After a prolonged slide, the price of each well below a euro, a 95% fall in 4 years, with no relief in sight.
"It (clear future direction for carbon markets) also indicates a new lease of life for Clean Development Mechanism (CDM), especially in the Indian context where this market mechanism under the Kyoto Protocol has been a catalyst for enhanced action on climate mitigation by Indian industry," industry body Ficci said.
A recent report by Barclays Capital, the global consultancy firm, forecast the Certified Emission Reduction price to surge 92 per cent in the first half of this year.
Oil and Natural Gas Corporation (ONGC) on Monday said it has received 10,722 emission reduction certificates from the United Nations for a waste heat recovery project at its Mumbai High fields.
The National CDM Authority in India has accorded Host Country Approval to 1,455 projects. These projects have seen an investment of more than $33.7 billion(Rs 1.6 lakh crore).
Anil Ambani-promoted Reliance Power (R-Power) has roped in international consultancy firm Ernst & Young (E&Y) to upgrade its Sasan ultra-mega power project (UMPP) in Madhya Pradesh to conform to the norms for receiving carbon credits.
India's JSW Steel has been awarded more than 5.4 million carbon credits, including four million carbon credits in the single largest issuance of emissions permits to a Kyoto Protocol project, by the United Nations.
Indian companies are set to benefit from carbon credits in a big way.
With the weaker-than-expected agreement at the recent Climate Change Conference at Lima, there is an urgent need to highlight endeavours in civil society and business for a sustainable global economy with grassroots empowerment, say Rajni Bakshi.
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