SEVENTEEN projects from India have been registered by the UN panel as clean development mechanism (CDM) projects as on date with projects of Subhash Kabini Power Corporation, SRF and Tamil Nadu-based Raghu Rama Energy Ltd's biomass power projects being the latest entrants.

CDM projects are those projects that can trade carbon credits. Registration is the formal acceptance by the UN's executive board of a validated project as a CDM activity. It is the prerequisite for the verification, certification and issuance of carbon credits.

The Karnataka-based Subhash Kabini Power Corporation Ltd (SKPCL) has registered its project to develop the 20 MW Kabini Hydro Electric Power (KHEP) project on the existing Kabini Dam in Mysore.It expects to generate 44,968 certified emission reductions (CERs) per annum. Each CER stands for one tonne of equivalent carbon dioxide reduction and can be traded globally.

Meanwhile, the SRF project that was registered recently expects to generate 38,33,566 CERs per annum. The project aims to reduce green house gas emission by "thermal oxidation of HFC 23 at the Rajasthan-based refrigerant manufacturing plant of SRF.

For this project, SRF has already tied up with certain buyers of carbon credits that include Icecap Ltd, Shell Trading International Ltd, Climate Change Capital Carbon Fund, EDF Trading and Barcap Bank. On Monday, the SRF stock closed at Rs 287.15, lower than the 52-week high of Rs 346.1 that SRF had touched on September 21, 2005. The 52-week high followed SRF's announcement on September 8 that the company had entered into a contract with Shell Trading International Ltd, UK, to sell 500,000 CERs, subject to registration of the project by UN.

The Tamil Nadu-based Raghu Rama Energy Ltd has registered its project on biomass-based power generation and expects to generate 66,821 CERs per annum. It has tied up with Swedish Energy Agency as its buyer of carbon credits. Other registered projects include those of Gujarat Ambuja Cement, Oswal Woollen Mills, Nahar Spinning Mills, Sai Spurthi Power (P) Ltd and a biogas programme based out of Bagepalli. Also registered are bagasse-based cogen project of Shree Renuka Sugar, Gujarat Fluorochemicals Ltd's thermal oxidation of HFC 23, Kalpataru Power Transmission's electricity generation from mustard crop residues in Rajasthan, 5-MW Dehar Grid Project at Himachal Pradesh by Astha Projects and Hyderabad based-Clarion Power Corporation Ltd MW (gross) renewable sources biomass project.

The Indian Government expects carbon credit earnings to the tune of Rs 14,765 crore. It has already given the domestic approval, called the host country approval, to 203 CDM projects, which are expected to generate 195 million CERS.