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INDIA could earn up to $100 billion through trading of certified emission reductions (CERs) or carbon credits, a government official said on Wednesday.
"There are about 930 carbon credit projects already in the Indian carbon trade basket, while around 180 more such projects are likely to be added every year," said SN Dash, secretary at the ministry of heavy industry & public enterprises.
India has already sold carbon credits worth $300 million, he told a national seminar on Indian sugar machinery industry, organised by industry body CII in New Delhi.
Companies in the developed economies buy carbon credits to offset their excess emissions. Carbon credits are issued to companies in the developing countries by an international authority for reducing emissions.
Mr Dash said there was great potential for the Indian sugar industry in the carbon market. "Given the scale of sugar enterprises in India, the industry should encash the potential of CER trading," he said.
He also spoke about how the industry can make significant contributions in meeting the national power requirements. "In 2008, 10% ethanol blending to petrol was permitted and the effects are being studied. Sugar industry can, therefore, supplement ethanol production and reduce nation's dependence on petrochemicals, and contribute to CERs," Mr Dash said.
Meanwhile, on the sidelines of the event, Indian Sugar Mills Association president Samir Somaiya said that the country's sugar prices are likely to be steady, as supplies will ease demand. He also said India, which is the world's top sugar consumer will still import sugar.
"Sugar mill owners have contracted raw sugar imports of 1.3 million tonnes, of which 9,00,000 tonnes have already arrived, and more imports are expected," he said. "Also, the initial stock of 8 million tonnes, plus this season's output of more than 14.7 million tonnes would lift local supply to 22.8 million tonnes."
India has already sold carbon credits worth $300 million, he told a national seminar on Indian sugar machinery industry, organised by industry body CII in New Delhi.
Companies in the developed economies buy carbon credits to offset their excess emissions. Carbon credits are issued to companies in the developing countries by an international authority for reducing emissions.
Mr Dash said there was great potential for the Indian sugar industry in the carbon market. "Given the scale of sugar enterprises in India, the industry should encash the potential of CER trading," he said.
He also spoke about how the industry can make significant contributions in meeting the national power requirements. "In 2008, 10% ethanol blending to petrol was permitted and the effects are being studied. Sugar industry can, therefore, supplement ethanol production and reduce nation's dependence on petrochemicals, and contribute to CERs," Mr Dash said.
Meanwhile, on the sidelines of the event, Indian Sugar Mills Association president Samir Somaiya said that the country's sugar prices are likely to be steady, as supplies will ease demand. He also said India, which is the world's top sugar consumer will still import sugar.
"Sugar mill owners have contracted raw sugar imports of 1.3 million tonnes, of which 9,00,000 tonnes have already arrived, and more imports are expected," he said. "Also, the initial stock of 8 million tonnes, plus this season's output of more than 14.7 million tonnes would lift local supply to 22.8 million tonnes."
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