Govt’s green initiatives to fetch $3.5billion by 2012

NEW DELHI: India���s green initiatives could fetch a whopping $3.5 billion by 2012. The total number of projects under the ���clean development mechanism��� (CDM) that are meant to reduce green house gas (ghg) emissions have the potential to generate 355 million certified emission reductions (CERs) ��� this translates to $3.5 billion, keeping with a minimal rate of $10 per CER .

India also continues to be the leader in the CDM market with the largest number of registered CDM projects in the world. The CDM is defined in Article 12 of the Kyoto Protocol to the UN Framework Convention on Climate Change (UNFCCC).

The mechanism enables candidates in developing countries like India and China that have no mandatory obligation to reduce their ghg emissions to go ahead and implement emission reduction projects and encash the results. With each tonne of carbon dioxide reduced, one CER can be claimed.