September 08, 2008

Vikash Metal gets UN okay for carbon credit project

Vikash Metal & Power Limited announced that it has received approval from a UN body for a carbon credit project. Its waste heat recovery captive power plant would reduce 55,000 tonnes of carbon dioxide equivalents a year.

Under the Kyoto Protocol, developed countries can meet greenhouse gas reduction targets by paying poor and developing countries to make cuts for them, in a trade in carbon offsets worth USD 5 billion last year. Each unit of carbon credit represents one tonne reduction in greenhouse gas emission.