According to an industry expert, the trading of Certificates of Deposit, which are issued on the scrapping of old vehicles, will promote circular economy and help reduce vehicular emissions.
Nitin Chitkara, the CEO of Meta Materials Circular Markets (MMCM), which operates the DigiELV platform, stated that scrapping old vehicles can decrease vehicular pollution by 20-25%.
He further added that while promoting circular economy, removing such vehicles from the road will also contribute to cutting greenhouse gas (GHG) emissions.
Union Minister Nitin Gadkari recently launched the MMCM-promoted DigiELV platform, which enables the trading of Certificates of Deposit (CoD) or ELV certificates.
Chitkara explained that trading these CoDs will benefit those who wish to scrap their old vehicles but do not intend to purchase a new vehicle in the near future.
During the pilot phase, approximately 4,800 of these certificates were traded on DigiELV, providing advantages to End of Life Vehicle owners.
