Gujarat Flourochemicals Ltd., has been awarded carbon credits for the first time since the United Nations concluded a probe into projects claiming emission reductions of industrial gases.
At 10:22 am (IST) the shares of Gujarat Flourochemicals were up 6.8% at Rs 269.7.
The UN Clean Development Mechanism said on its that it awarded 2.4mn credits to the company for preventing its plant in Ranjitnagar in Gujarat state from venting hydrofluorocarbon-23, or HFC-23, a by-product of refrigerant production and potent greenhouse gas, into the air, said a financial daily.
The issuance ended an 11-month period in which Gujarat Flourochemicals didn’t receive any new credits amid a UN review of HFC projects after environmental group CDM Watch said some companies may be increasing HCFC-22 output simply to generate credits.
Such credits are bought by companies and nations to comply with limits on emissions of greenhouse gases, adds report.