Rain Commodities arm in carbon credit pact with IFC

Rain CII Carbon (India) Limited, a wholly-owned subsidiary of Hyderabad-based cement manufacturer Rain Commodities Limited, has entered into an agreement with the International Finance Corporation (IFC) of the World Bank for sale of about 850,000 carbon emission reductions (CERs).

The transaction will cover 100 per cent CERs generated by Rain CII for the period between July 12, 2007, and July 15, 2012. The United Nations Framework Convention on Climate Change recently issued the first tranche of 79,535 CERs to the company for the period from July 12, 2007, to December 31, 2007, the company informed the BSE on Monday.

The CERs have been issued to the company in lieu of the reduction in generation of an equivalent quantity of carbon. Rain CII has installed a waste heat recovery system unit at its facility in Visakhapatnam. The usage of waste energy from the calcining process and its conversion into usable power have qualified the company for CERs up to 2017, it added.