IMM Sold 1 Million Tons More Carbon Credits

With the 1 million-ton carbon loan given to India, İBB realized the largest sales in this area to date. Ekrem İmamoğluİSTAÇ, which accelerated its search for the market for carbon credits after being elected as the chairman, has generated a total of 1 million 625 thousand tons of sales and created an additional source of 780 thousand dollars. Thus, while making environmental investments, İBB took an important step towards reducing foreign dependency in financing them.

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

IMM, President Ekrem İmamoğluAfter taking office, he started to evaluate the carbon credit opportunities he had. Under the supervision of the Gold Standard, the leading institution of the international carbon market, it sought a market for the carbon credits earned. Sold a total of 625 thousand tons of carbon credits until the last sale. After each sale, it has become a well-known and trusted player in the market. The amount of carbon credits disposed of with the last sale amounted to 1 million 625 thousand tons. The revenue from these sales amounted to 780 thousand dollars (6 million 155 thousand liras) in total. Thus, while making environmental investments, İBB took an important step towards reducing foreign dependency in financing them.

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.