ONGC gets credits for Mumbai high project

Oil & Natural Gas Corporation (ONGC), the country’s biggest energy exploration company, received 10,722 emission reduction certificates from the United Nations for a waste heat recovery project at its Mumbai High fields.

The heat recovery project is the first of six that the company has registered with the Clean Development Mechanism (CDM) of the United Nations Framework Convention on Climate Change (UNFCC), ONGC said in an e-mailed statement today. The company said it is set to generate revenue from its carbon reduction projects.

India accounts for the second-highest number of Certified Emission Reduction credits issued by the CDM. China leads with 48.2 per cent while India’s share is 19.7 per cent, according to the UNFCCC web site.

The CDM, created under the 1997 Kyoto Protocol, is the world’s second-biggest emissions trading market, after the European Union’s carbon-dioxide program. The credits are measured in equivalent metric tonnes of carbon dioxide, the main heat-trapping gas blamed by scientists for climate change.

The CDM executive board, which regulates the $6.3 billion market for Certified Emission Reduction credits, aims to channel funds to projects reducing carbon use in developing nations. The board issued 123.4 million tonnes worth of credits last year.