Carbon Credit: Improving Financing and Sustainability of a Landfill Closure Project
In 2 years, Mumbai transformed a 19.6 hectare landfill filled with 80-foot high waste into a vast expanse of greenery with considerable revenue-generating potential. Find out how carbon credit financing catalyzed this transformation.
- The Gorai Landfill Closure and Gas Capture Project in Mumbai, India had significant potential for reducing greenhouse gas emissions. This made it an ideal candidate for procuring carbon credits.
- Carbon credits, representing a reduction of greenhouse gases in the atmosphere, are a source of supplementary financing. Projects in developing countries that prevent the generation of greenhouse gases or remove greenhouse gases from the atmosphere can earn these credits, which industrialized countries can buy to offset their emissions.
- The project proved that carbon credit financing, via the Asian Development Bank's Asia Pacific Carbon Fund, can catalyze the environmentally sustainable and financially viable closure of a problematic dump site.