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LG Electronics (LG) said it will develop a Clean Development Mechanism (CDM) business in India that will help secure carbon credits. The CDM was developed under the Kyoto Protocol as a cost effective way to limit overall global greenhouse gas emissions.
Under the CDM, an industrialized nation participating in a project to reduce greenhouse gas emissions in a developing nation is entitled to receive carbon credits from the United Nations.
The power consumption of LG’s high-efficiency refrigerators will be compared to 2008 models to determine the company’s carbon credits. In the case of India, the United Nations is offering 0.8kgs of carbon emission rights in exchange for a reduction in consumption equivalent to 1KWh of electricity.
Per UN requirement, LG Electronics invited stakeholders, including local residents to the Taj Palace Hotel in New Delhi on July 11 to hold open forums and public hearings introducing the CDM business. The CDM methodology regarding the production and sale of high-efficiency refrigerators was registered with the UN in September 2008. CDM is the only broadly-approved global standard universally recognized by member governments. LG will begin securing carbon emission rights once its business proposal is accepted by the Indian government and by the UN.
LG has set a goal to raise the energy efficiency of refrigerators produced in India by an average of 5% annually over the next 10 years.
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