NEW DELHI, April 27 An Indian business delegation plans to visit Britain next week to woo potential buyers of carbon credits.
The Federation of Indian Chambers of Commerce and Industry, a trade group, is organizing the trip, FICCI said on its Web site.
Rapidly expanding India, which is Asia's No. 4 energy consumer, is fast emerging as a major player in the Clean Development Mechanism and is one of the top sellers of carbon credits worldwide.
The visit "would help Indian industry to sell its emissions reductions and promote Indian CDM projects," the federation said. Carbon trading is a system set up following the adoption in Europe of Kyoto Protocol standards. Entities -- usually companies -- receive a certain amount of predetermined credits and are allowed to emit a certain amount of carbon dioxide. If an entity exceeds its allotted emission levels, it can buy -- at market-determined prices -- carbon credits from those entities that are under their emissions quota. The system has spawned a vibrant trading scheme worldwide.
The FICCI statement said the visit will feature a U.K.-India CDM interface, including a buyer-seller meet between the U.K. and Indian companies.
Copyright 2007 by UPI
