'Indian CDM mkt will touch $3.5bn by 2012'

The Indian clean development mechanism (CDM) market is expected to touch $3.5 billion by 2012, according to RK Sethi, director, ministry of environment and forest.

Delivering the keynote address at a two-day seminar on 'Clean Development Mechanism Opportunities' organised by the Confederation of Indian Industry (CII) here on Thursday, he said, "A total of 513 projects have been approved by host countries and the sectors include energy efficiency, fuel switching, industrial process, renewable energy and renewable biomass. The total projects registered internationally from India are 156 with an annual average certified emission reduction (CERs) of 15.5 million. Of late, there has been strong signal from Annex-I parties for continuation of CDM and the need for deeper emission reduction targets, which would provide opportunities of around $3.5 billion to India."

"Afforestation and bio-diesel offer opportunities for community CDM projects, and there is a need to conceive large CDM projects with active participation of financial institutions in the CDM market and innovative financing models," he said.