New Delhi: Corporate India is projected to earn Rs 4,000 crore from additional issuance of carbon credits by registering existing and new renewable energy projects with the UN Framework Convention on Climate Change (UNFCCC) by December 2012, according to a Crisil report.
While expecting the number of carbon credits (Certified Emission Reduction units or CERs) issued from registration of existing and new renewable energy projects to go up to 76 million by December 2012, up from 14 million in November 2009, Crisil assumes a conservative price of 10 euro for one CER.
As of now, there are 1,846 renewable power projects in India. But only 284 are registered with the UNFCCC for carbon credits. Further, Crisil projects India’s renewable energy capacity to rise to 20,000 mw by 2012, up from 15,542 mw at present, which creates opportunity for earning more carbon credits.
According to Nagarajan Narasimhan, director, Crisil Research, ‘‘We expect the government’s focus on renewable power projects to drive this growth. Distribution utilities already have to meet 5% of their power requirements from renewable sources, and this proportion will increase to 15% by 2020, leading to a growth in installed capacity. As more of these projects register with UNFCCC, CER issuance volumes will increase.’’
