| IFC signs first carbon credit deal in India |
| BS Reporter / New Delhi March 17, 2008 |
| International Finance Corporation (IFC), the private sector arm of the World Bank Group, has signed its first carbon delivery guarantee agreement in India. According to a statement issued by IFC, it has signed a deal for 850,000 carbon credits from Rain CII Carbon (India) (formerly Rain Calcining), the largest merchant of calcined coke in the world with production in India and the United States. The new carbon finance product is expected to give companies selling carbon credits the chance to access a wider range of potential buyers by mitigating country and project risk, the statement added. Under the new carbon delivery guarantee, IFC facilitates delivery of carbon credits from companies in developing countries to buyers in developed countries. IFC acts as an intermediary by selling companies |
