With the 1 million-ton carbon credit it gave to India, IMM realized the most voluminous sales in this area to date. Following the election of Ekrem İmamoğlu to the presidency, İSTAÇ accelerated its search for the market for carbon credits and created a total of 1 million 625 thousand tons of sales to date, creating an additional resource of 780 thousand dollars. Thus, IMM took an important step towards reducing foreign dependency in financing of environmental investments on the one hand.
Istanbul Metropolitan Municipality (IMM) made its biggest sale to the International Voluntary Carbon Market to date. İSTAÇ, a subsidiary of IMM, sold 1 million tons of carbon credit. It generated a total income of 390 thousand dollars. This latest sale to India corresponds to approximately 3 million 80 thousand liras at current exchange rates.
IMM A TRUSTED PLAYER IN THE MARKET
After Mayor Ekrem İmamoğlu took office, IMM started to evaluate the carbon credit opportunities it had. Under the supervision of Gold Standard, the leading company in the international carbon market, it has sought a market for the carbon credits earned. Until the last sale, it sold a total of 625 thousand tons of carbon credits. After each sale, he became a recognized and trusted player in the market. With the last sale, the amount of carbon credits disposed of has reached 1 million 625 thousand tons. The total revenue from these sales was 780 thousand dollars (6 million 155 thousand liras). Thus, IMM took an important step towards reducing foreign dependency in financing of environmental investments on the one hand.
1,5 MILLION TONS OF CARBON CREDIT ARE ACTIVE EVERY YEAR
IMM earns carbon credits by generating energy from garbage in landfills. Approximately 1,5 million tons of credit in its account is activated every year. However, this transformation study of IMM's landfills does not only generate carbon credit income. The electrical energy generated in the facilities in these fields is also fed into the national grid. A total revenue of 20 billion 27 million dollars is expected from the Seymen Landfill Gas Energy Generation Facility, which was opened on 1 October with the participation of only IMM President İmamoğlu. When operating expenses and additional investment expenditures are deducted from this income, it is predicted that IMM and its affiliates will gain a total of 137 million dollars.
CARBON CREDIT MARKET
The Kyoto Protocol, which entered into force in 2005 within the scope of the United Nations (UN) Framework Convention on Climate Change, aims to reduce greenhouse gas emissions that cause climate change. The agreement gives the signatory countries carbon emission quota. One of the Kyoto Protocol mechanisms to reduce carbon emissions is the "Emissions Trade" mechanism. If any country or producer exceeds its quota, it can purchase carbon quota from the less carbon emitting country or producer.
THE MARKET IS GROWING RAPIDLY
Twelve years ago, in 2008, the transaction volume of the Carbon Market, which was 126 billion dollars, is expected to reach approximately 3,1 trillion this year.