Greenply signs $5mn carbon emission agreement
New Delhi, Dec 5: Greenply Industries Ltd, leading interior infrastructure company, today said it has signed a five million dollar Carbon Emission Purchase Agreement with a private investment fund.
The deal, expected to add Euro 5,00,000 to company's topline every year, has been signed under the clean development mechanism of the Kyoto protocol, facilitated by Aeneas Capital Management.
Under the agreement, the company will sell its emission reduction credits created by burning bio-mass at two of its plants.
These plants will be using bio-mass for generation of steam.
The agreement for delivery of certified emission reductions (CERs) is valid till 2012, where CERs shall be delivered every year, starting this fiscal.
The normal practice, followed by players in the interior infrastructure space, is to use coal/firewood/waste timber/fossil fuel, which is environmentally hazardous.