Torrent Power Ltd. (TPW), Adani Power Ltd. (ADANI) and JSW Steel Ltd. (JSTL) may be among the Indian companies most likely to benefit from climate change talks in South Africa that helped ensure the continuation of the UN carbon market past 2012. The European Union, the world’s biggest carbon market, vowed to extend emission-reduction targets under the Kyoto Protocol that were set to expire in 2012. Those targets can partly be met through the UN carbon market, known as the Clean Development Mechanism, which awards tradable credits to companies that set up environmentally friendly projects. “What has been most important for the markets is that at the end of 2012, the Clean Development Mechanism will continue in some form for another five to eight years,” said Jeremy Higgs, the Hong Kong-based managing director of Environmental Investment Services Asia Ltd., whose Green Dragon Fund invests in regional clean-technology companies. “That’s good news for those companies that do and could benefit from selling carbon credits.”
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