Vikash Metal gets U.N. okay for carbon-credit project

Tue Sep 25, 2007 11:15am IST

MUMBAI (Reuters) - Vikash Metal & Power Ltd said on Tuesday it has received approval from a U.N. body for a carbon-credit project.

The company's waste-heat recovery captive power plant would reduce 55,000 tonnes of carbon-di-oxide equivalents a year, it said in a statement.

Under the Kyoto Protocol, developed countries can meet greenhouse gas reduction targets by paying poor and developing countries to make cuts for them, in a trade in carbon offsets worth $5 billion last year.

Each unit of carbon credit represents one tonne reduction in greenhouse gas emission.