Reuters: SRF signs carbon credit deal with Shell unit: Wednesday 7 Sept 2005
NEW DELHI (Reuters) - SRF Ltd., India's top tyre cord maker, has signed a deal to sell 500,000 carbon credits to a unit of Royal Dutch/Shell, the Indian company's chief told Reuters on Wednesday.
"We have the option to sell these credits on or before March 2007," Arun Bharat Ram, chairman of SRF, said. "The contract is euro denominated."
Ram declined to estimate the value of the deal, but said the sale was one of the largest from developing countries.
Under the Kyoto Protocol, industries in developed countries can offset their carbon dioxide emissions by buying carbon credits from projects that cut emissions in developing countries.
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