ONGC’s carbon credit account swells, credits issued to the oil major’s Wind Power project
Dated : 29 June 2012 02:48:11 AM
The World’s Number 2 Exploration & Production company ONGC is scoring well on environment performance as well. The United Nations body on Climate Change (UNFCCC – United Nations Framework Convention on Climate Change) has issued a massive kitty of 121,207 carbon credits to ONGC’s 51 Megawatt Wind Power project at Bhuj (Gujarat), on 7th June 2012.
This is the first issuance of credits from this project and second overall from the oil major’s cache of six registered environment-improvement projects (technically termed ‘CDM’ projects in UN parlance, refer ‘Notes to Editors’). Earlier, ONGC had started earning green revenue since March 2010, when its 'Waste Heat Recovery Project at Mumbai High' enabled Maharatna Public enterprise to earn revenues from its environment-improvement projects.
This 51 MW wind power project of ONGC was registered in March 2010 for 21 years with an annual accruable CER (Certified Emission Reductions) of 85,762. This is the maiden issuance for the monitoring period from 1st March 2010 to 30th June 2011. ONGC has a cache of six such environment-improvement projects.
Expressing happiness over this carbon credit issuance by the UN Climate Change body, ONGC CMD Mr. Sudhir Vasudeva said that ONGC has listed environment improvement as one of its key business deliverables. “We are positioning Sustainable Development with a key focus on Environment Management in our recently declared long-term Perspective Plan 2030.”
Oil and Natural Gas Corporation Ltd.
Corporate Communications, New Delhi,