PNB inks MoU with MITCON

{image-punjab naional bank-1_22082008.jpg news.oneindia.in}New Delhi, Aug 22: Country's second largest public sector lender Punjab National Bank (PNB) said it has inked a Memorandum of Understanding (MoU) with MITCON Consultancy Services Ltd to tap the booming carbon credit business.

Under the MoU, MITCON will provide services related to identification and registeration of the project with Clean Development Mechanism (CDM) Executive Board, apart from recurring verification, while the PNB's role will be to provide banking services. India has a large scope in emission trading with analysts pegging the business in carbon credits at 100 billion dollars by 2010. ''As a corporate citizen, PNB recognises its responsibility to the environment and as a step towards entering into carbon credit financing in reducing greenhouse gas emissions into the atmosphere responsible for global warming,'' the bank said.

Carbon credits or Certified Emissions Reduction are 'certificates' issued by CDM Executive Board to projects in developing countries to certify that they have reduced greenhouse gas emissions by one tonne of carbon dioxide a year.

These carbon credits are purchased by developed countries to achieve their targets under the Kyoto Protocol.

Kyoto Protocol, an international agreement linked to the United Nations Framework Convention on Climate Change, sets binding targets on developed countries for reducing greenhouse gas emissions by 5.2 per cent to below 1990 level by 2012.

It was adopted at Kyoto in Japan on December 11, 1997 and came into force on February 16, 2005.

Meanwhile, the PNB today opened its 325th ATM in Delhi Circle at Bharat Sanchar Nigam LTd's Corporate Office here.

UNI