ones. HDFC Commodities Business Head Mr Sarang Vaidya said many companies are taking the cue from some of the largest players who have earned sizeable income through CDM projects. “We are seeing lot of interest and, overall, the volumes are likely to pick up in the second half of the year,” he said. Cos mulling forward sales of carbon credits ‘China getting the better of India in carbon credit trading’ More Stories on : Environment | New Projects
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