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  • Published: May 28th, 2010
  • Category: India
  • Comments: 3

IWT, coastal shipping ignorant of gains from booming carbon credit mkt

| Sourced From Economictimes.indiatimes |

MUMBAI: Inland waterways transport (IWT) and coastal shipping, the sectors which could have benefitted the most from the emerging carbon credit market in India , remain oblivious of the blessings that could have saved them from disuse and neglect they have been subjected to for decades.

According to a CRISIL Research study, the number of carbon credits issued for emission reduction projects in India is set to triple over the next three years. It said the number of carbon credits (technically, Certified Emission Reduction units or CERs) issued in India is expected to increase to 246 million by December 2012, from 72 million in November 2009.

The Indian market is said to be extremely receptive to Clean Development Mechanism (CDM). According to reports, India has generated approximately 30 million carbon credits and approximately 140 million in run, which is the second highest transacted volume in the world. The country’s carbon market is growing faster than even IT, bio-technology and BPO sectors, as 850 projects with a huge investment of Rs 650,000 million are in the pipeline.

Having cornered more than half the total global tradable CER, India’s dominance in carbon trading under UN Convention on climate change is beginning to influence business dynamics in the country. However, while the players of the inland waterways and coastal shipping seems to be too ignorant of the emergence of such a facilitative tool for their salvation, consulting companies in the carbon market domain are seen too busy chasing bigger and better industry sectors.

“I have not given much thought to the idea though I heard of it at ‘one or two seminars,’ confided one leading player who use coastal and inland waterways for moving huge quantities of coal for power projects in the north. “Perhaps our traditional mind set is the issue,” he said trying to analyse his response, adding, “We are busy carrying routine work and have little time to do engage in any research work.

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