BHUBANESWAR (Smart Cities News): The Bhubaneswar Smart City Limited (BSCL) is planning to decrease carbon emissions in the city by using the global carbon credit trading.
According to the officials of BSCL, many nations that have pledged to achieve ‘net zero emissions by 2050’ at the 26th United Nations Climate Change Conference (COP26) last year, are now focusing on making monetary gains from carbon credit trading through its emission reduction initiatives.
Carbon credits are produced when greenhouse gas (GHG) emissions are reduced by one tonne, which is equivalent to one tonne of carbon dioxide. Each time a project reduces one metric tonne of GHG, one carbon credit is received. These credits are licences that allow firms to produce a specific limit of greenhouse emissions. Companies utilise these credits to lower their net carbon emissions, which is a measurement that is frequently examined by investors. The credits can also be traded in public and private markets.
The BSCL has selected an agency named ‘KEI’ for identifying the potential projects and initiatives and preparing proposals for their submission before the agencies are authorised to issue carbon credits.
A number of initiatives for strengthening public transport and treatment of solid waste in a scientific manner have been initiated in the city with an aim to achieve sustainable development.
