Mumbai, Jan 21 (UNI) Multi Commodity Exchange (MCX), the country's biggest commodity exchange today launched futures trading in Carbon Credits (ECX-CFI MiniSM).
This pioneering initiative at MCX makes it Asia's 1st ever commodity exchange, and among the select few in league with the Chicago Climate Exchange and the European Climate Exchange.
On the launch Mr Joseph Massey, DMD, MCX, said that launching of carbon credit futures on the Indian trading platform would provide transparency to markets and help producers earn remunerative returns out of environmentally clean projects.
Trading in new generation commodities like carbon credits has placed MCX on the global map of innovative exchange for providing global products to the Indian Industry.
Carbon Credits are generated by enterprises in the developing world by using cleaner technologies and, thereby, saving on energy consumption. This consequently reduces their greenhouse gas emissions.
''Indian companies have been at the forefront of innovation in use of technology and green field projects. Carbon futures is an ideal platform for these enterprises to get rewarded for adopting eco-friendly practices. With the launch of futures trading in carbon credits, we have taken another major step towards becoming the nation's growth engines,'' Mr Massey said.
Under the Kyoto Protocol, Carbon Credits, or carbon emission reductions certificates, are issued by the Clean Development Mechanism Executive Board, the highest international body to register projects and issue credits.
Mr Lamon Rutten, JMD, MCX said that the market for trading in carbon emissions is estimated to be in the range of USD billion to USD billion annually. India is one amongst the global leaders having already generated close to 30 million carbon credits and has roughly another 140 million in the pipeline for sale, making it one of the largest beneficiaries in the carbon credit trade.
UNI NV SR SM1929