August 16, 2011. The Nordic Environment Finance Corporation Carbon Fund (NeCF) has closed deals to buy 4.6 million U.N.-backed carbon credits from 10 clean energy projects in India and Southeast Asia. Two projects are in western India, several are in Southeast Asia, including four small hydro power plants, a biomass project and a waste heat recovery power generation plant in Vietnam, and there is an energy efficiency project in the Ukraine. Under the U.N.'s Clean Development Mechanism (CDM), companies can invest in emissions cuts in emerging nations and receive credits called certified emissions reductions (CERs). NeCF said it also intends to buy CERs from eight clean energy projects in Vietnam, Thailand and China. NeCF buys emissions reduction credits on behalf of its investors enabling them to meet their commitment under the EU ETS and/or the Kyoto Protocol. The fund has invested in 22 renewable energy and energy efficiency projects and has access to 165 million euros, raised from both the public and private sectors.