Company Name : Nepra Environmental Solutions Pvt. Ltd. Source : http://cleantech.com/news/2373/mcx-launches-carbon-credit-trading-in-india

Mumbai, India-based Multi Commodity Exchange (MCX) has launched futures trading in carbon credits in India.

The move makes creates what the company calls "Asia’s first commodity exchange ... among the select few in league with the Chicago Climate Exchange and the European Climate Exchange."

“Indian companies have been at the forefront of innovation in use of technology and green field projects. Carbon futures is an ideal platform for these enterprises to get rewarded for adopting eco-friendly practices, said MCX Managing Director Joseph Massey.

Under the Kyoto Protocol, carbon credits, or carbon emission reductions certificates, are issued by the Clean Development Mechanism Executive Board, the international body that registers projects and issues credits.

The market for trading in carbon emissions is estimated to be in the range of USD $60 billion to USD $70 billion annually.

India has already generated close to 30 million carbon credits and has roughly another 140 million in the pipeline for sale, making it one of the largest beneficiaries in the carbon credit trade, according to MCX.

MCX entered into a strategic alliance with Chicago Climate Exchange in September 2005.

With India expected to be a major supplier of carbon credits, the introduction of carbon trading is expected to ensure better price discovery, according to the company.

Further, the partnership between the two exchanges would provide immense scope and opportunity for the domestic suppliers in India to realize better prices for their carbon credits, MCX said.

MCX is a nationwide electronic multi commodity futures exchange with recognition from the government of India for facilitating online trading, clearing & settlement operations for futures market across the country.

The exchange started operations in November 2003 and is now the top commodity exchange in the country