Chasing Carbon Credits - The New Passion Of India Inc.

For long, the industries have been grappling with the menace of air pollution caused by carbon dioxide emissions and the public outcry against the resulting global warming. The reward and punishment system to control the situation by introduction of trading in 'carbon credits' seems to be catching up. In the earlier post titled - 'India's Creditable Feat Of Earning Carbon Credits', I had touched upon its growing acceptance in corporate world and India's initial success in earning carbon credits. India is already the third largest to amass carbon credits reportedly equivalent to $1 billion - next only to China and Brazil.
The concept of modifying industry processes and waste control efficiently while earning carbon credits to be reflected in the company balance sheet has become the latest passion of Indian companies. Not surprisingly, one of the navratna public sector undertakings ONGC, according to a report in Economic Times, is about to launch 14 projects for carbon emission reduction and earn carbon credits as well. SAIL is also drawing up such novel projects. I think, the PSUs are best equipped to take the lead as these measures, on the face of it, do not appear to give any handsome return in the short run. Again, these companies have the financial strengths on the one hand, and suffer from the bureaucratic red tape as well as orthodoxy regarding investments on the other. If they can get over these hiccups, I think the companies will be killing two birds in one shot.
Changing times demand changing names. I remember, PSUs at the height of controlled economy had a nondescript post of a Public Relations Officer (PRO) whose main job was to issue passes for the visitors. Now ONGC has a senior position with an exotic designation in the corporate world - 'GM, alternate energy & carbon credits'. This alone speaks about the importance the company is attaching to carbon emission reduction (CER). I wish other PSUs follow suit and create departments for alternative energy & carbon credits or something similar with the sole responsibility of earning carbon credits.