Like any fledgling business, the carbon credit market too has teething troubles. But that should not stop it from growing In 2004, Roop Salotra undertook a project at srf's (Sri-ram Fibres) refrigerant plant in Bhiwadi, Rajasthan, that cost about Rsl2.5 crore. Under a scheme that generates 'carbon credits', it significantly reduced air pollution caused from this plant. "Environmental concerns were addressed," says the chief executive officer (fluorochemical business), of the Noida-based company. But it is the business angle that carries a story in itself. This project will produce 35 million carbon credits over the next 10 years. Monetarily, it brought in Rs95 crore for srf in 2005-06. By end this year, another Rs250 crore will be in the kitty and on its books; and the company has sold only 3.8 million credits so far. "It made good business proposition too," says Salotra, with a smile few can miss. In Jamshedpur, Tata Steel's coke dry quenching project will produce 1.7 million carbon credits over 10 years, already credited to the government of Japan. In another project awaiting un approval, fuel switching from coal to gas will generate 11.4 million carbon credits over 10 years. Yet another project - a top recovery turbine - will generate 600,000 over 10 years. "All this at an investment of Rs370 crore," says a Tata official. Back in Mumbai, Biprajit Chakravarthy, director (safety, environment and corporate social responsibility), acc cement, has initiated a similar project. By increasing the blend of fly ash in cement from 19 per cent to 30, Chakravarthy has got six acc plants across India eligible for producing carbon credits. The project cost Rsl crore, and will generate about 4 million credits over the next 10 years. "But we aren't selling our credits," he says. Chakravarthy has concerns over the price at which he will be able to sell, which has been "more volatile than the price of shares on a stock market". On the European Climate Exchange, from a high of