Noman Group,Rahimafrooz sign agreement under CDM
Sunday, 19 December 2010
Bangladesh Carbon, an initiative of Rahimafrooz Renewable Energy has signed a Clean Development Service (CDM) agreement with one of the prominent local textile companies Noman Group.
This agreement will play an instrumental role and encourage private sector participation in respect to climate change mitigation.
With this agreement, Bangladesh Carbon, will act as specialized CDM Project Developer and help ensure carbon revenues from various carbon emission reduction initiatives of Noman Group of industries. The agreement was signed by Mr. Md. Nurul Islam, Chairman, Noman Group and Mr. Munawar Misbah Moin, Managing Director, Rahimafrooz Renewable Energy Ltd recently.
Carbon emission is measured in tonnes of CO2 reduced from any project activity. The commercial unit of emission reduction is Certified Emission Reduction (CER). Noman Group has installed a number of cogeneration units in their spinning, weaving and knitting mills to recover waste heat and increase the overall efficiency of the heat and power generation process.
These initiatives will be able to reduce a significant amount of fossil fuel consumption and reward the project participant with carbon credits which is a sellable commodity in the international market.
The estimated CDM revenue of this project is equivalent to USD 20 Million over a ten years of credit period. The global market is one of the fastest growing sectors, which is estimated to reach over $200 billion by the year 2012. This type of initiative will open a new avenue to earn foreign currency for Bangladesh.
This agreement will play an instrumental role and encourage private sector participation in respect to climate change mitigation.
With this agreement, Bangladesh Carbon, will act as specialized CDM Project Developer and help ensure carbon revenues from various carbon emission reduction initiatives of Noman Group of industries. The agreement was signed by Mr. Md. Nurul Islam, Chairman, Noman Group and Mr. Munawar Misbah Moin, Managing Director, Rahimafrooz Renewable Energy Ltd recently.
Carbon emission is measured in tonnes of CO2 reduced from any project activity. The commercial unit of emission reduction is Certified Emission Reduction (CER). Noman Group has installed a number of cogeneration units in their spinning, weaving and knitting mills to recover waste heat and increase the overall efficiency of the heat and power generation process.
These initiatives will be able to reduce a significant amount of fossil fuel consumption and reward the project participant with carbon credits which is a sellable commodity in the international market.
The estimated CDM revenue of this project is equivalent to USD 20 Million over a ten years of credit period. The global market is one of the fastest growing sectors, which is estimated to reach over $200 billion by the year 2012. This type of initiative will open a new avenue to earn foreign currency for Bangladesh.