BMC expects to earn Rs72 crore from carbon credits by 2015

The Brihanmumbai Municipal Corporation (BMC) expects to earn Rs72 crore by way of carbon credits by 2015.
    
The civic body has till now received Rs24.51 crore for the scientific closure of the Gorai garbage dump ground, which became the first waste site to earn carbon credits.

"The Gorai ground has become the first garbage dumping site in the country to earn carbon credits. The first installment of Rs 24.51 crore was received in September 2009. This amount was generated by flaring 300 to 400 cubic metre of methane gas," BMC Solid Waste Management, chief engineer BB Patil told PTI.

"By 2015, we are expecting to receive Rs72 crore from carbon credits," Patil said.

Carbon credits are a key component of global attempts to mitigate the growth in concentrations of greenhouse gases. One
Carbon Credit is equal to one tonne of Carbon.

The closure of Gorai dumping ground was carried by Indian firm, United Phosphorus Ltd and Dutch firm Van Der Weil at the cost of Rs37 crore. 

The BMC received its first cheque of Rs24,51,39,862 in September 2009 from Asian Development Bank (ADB), with whom the administration has signed an Emission Reduction Purchase Agreement in 2008, where in the Certified Emission Reductions (CERs) or carbon credits generated at the Gorai dump would be sold to.

"The amount would depend upon the quality and quantum of methane gas. The amount might come down. We are expecting
another installment in six months or may be a year," Patil
said.