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Despite all this, estimates still put the Indian carbon trading market to reach $100 billion by 2010. It is surprising to note that power generating, transmitting and distributing companies, fertiliser companies (National Fertilisers, GNFC et al), cement, steel and textiles industries have not actively pursued the multibillion bonanza, even though the awareness is there. Agrees Ashutosh Pandey, Founder and Head of Carbon Advisory Business at Emergent Ventures, as he shares his thoughts with 4Ps B&M, “CDM awareness level in a few industries such as steel, cement, oil & gas, paper, sugar, renewable energy is very good,” at the same time accepting that “still, a lot needs to be done in SME and government sector; areas that need more coverage include energy efficiency (supply & demand), electricity distribution system revamping, agriculture, plantations, transportation and residential sector.” Despite our open letter to Ratan Tata beseeching him for writing the recent letter to powers that be, it is seriously rare to find companies like the Tata group that have appointed top firms like E&Y and McKinsey & Co. to measure their current carbon footprint and extrapolate the futuristic carbon footprints for the group entities (Tata Steel, Tata Motors, Tata Power, Tata Power and TCS).

Likewise, other companies could and should take a leaf out of the success stories of even ‘enterprises’ like Tirumala Temple, Muni Seva Ashram, Sai Baba Temple in Shirdi, which have been making revenues unbelievably from carbon credits. On the other hand, companies such as Reliance Industries, Tamil Nadu Newsprint, SRF, Bharat Forge, JCT, Philips Carbon Black, Oswal Woolen and Usha Martin, which have certified emission approvals from the UNFCCC, can certainly be more innovative in reducing emission and increasing their earnings from the credits earned. There is a price for everything, the same holds true for carbon emissions where the market is becoming more liquid – in the Indian context, this calls for the policymakers to set more aggressive reduction targets; and the companies on their part need to play along, profitably so.

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Source : IIPM Editorial, 2008

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

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