Chennai Corporation to generate revenue by selling carbon offsets
POWER & RENEWABLE ENERGY

Chennai Corporation to generate revenue by selling carbon offsets

The Chennai Corporation, along with Chennai Smart City Limited, is set to join Indore in becoming the only other civic organisation to earn revenue from carbon credits by selling carbon credits to buyers in the international market.

Carbon offsets are keys that permit firms to earn a particular amount of greenhouse gases. These credits are made from projects that directly remove greenhouse gases from the atmosphere (like afforestation) or projects that utilise greener alternatives to traditional technology such as solar energy. One carbon credit is gained when a project has decreased or avoided one metric tonne of greenhouse gases.

Firms utilise these credits to decrease their net carbon emission metric which is usually reviewed by investors. As the first measure, a Request for Proposal has been made to call for consultants to assist the corporation via the entire process of installing a carbon credit framework, comprising identifying buyers.

The city corporation has been taking up different green initiatives and has several eligible projects like Miyawaki urban forests that help reduce carbon emissions. They will be able to utilise the revenue earned from this for other city infrastructure projects, as per a corporation authority.

This decision is likely to assist the Chennai city corporation in not just getting credits for its sustainable projects but additionally monetising them. Projects like bio-fertiliser projects, bio-methanation facilities, electric vehicles, tree-planting projects, energy-efficient lighting are qualified to be listed for the programme.

To guarantee the emission decrease data is not forged, a third-party body that can check and validate the emission reduction is to be hired.

Image Source

The Chennai Corporation, along with Chennai Smart City Limited, is set to join Indore in becoming the only other civic organisation to earn revenue from carbon credits by selling carbon credits to buyers in the international market. Carbon offsets are keys that permit firms to earn a particular amount of greenhouse gases. These credits are made from projects that directly remove greenhouse gases from the atmosphere (like afforestation) or projects that utilise greener alternatives to traditional technology such as solar energy. One carbon credit is gained when a project has decreased or avoided one metric tonne of greenhouse gases. Firms utilise these credits to decrease their net carbon emission metric which is usually reviewed by investors. As the first measure, a Request for Proposal has been made to call for consultants to assist the corporation via the entire process of installing a carbon credit framework, comprising identifying buyers. The city corporation has been taking up different green initiatives and has several eligible projects like Miyawaki urban forests that help reduce carbon emissions. They will be able to utilise the revenue earned from this for other city infrastructure projects, as per a corporation authority. This decision is likely to assist the Chennai city corporation in not just getting credits for its sustainable projects but additionally monetising them. Projects like bio-fertiliser projects, bio-methanation facilities, electric vehicles, tree-planting projects, energy-efficient lighting are qualified to be listed for the programme. To guarantee the emission decrease data is not forged, a third-party body that can check and validate the emission reduction is to be hired. Image Source

Next Story
Real Estate

What Industry Wants!

Real EstatePain PointsLimited access to finance and liquidityVolatility in raw material pricesLow tax deduction limits on housing loan interestComplex approval processesInadequate PMAY house value capInsufficient support for affordable housing developmentLack of incentives for green-certified buildingsHigh financial burden on homebuyers due to interest ratesLimited affordability for economically weaker sections and middle-income groupsLack of infrastructure and green building initiativesWishlistRationalize GST on under-construction propertiesGrant infrastructure status to real estateIntroduce ..

Next Story
Infrastructure Urban

CASE India Launches Project Milaap for Devotee Safety at Kumbh Mela

CASE Construction Equipment, a brand of CNH, launches Project Milaap, a groundbreaking Corporate Social Responsibility (CSR) initiative aimed at ensuring the safety of millions of devotees attending the Kumbh Mela 2025 in Prayagraj. The initiative was officially flagged off in the presence of CSR committee Emre Karazli, VP-Construction Segment, CNH APAC, Shalabh Chaturvedi, Managing Director, CASE India & SAARC, Satendra Tiwari, Executive Director – Operations, Mr. Puneet Vidyarthi, Head of Brand Marketing, APAC along with representatives from the company. With an expected footfall of over ..

Next Story
Infrastructure Energy

CleanMax Announces Financing for Onsite Solar Projects in UAE

CleanMax, one of Asia's leading renewable energy providers for the Commercial and Industrial (C&I) sector and a Brookfield-backed company, announced that it will obtain AED 99 Million (USD 27 Million) long term credit facility from HSBC to develop and finance its onsite solar portfolio in the UAE. The facility will cover 92 onsite solar assets, located on industrial facilities, malls, schools and universities. The financing arrangement also provides an uncommitted accordion of AED 37 Million (USD 10 Million) for development of future projects, in alignment with UAE’s Net Zero 2050 Strategy. ..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000