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This story is from April 15, 2006
First carbon trade fetches Rs 70 lakh
Two firms from Pune and Kolhapur have receive payments of Rs 35 lakh each from a UK firm for helping reduce carbon dioxide emissions in the atmosphere.
This decisively marks the arrival of carbon trading in India, opening a fresh stream of dollarearning opportunities for those investing in clean technologies in the country.
Mahalaxmi Construction Corporation Ltd,Pune, and its sister company RDS Construction Ltd, Kolhapur, recently received the payment from Climate Care, a UK-based carbon credit trading company, under a carbon trading agreement.
This was after they individually commissioned 0.8 MW windpower turbines in Karnataka and, assisted by city-based Mitcon Consultancy Services Ltd, signed an ���Emission reduction purchase agreement��� with the UK buyer.
By generating power using wind energy, instead of polluting fossil fuels such as coal or oil, the two winddriven turbines will help save 1,500 tonnes of carbon dioxide being emitted in the atmosphere per year.
The agreement between the two firms and the UK agency for 12 years, amounts to the selling of 18,000 'carbon credits', with each credit representing one tonne of carbon dioxide saved from being released in the atmosphere.
The entire process of signing the MoU was facilitated by Mitcon, a consultancy firm promoted by leading financial institutions, banks and the state government.
Mukund Dandavate, director of Mahalaxmi Constructions, told TOI that the two sister concerns, which were engaged in construction of dams, canals and power houses, had a collective annual turnover of Rs 100 crore.
"We got interested in carbon trading after attending a seminar organised by Mitcon and the central government. The entire MoU process went through smoothly," he said.
Having taken substantive steps in promoting carbon emission trade in India, Mitcon is currently pursuing 35 carbon trading agreements in renewables, waste-to-power and energy efficiency segments.
While 15 of these projects are of less than two MW each, the remaining 20 are above two MW, the largest being a 445 MW natural gas-based power generation project.
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