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ONGC on Tuesday said it has registered the OTPC power project of its ONGC Tripura Power Corporation Ltd (OTPC) as a Clean Development Mechanism (CDM) project with the United Nations Framework Convention on Climate Change (UNFCCC) under the Kyoto Protocol.
This 726.6-MW gas-based power generation unit of ONGC in Tripura is a fuel-substitution project, which would mitigate over 1.6 million tonnes of carbon-dioxide emissions per year for the next 10 years. Fetching 1.6 million carbon credits per year, this is one of the biggest CDM projects in the world, the company said in a statement.
CDM is one of the flexible market mechanisms under the Kyoto Protocol, according to which an industrialised country (with a Green House Gas reduction target) can invest in a project in a developing country (without a target) and claim credit for the emission reductions that the project achieves.
Siddhartha.s@thehindu.co.in
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