PNB signs MoU with Mitcon for carbon credit finance

Punjab National Bank today entered into an agreement with MITCON Consultancy Services Limited (MITCON) for co-operation in the area of carbon credit financing.     

Under the MoU, the bank and MITCON would work togetherfor generating the business for services related to carbon credit business, PNB said in a statement.     

While MITCON will provide services related to identification of project, its registration with the Clean Development Mechanism Executive Board and recurring verifications, PNB will provide banking related services, it said.     

Carbon credits or Certified Emissions Reductions are certificates issued by CDM Executive Board to projects in developing countries to certify that they have reduced green house gas emissions by one tonne of carbon dioxide per year.     

 

These carbon credits are purchased by developed countries to achieve their targets under the Kyoto Protocol.