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Under the working of CCX carbon credit benefits are granted in respect of all the si green house gases. Following steps are required to be taken for getting the carbon credit benefits.
- The applicant should have a project or program that result in the reduction/destruction of GHG emissions.
- Organization makes an application for registration of project to CCX either directly or through an aggregator. If so desired E Square will render the required services for filing this application.
- After the E project is registered at CCX, E Square carries out verification of the organization’s facilities and records and sends its report to CCX.
- CCX as well as the regulatory authorities in US evaluate the report and if it meets the prescribed requirements CCX issues the requisite number of CFIs.
- These CFIs can then be traded on the exchange like a commodity just as shares on a stock exchange.
- Once the sale takes place the amount on account of sale is transferred to your designated bank account within 2 working days.
General
- Rules and procedures of CCX are much simpler than UNFCCC.
- The transaction costs with CCX are also much lesser.
- Unlike UNFCCC where you have to incur huge costs before you know as to whether or not your project qualifies for CERs the information about whether or not your project qualifies for carbon credit benefits is informed to you without your incurring any cost. You may submit your project to know if the same meets the guidelines and requirements of CCX. You will be informed the result of the same without any cost obligation on you.
- The processing time in CCX is much shorter as compared to UNFCCC. Once you submit the project details the same are evaluated and the decision is informed to you generally within a month’s time. Thereafter the verification can be taken up immediately.
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