ONGC expects to earn 1.6 million carbon credits per year from its 726.6-mw gas-based power generation plant in Tripura as the unit is registered as a Clean Development Mechanism (CDM) project.
The gas-based project, which is developed by ONGC Tripura Power Corporation (OTPC), is registered with the United Nations Framework Convention on Climate Change (UNFCCC) under the Kyoto Protocol.
The fuel-substitution project would mitigate over 1.6 million ton of carbon-dioxide emissions per year for the next 10 years.
According to a press release from ONGC, this is one of the biggest CDM projects in the world. CDM is one of the flexible market mechanisms under the Kyoto Protocol, according to which an industrialised country (with a Green House Gas reduction target) can invest in a project in a developing country (without a target) and claim credit for the emission reductions that the project achieves.
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