The ministry of environment and forests will convene a meeting of top industry representatives next week to find ways for Indian companies to encash on a $10 billion global opportunity in the carbon credit business earned by reducing carbon dioxide emissions.
Under the Kyoto protocol, firms in developed countries are under obligation to limit pollutants. Since many of them are not able to meet their commitments, they buy carbon credits from companies in the developing countries where the emission level is less.
Some Indian firms like ITC, Suzlon, Shriram Fertilizers, Tata Steel and Balrampur Chini mills have been able to monetise their energy conservation in the international carbon credit exchanges, the projects have remained too small to fetch significant values.
According to Seema Arora, head CII ITC Centre of excellence for sustainable development "India's clean development projects (CDMs) through which carbon credit is earned , are smaller in size and need to be bundled so that they can attract those who are interested in relatively bigger units of carbon credits.
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