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Tuesday, December 05, 2006

Greenply - Carbon Credits To Boost Topline

Greenply Industries Signs Carbon Emission Purchase Agreement.

Greenply Industries Ltd has informed BSE that the Company has signed the Carbon Emission Purchase Agreement with a private investment fund. The deal, worth around $5 million, which has been signed under the Clean Development Mechanism of the Kyoto Protocol, facilitated by Aeneas Capital Management. The agreement for delivery of Certified Emission Reductions (CERs) is valid till 2012, where CERs shall be delivered every year, starting FY 2006—07.

The estimated revenue that will be added to the Company's topline every year shall be around EURO 500000. Under the agreement, the Company, India's largest interior infrastructure Company, will sell its emission reduction credits, created by burning bio mass at two of its plants. These plants will be using biomass for generation of steam. The normal practice, followed by players in the interior infrastructure space, is to use coal/firewood/waste timber/fossil fuel, which is environmentally hazardous.

Carbon credits, unlike paper money that trades for physical goods and services, are a new money exchange intended to reduce pollution, particularly emissions of carbon dioxide that is caused by burning fossil fuel/coal. Carbon emissions are said to be the leading cause of global climate change.

Labels: Greenply, Multibaggers

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