Sustainable End of Life Vehicle Scrapping Program
We have introduced a new unit type for selling credits to enhance market transparency and traceability. These units, termed ELV Credit, represents the environmental impact of processing each End of Life Vehicle (ELV) through Government Authorized Vehicle Scrapping Centers, which are termed Registered Vehicle Scrapping Facility (RVSFs) in India.
Each ELV Credit is uniquely linked to an individual ELV backed by multiple traceability data points including Government validation. This linkage allows buyers to clearly see the direct environmental impact of their purchase, with the carbon emission avoidance value varying based on the specific ELV's characteristics and recycling outcomes.
This approach not only adheres to global environmental standards but also offers a tangible measure of the sustainable impact achieved through responsible ELV recycling
The informal recycling facilities have been criticized for contributing to environmental pollution and selling potentially unsafe automotive parts. In response, the Indian government is promoting the establishment of Registered Vehicle Scrapping Facilities (RVSFs) that adhere to environmental norms. These facilities, however, are struggling to compete with the informal sector, which typically offers quicker and cheaper services.
In the context of these challenges, MMCM, an enviro-tech company, is working to bridge the gap for RVSFs by introducing the concept of carbon credits. By ensuring proper waste management of ELVs, these credits provide an additional revenue stream, making it financially viable for RVSFs to operate within environmental compliance. This initiative by MMCM not only supports the formal sector in overcoming economic hurdles but also encourages sustainable practices in vehicle recycling, aligning with global environmental standards.