Monday, October 15, 2007

Emission spells big bucks for local firms

See also post immediately below.

From Daily News and Analysis (India):

Kyoto Protocol obligations of companies in the developed world augur well for India

With restrictions on GHG emissions getting stricter in western nations, Indian companies involved in clean development mechanism (CDM) projects are laughing their way to the bank.

“The revenues Indian companies earn through carbon trade could increase from Rs 2,000 crore now to Rs 20,000 crore in 2012,” Sudhipta Das, partner, Ernst & Young Pvt Ltd said.

SRF, a Gurgaon-based chemical company, sells carbon-emission reduction (CERs) to 13 corporations, most from the developed world. Sanjay N Mathur, associate vice-president, international sales, SRF said, “Out of our last year’s turnover of Rs 1,800 crore, around Rs 450 crore came from our CDM project on HFC 23 (hydro-fluorocarbons) in Bhiwadi.”

Some of the other Indian companies engaged in CDM projects are Torrent Power (11 million credits), Gujarat Fluorocarbons (3.3 million credits), ONGC’s Hazira refinery (2 million credits), and Essar Power (0.5 million credits)....MORE