Gujarat Flourochemicals up on Carbon Credits Award

India Infoline News Service | Mumbai |


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.

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