Punjab National Bank and MITCON Consultancy Services Limited (MITCON) will be working together in the area of carbon credit financing. An agreement was signed between both the groups for co-operation in the area of carbon credit financing.
According to statement released by PNB under the MoU, the bank and MITCON will be working together for producing the business for services linked to carbon credit business.
The statement stated MITCON will be offering services related to identification of project, its registration with the Clean Development Mechanism Executive Board and recurring verifications, while PNB will be looking after banking related services.
Carbon credits or Certified Emissions Reductions are certificates which are issued by CDM Executive Board to projects in developing countries. These certificates are issued to certify that they have reduced green house gas emissions by one tonne of carbon dioxide per year.
These carbon credits are bought by developed countries to attain their targets under the Kyoto Protocol.
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