Tackling Global Warming Through Carbon Credits

Towards to the end of May earlier this year, a huge chunk of ice broke off the Antarctic ice shelf creating a flutter across the world. Justifiably so as the broken mass is the largest iceberg in the world: around 105 miles long and 15 miles wide, an area 70 times that of Manhattan in New York.

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The reason? Global warming. While there are naysayers, the effect of this phenomenon has been witnessed in various parts of the world: from Australian bushfires to forest fires closer home in Odisha as recent as June 2021.

Global warming has been one of the more devastating forces, especially since the turn of the century. And this is where companies such as EKI Energy Services Ltd claim to play a role.

EKI Energy, a public listed company which was established in 2008, plays a role in climate control action by managing projects which significantly contributes in reduction of carbon footprint or carbon emissions and encourages businesses to embrace projects that impact climate positively and add extra revenue by way of carbon credits.

The company till date has managed carbon assets of 800-plus projects across territories. Through these market mechanisms and trading of carbon offset rights, EKI Energy reduces the overall cost of mitigating (marginal abatement cost) or reducing carbon emission for organizations and the society.

The company says it is in sync with the Paris Agreement of December 2015 which has been enforced since November, 2016. India is a signatory of the Agreement and has voluntarily committed to reduce greenhouse gas emission intensity of its gross domestic product by 33-35 per cent below 2005 levels by 2030. The primary long-term goal of the Paris Agreement is to hold global average temperature increase to "well below 2°C above preindustrial levels and pursuing efforts to limit the temperature increase to 1.5°C above pre-industrial levels".

EKI Energy being an operator in the climate change sector has increased its efforts manifolds in this direction, claims the company. According to Manish Dabkara, chairman and managing director of the company, limiting global warming is a key aspect for the long-term sustainability of the planet. "The company is working towards facilitating and growing the market for trading of emission reduction or offset rights which will result in lowering cost of emission reduction and support newer emission reduction technology adoption."

The company's presence in different continents allows it to have an impact on the carbon reduction initiative that the world is moving towards and for achieving those climate ambitions, said Dabkara in an interview with Entrepreneur India. "In the contemporary globalized and highly tech-connected world, location is not much of a deciding factor."

The company frequently organizes workshops for its client and all the other stakeholders to create awareness about the ongoing climate situation and actions they can take to champion the cause of restricting global warming.