Mumbai: The number of carbon credits issued for emission reduction projects in India is set to triple over the next three years to 246 million by December 2012 from 72 million in November 2009, according to a CRISIL Research study.

This will cement India’s second position in the global carbon credits market (technically called Certified Emission Reduction units or CERs). The growth in CER issuance will be driven by capacity additions in the renewable energy sector and by the eligibility of more renewable energy projects to issue CERs. Consequently, the share of renewable energy projects in Indian CERs will increase to 31 per cent.

CRISIL Research expects India’s renewable energy capacity to increase to 20,000 MW by December 2012, from the current 15,542 MW.

According to Mr. Nagarajan Narasimhan, Director, CRISIL Research, “We expect the government’s focus on renewable energy power projects to drive this growth. Distribution utilities already have to meet 5% of their power requirements from renewable sources, and this proportion will increase to 15% by 2020, leading to a growth in installed capacity. As more of these projects register with UN Framework Convention on Climate Change (UNFCCC), CER issuance volumes will increase.”

The current share of renewable energy projects in CERs is just 19 per cent; only 284 of the 1846 renewable power projects in India are registered with UNFCCC.

CRISIL Research believes that CER issuance, purely from registration of existing and new renewable energy projects,will increase to 76 million by December 2012, from 14 million in November 2009. Assuming a price of Euro 10 for one CER, additional issuances of CERs from renewable energy projects will be worth about Rs 40 billion by December 2012.

 Source: The Economic Times

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