Corpn f loats RFP to generate revenue from green projects

In a move to monetise green projects such as Miyawaki forests, electricity from solar energy, non-motorised transport and others, the Greater Chennai Corporation has floated a Request For Proposal (RFP) to hire a private consultant agency which will evaluate carbon credits and sell them.

“Greater Chennai Corporation (GCC) and Chennai Smart City Limited (CSCL) have implemented projects that reduce or remove emissions at the city level. Many of these qualify under various standards to be registered for carbon credits. The carbon credits provide a unique opportunity for additional revenue generation,” the RFP document stated. An official said the projects include Miyawaki urban forest, creation of parks, planting of trees and others that will reduce the greenhouse effect.

Carbon credits are generated from projects that directly remove greenhouse gases from the atmosphere or projects that use greener alternatives to offset the emission. One carbon credit is earned when a project has reduced or avoided one metric tonne of greenhouse gases. Companies and industries can purchase carbon credits from agencies like Chennai Corporation so they will be permitted to emit a certain amount of greenhouse gases.

The potential consultant will register projects, verify and monitor carbon credits’ generation from eligible projects. The agency will also trade carbon credits on CSCL’s behalf. Apart from the new and upcoming projects, the civic body will generate carbon credits from the past projects as well. “Revenue generated through the sale of carbon credits will be used for other infrastructure projects,” the official added.

The carbon credit developing and consultancy agency has been constituted under the CSCL to monitor generation and sale. The civic body is also constructing a green building inside the Ripon Building premise which will be energy efficient and can also help the civic body generate carbon credits.

Carbon credits are generated from projects that remove greenhouse gases from the atmosphere