NCDEX sees 1.75 bln rupees of carbon credit trade
Last Updated : 7/28/2008 5:01:19 AM
Source : Reuters India
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| India's National Commodity and Derivatives Exchange (NCDEX) recorded
1.75 billion rupees worth of Certified Emission Reductions (CER) trades
in the first fortnight of its launch, the bourse said a statement on
Monday. "The contract has attracted industry and CER traders' interest, which is driving volume," said a senior NCDEX official. The total number of CERs traded contracts was 3,396 during the
period, making the bourse the largest in the world in CER trade, NCDEX
said. The CERs traded on NCDEX was designed by the exchange and has a local price discovery mechanism. NCDEX launched its only CER futures contract on April 10, which expires in December 10, 2008. Rival Multi-Commodity Exchange also launched carbon credit futures
contracts in January. The MCX contracts track prices prevailing on
European Climate Exchange. MCX has a partnership with Chicago Climate Exchange (CCX), which is
run by Britain's Climate Exchange Plc, and trades in carbon derivatives.
Carbon credits are permits developed nations buy to meet emission obligations under the Kyoto Protocol. India is the world's second biggest source of the tradeable
pollution permits and carbon credit revenue may touch 150 billion
rupees 2012, according to Ernst & Young. |
