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Yes Bank, CarbonDesk Set Deal for Emission Credits in India
2010-08-25 07:30:00.0 GMT
By Catherine Airlie
Aug. 25 (Bloomberg) -- Yes Bank Ltd., a privately owned
Indian lender, and CarbonDesk Group Plc agreed to cooperate on
emissions-cutting projects to generate offset credits.
The venture aims to increase the amount of Certified
Emissions Reduction credits produced in India, help curb
greenhouse gases and give European factories and power stations
a less expensive way to meet pollution caps.
"We are looking at projects at all stages," Harry
Beamish, a London-based emissions broker at CarbonDesk, said
today by e-mail. The venture may sell so-called CERs, emission
credits overseen by the United Nations, later this year. He
didn't specify how many credits CarbonDesk may handle.
Yes Bank and CarbonDesk will focus on projects that reduce
greenhouse-gas emissions from power plants and factories,
increase energy efficiency or promote alternative fuels such as
biomass, Beamish said. The partners would provide funding in
exchange for tradable credits under the UN Clean Development
Mechanism, the world's second-largest carbon market.
India has the world's second-highest number of UN emissions
projects after China. Almost 80 million credits have been issued
to Indian projects, with nearly 570 million to be handed out by
2012, according to data compiled by Bloomberg.
Nations that signed the 1997 Kyoto Protocol can use CERs to
meet emissions limits under the treaty. Japan has been the main
government buyer of offsets. European power stations and
factories can use a portion of CERs to meet emissions caps under
the EU's carbon-dioxide cap-and-trade program, the world's
largest.
For Related News and Information:
Emission market news NI ENVMARKET <GO>
Today's top energy stories ETOP <GO>
European power-markets home page EPWR <GO>
--Editors: Mike Anderson, Rob Verdonck
To contact the reporter on this story:
Catherine Airlie in London at +44-20-7073-3308 or
cairlie@bloomberg.net
To contact the editor responsible for this story:
Stephen Voss on +44-20-7073-3520 or sev@bloomberg.net
