Tap business opportunities arising from climate change, says WCCG
| Financial Express | New Delhi , June 12, 2007 |
Tap business opportunities arising from climate change, says WCCG
Parshant Krar
Chandingarh, Jun 12 June
At a time when global warming has invoked worldwide b concern, UK-based World a Council for Corporate Governance (WCCG) has urged the corporate world to tap business opportunities emanating from the climate change.
The council has suggested adopting an experiential mode is instead of existing consumerist, materialistic and acquisitioned model for sustainable wealth creation.
"Lack of information has marred the possibility of exploitation of $10 billion worth of carbon credits in India. It is for this reason that World Environment Foundation (WEF) is proposing to setup an India Climate Exchange, which will collaborate with Climate Change Exchange (CCE) and European Climate Exchange (ECE) to ensure that Indian companies get a good price for their carbon emission reduction (CER)," WCCG president Madhav Mehra said while speaking at a three-day conclave that concluded on Sunday.
India is yet to get its due as far as the carbon credit scheme is concerned. In India one tonne carbon reduction fetches $13 whereas it pays $300 in America, Mehra said.
Michael Walsh, vice-president of CCE, said that CCE is the first and only global marketplace for integrating voluntary legally-binding emission reductions with trading and offsets for all six greenhouse gases. Walsh revealed that few companies in India, especially in Kerala, are working indirection of CER.
"India has already started getting green backs through greening 91. Indian companies have already received their CER certificates with potential of millions of dollars worth of carbon credits," Mehra said.
He revealed that medium sized companies in India such as SRF, Gujarat Flour-Chemicals and Naveen Flourochemicals, have registered their projects under CDM (Clean Development Mechanism). The carbon credits produced by these companies are in excess of their respective turnover. Giving examples Mehra said that in India, Suzlon has generated Rs 13,700 crore for its promoter Tulsi Tanti through a recent lPO.
He said three of the four largest environmental companies by market value (Suzlon from India, Gamesa from Spain and Vestas from Denmark) are wind groups, according to Impax. Bruce Jenkyn-Jones, Impax's director of investments, said that turbine manufacturers should prosper in 2007 and with 28 different countries growing wind capacity, turbines are sold out till date 2009
Chairman WEF, SZ Qasim suggested more focus on exploitation of biomass and biofuels to cut on carbon consumption in the rural areas. He urged the government to play a greater role by thw way of grants to promote eco-friendly energy generation
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