India to earn $2.5 bln by 2012 from CERs

New Delhi, July 9 (UNI) India can earn 2.5 billion dollar from carbon dioxide emission reduction by 2012 bypassing the biotech sector, said Environment Secretary Prodipto Ghosh.

''The investment in the carbon dioxide reduction sector till date has been Rs 19,623 crore whch is more than in the biotech sector,'' Mr Ghosh said at the conference on law and sustainable development organised by the Confederation of Indian Industry.

Developed countries have been mandated a certain level of emission of green house gases by the Kyoto Protocol. However, there is no mandate so far for developing countries. Thus companies in developing countries can use technology to reduce their green house gas emissions and get their quantity of emission reductions certified. The emission reductions are measured in terms of certified emission reductions (CERs). Each CER is equal to one ton of carbon dioxide reduction. The CER can be sold to developed countries at an average rate of 10 dollar per CER.

This helps developed countries meet their mandates and developing countries to reduce their emissions through improved technologies and the methodology of emission reduction is called clean development mechanism (CDM).

India so far has 318 CDM projects, byfar the highest in the world, the Secretary said.

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