Idcol gets fund to combat changing climate

State-owned non-bank institution Infrastructure Development Company Limited (IDCOL) has received the first ever CDM fund in Bangladesh under the United Nations Framework Convention on Climate Change (UNFCC). UNFCCC has issued 18,373 Certified Emission Reductions (CER) for IDCOL Solar Home System (SHS) Programme under an Emission Reduction Purchase Agreement signed by IDCOL with the World Bank, the company said in a statement. The reduction has been issued for the reporting period July 1, 2012 to December 31, 2012. The total CER contracted under the agreement is 444,922 at euro 9.0 per CER. The remaining CERs are expected to be issued in subsequent phases. IDCOL will receive an amount of euro 165,357 for the CERs already issued, which will be shared between IDCOL and its partner organisations at a ratio of 25:75. Earlier, the IDCOL's project has been designed to reduce atmospheric carbon emissions by overcoming market barriers for solar energy development, including high implementation costs. The project uses photovoltaic applications to produce electricity and thus reduces greenhouse gas emissions by displacing conventionally used energy sources for electrification, such as kerosene and diesel.
    — Statement