New Delhi, Sep 25 (UNI) Tata Motors has earned a hefty amount by cutting on emission of carbon, a greenhouse gas responsible for global warming.
The company reduced emission of 163,784 metric tonnes of C02 by producing energy from wind in Satara and Supa in Western India, for which it was issued Certified Emission Reductions(CER) by the United Nations Framework Convention on Climate Change (UNFCCC).
These CERs were auctioned at the Chicago Climate Futures Exchange (CCFE), each fetching a price of 22.11 dollars.
The auction was a first of its kind on a regulated exchange based in the United States and denominated in US dollars. The auction was oversubscribed, with total bid quantities equal to 13.3 times the offered quantity, according to a CCX spokesperson.
Chicago Climate Exchange(CCX) is the world's first legally binding greenhouse gas emission registry, reduction and trading system having its members as both major and small public and private ectiro entities.
Emission reduction achieved through CCX is significant in scale and impact.
Called a sort of private Kyoto protocol, CCX members contribute to ten per cent of US carbon emissions.
CCX brings together over 225 organisations dedicated to building cost-effective, market based systems for reducing greehouse gas emmissions.
Members, who include leading international companies like Ford, DuPont and IBM, cities such as Chicago and Portland, states of New Mexico and major univeristies, traders and environment professionals, commit to reduce their greenhouse gas emissions by six per cent by 2010.
CCX members, who cannot reduce their emissions, can purchase credits from those who make extra emission cuts, or can buy offsets from individual mitigation projects like no-and low-till farming, grass and tree planting and methane collection at livestock operations.