Company Name : Nepra Environmental Solutions Pvt. Ltd. Source : http://in.reuters.com/article/idINLB63269020090811

LONDON, Aug 11 (Reuters) - Trading Emissions Plc (TREM.L), a British company specialising in renewable energy projects and emissions instruments, said its risk-adjusted carbon credit portfolio had dropped due to project delays and revaluations.

In a trading update on Tuesday the company said its risk-adjusted carbon credits -- a key measure which represents how many carbon dioxide reductions the company plans to make -- fell by 3.682 million tonnes between March 27 and Aug. 11.

Its pre-2012 volume of carbon offsets fell to 43.157 million because a coal mine methane project in China was rejected by the U.N. Clean Development Mechanism's Executive Board, another project was delayed and a substantial project at an early stage was abandoned completely, the company said.

"This means the projects are going to produce less carbon dioxide reductions than the company originally envisaged," KBC Peel Hunt analyst Andrew Shepherd-Barron told Reuters.

Trading Emissions' cash position as of June 30 was down to 160.89 million pounds or 63.1 pence per share, from 182.25 million pounds or 67.4 pence per share as of Dec. 31, 2008.

Under the Kyoto Protocol climate change pact, companies can invest in clean energy projects in developing countries such as China, and in return receive Certified Emissions Reduction Credits (CERs) from the United Nations that they can sell for profit.

The company said 74 percent of its pre-2012 risk-adjusted portfolio had been successfully registered with the CDM Executive Board, while a further 17 percent is in the validation or registration process.

KBC Peel Hunt raised its price target to 122 pence from 118 pence for Trading Emissions shares, having changed its carbon price assumptions. It maintained its "buy" rating

Trading Emissions said CER prices are starting to show signs of recovery after bottoming out in February at 7.15 euros a tonne on spot selling by cash-strapped firms. They currently trade around 12.70 euros on the European Climate Exchange. [EU/CARBON]

The company will release its year-end results on Oct. 1. (Reporting by Nina Chestney; Editing by David Holmes)