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Mahindra, ACME, Hero Futures projects aim to get carbon credits

M. Ramesh | Updated on: Aug 13, 2021
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Carbon market rules to be formulated at Conference of Parties 26

The renewable energy projects of ACME group, Mahindra Renewables, Avon Cycles, Jackson Power and Hero Future Energies are among the ten projects submitted by the carbon credits consultancy, EnKing International to the Global Carbon Council (GCC).

The GCC, an initiative of the Gulf Organization for Research and Development, Qatar, is a voluntary carbon offsetting program. The Council issues carbon credits, interfaces between project developers (such as Mahindra or Hero Future) on the one hand, and buyers of carbon credits, on the other.

It was established in 2016 and began operations in 2019. Emission reduction projects across the globe which have started their operations since January 1, 2016 are eligible to be part of GCC program.

The carbon credits it issues will be used for making the 2022 FIFA World Cup fully carbon-neutral. So far, 23 projects have been submitted to the GCC. Currently, 10 Indian projects have been submitted, through EnKing International.

Indore-based EnKing International collaborates with companies to get their projects registered/verified under various carbon offset standards. The company, which came out with an IPO last November and is listed on the BSE, offers end-to-end management for carbon reduction, cut down on greenhouse gas emissions, and trading in carbon offset projects.

It is pertinent to note that framing rules for the creation of global carbon markets is the unfinished agenda in the making of rules to operationalise the 2015 Paris Agreement. At present, carbon credits—tradable financial instruments given for activities that reduce greenhouse gas emissions—are bought by companies (such as Google, Apple or Infosys) that have committed to net zero carbon emissions from operations.

The rules for carbon markets are expected to be put together at the forthcoming Conference of Parties 26 (COP26) meeting scheduled to happen in Glasgow, in November.

Published on August 13, 2021

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