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EKI Energy Services Ltd. welcomes ICVCM's approval of High-Integrity Carbon Crediting Methodologies

Posted On : 2024-06-10 17:51:16( TIMEZONE : IST )

EKI Energy Services Ltd., a leading global developer and supplier of carbon credits in International Carbon Markets, applauds the Integrity Council for the Voluntary Carbon Market's (ICVCM) recent approval of the first carbon-crediting methodologies that meet its stringent Core Carbon Principles (CCPs). This milestone represents a significant advancement in ensuring the integrity and effectiveness of carbon credits within the voluntary carbon market (VCM).

In the third installment of its ongoing assessment series, the Integrity Council has endorsed seven carbon crediting methodologies. These methodologies, now bearing the high-integrity CCP label, account for an estimated 27 million carbon credits from projects that mitigate potent greenhouse gases by capturing methane from landfill sites and eliminating ozone-depleting substances (ODS) from discarded equipment such as refrigerators and air conditioners.

The ICVCM's announcement aligns with the Biden-Harris Administration's new principles for highintegrity voluntary carbon markets. While Voluntary Carbon Markets (VCMs) can significantly combat climate change, they face challenges in maintaining the integrity and credibility of carbon credits. Discrepancies in crediting methodologies have raised concerns about transparency and accountability. Such significant moves by leading Governments and institutions address these issues and ensure market integrity.

Similarly, the Indian government has been proactive in addressing climate change. The Energy Conservation (Amendment) Act of June 2022 empowered regulators to develop policies for a national emission trading system. In 2023, India launched the Carbon Credit Trading Scheme (CCTS) for compliance and voluntary sectors. The June 2023 amendment included the Offset Market, allowing non-obligated entities to participate and opening new opportunities for decarbonization projects. Although specific standards for VCM credits are still being defined, India's progress is commendable.

Mr. Manish Dabkara, Chairman & MD of EKI Energy Services Ltd. (EKI), said, "The approval of these high-integrity carbon crediting methodologies by the Integrity Council is a monumental step forward for the voluntary carbon market. At EKI, we believe that robust standards and transparent practices are essential for driving meaningful climate action. We are proud to support the Integrity Council's efforts and look forward to contributing to a sustainable and resilient future."

The Core Carbon Principles set a high bar for integrity and the CCP label is designed to help buyers identify carbon credits that meet our rigorous standards. Governments increasingly recognise that a high-integrity VCM can play a key role in scaling up private sector finance for high-quality projects to reduce emissions and remove carbon from the atmosphere.

Additionally, 27 categories of carbon credits, representing over 50% of the market, remain under active assessment. This includes methodologies addressing landfill gas (covering an estimated 76 million issued credits) and ODS (covering an estimated 4 million issued credits). Multistakeholder assessments of widely used carbon credit types, including REDD+ (Reducing Emissions from Deforestation and Forest Degradation), Jurisdictional REDD (JREDD) and clean cookstoves, are also underway and expected to conclude in the coming months.

EKI is committed to supporting initiatives that enhance the credibility and effectiveness of carbon markets. Our dedication to environmental sustainability aligns with the ICVCM's mission to establish global benchmarks for high-integrity carbon credits. These efforts are crucial for building trust in the voluntary carbon market, ensuring the comparability of credits and maximizing the market's potential to combat rising greenhouse gas emissions while unlocking significant private finance for climate solutions.

Shares of EKI Energy Services Ltd was last trading in BSE at Rs. 315.85 as compared to the previous close of Rs. 315.30. The total number of shares traded during the day was 31001 in over 946 trades.

The stock hit an intraday high of Rs. 322.00 and intraday low of 314.00. The net turnover during the day was Rs. 9849941.00.