Rain Commodities arm signs carbon credit pact with IFC

Rain CII Carbon India (RCCIL), a wholly-owned subsidiary of Hyderabad-based cement manufacturer Rain Commodities, has entered into an agreement with the International Finance Corporation (IFC) of the World Bank for sale of about 850,000 carbon emission reductions (CERs).

The transaction will cover 100 per cent CERs generated by RCCIL for the period between July 12, 2007 and July 15, 2012. The United Nations Framework Convention on Climate Change (UNFCCC) has recently issued the first tranche of 79,535 CERs to RCCIL for the period from July 12, 2007 to December 31, 2007, the company said in a filing to the BSE today.

The CERs have been issued to the company in lieu of the reduction in generation of an equivalent quantity of carbon. RCCIL has installed a waste heat recovery system unit at its facility in Visakhapatnam. The usage of waste energy from the calcining process and its conversion into usable power have qualified the company for CERs up to 2017, it added.