IFC signed a deal for 8,50,000 carbon credits from Rain CII Carbon (India) Ltd, an IFC client for over 15 years and now the largest merchant of calcined coke in the world with production in India and the US.
In a press release, IFC stated that it facilitates delivery of carbon credits from companies in developing countries to buyers in developed countries.
The Indian company used IFC financing to install waste heat recovery facilities that help eliminate its dependence on fossil fuels for power generation and generate carbon credits as a result.
The carbon finance product is expected to give companies selling carbon credits the chance to access a wider range of potential buyers by mitigating country and project risk, and it, therefore, helps to boost the carbon market in these regions.
