Oxford, England, United Kingdom
EcoSecurities (LSE:ECO) announces that it has signed an agreement with the Shanxi Tianji Coal Chemical Group to develop one of the largest N2O abatement Clean Development Mechanism (CDM) projects in China.
According to this agreement EcoSecurities will provide all the necessary funds and technologies, and assist with equipment installation and operation. Upon the implementation of the project, Tianji Coal Chemical Group will obtain 1.3 million tonnes of emission reductions every year from 2007, which will be sold to EcoSecurities and another organization.
Tianji Coal Chemical Group is the largest nitric acid production base in China at present, with an annual output of 810, 000 tonnes. N2O is produced by the nitric acid equipment during the production process, and is one of the strongest greenhouse gases with a greenhouse potential of 310 times that of CO2.
Since the beginning of the year, EcoSecurities had signed ERPAs (Emission Reduction Purchase Agreements) for the development of 21 N2O abatement projects with Chinese nitric acid plants. EcoSecurities has now commenced installation of emission reduction monitoring equipment in many of these plants and aims to have this completed by early 2007.
EcoSecurities' President and COO, Pedro Moura Costa, said, "This deal is extremely significant for us and our business and we are very pleased to start working with Shanxi Tianji Coal Chemical Group on this important project."
Editor's Notes:
About EcoSecurities:
EcoSecurities is one of the world's leading companies in the business of originating, developing and trading carbon credits. EcoSecurities structures and guides greenhouse gas emission reduction projects through the Kyoto Protocol, acting as principal intermediary between the projects and the buyers of carbon credits.
EcoSecurities works with companies in developing and industrialising countries to create carbon credits from projects that reduce emissions of greenhouse gases. EcoSecurities has experience with projects in the areas of renewable energy, agriculture and urban waste management, industrial efficiency, and forestry. With a network of offices and representatives in over 20 countries on five continents, EcoSecurities has amassed one of the industry's largest and most diversified portfolios of carbon projects. Today, the company is working on 273 projects in 26 countries using 17 different technologies, with the potential to generate more than 146 million carbon credits.
EcoSecurities also works with companies in the developed world to assist them in meeting their greenhouse gas emission compliance targets. Utilising its highly diversified carbon credit portfolio, EcoSecurities is able to structure carbon credit transactions to fit compliance buyer's needs, and has executed transactions with both private and public sector buyers in Europe, North America and Japan.
Working at the forefront of carbon market development, EcoSecurities has been involved in the development of many of the global carbon market's most important milestones, including developing the world's first CDM project to be registered under the Kyoto Protocol. In 2006, EcoSecurities won the Point Carbon Award for 'Best CDM/JI Project Developer'. EcoSecurities' consultancy division has been at the forefront of all the significant policy and scientific developments in this field, and has been voted the world's leading greenhouse gas advisory firm over the last five years by reader surveys conducted by Environmental Finance Magazine.
EcoSecurities Group plc is listed on the London Stock Exchange AIM (ticker ECO.L). Additional information is available at www.ecosecurities.com.
About the Clean Development Mechanism
The Clean Development Mechanism (CDM) is a project based mechanism that was established under the Kyoto Protocol to the United Nations Framework Convention on Climate Change (UNFCCC). The two main objectives of this market based approach are: i) to allow Annex I countries that have specified greenhouse gas (GHG) emissions targets in Annex B to the Kyoto Protocol to acquire Certified Emission Reductions (CERs) from CDM project activities undertaken in Non-Annex I parties and count them towards their Kyoto targets and ii) to assist countries not included in Annex I to the UNFCCC in achieving sustainable development.
CONTACT: EcoSecurities Jill Barker Marketing Department +44 (0) 1865 202 635 jill.barker@ecosecurities.com or Westgate Communications Carrie Leigh +44 (0) 1732 779087 carrie@westgatecomms.com
CONTACT: EcoSecurities Jill Barker Marketing Department +44 (0) 1865 202 635 jill.barker@ecosecurities.com or Westgate Communications Carrie Leigh +44 (0) 1732 779087 carrie@westgatecomms.com , ,
Source: Business Wire (Business Wire India)