6th Feb 2014 12:45
LONDON (Alliance News) - Hydrodec Group PLC Thursday said the American Carbon Registry has approved an emissions reduction accounting methodology to generate carbon credits by recycling transformer oil.
The cleantech industrial oil re-refining group said it plans to verify and issue its first credits under the new methodology in the first half of 2014.
Hydrodec said the new methodology provides an accounting framework to quantify emissions reductions achieved by diverting highly refined used transformer oil. Under normal conditions, this would be incinerated at the end of its "useful life" to a refining facility that processes the transformer oil for re-use.
"As a co-benefit, recycling of transformer oil in controlled and permitted facilities reduces the environmental health and safety risks associated with the destruction of polychlorinated biphenyls found in transformer oil," Hydrodec said.
The firm's Superfine re-refined oil will be the first oil product to generate a carbon credit which can be traded in the voluntary carbon offset market in the US.
Based on the company's 2013 output at Canton in the US, this would represent around 60,000 tonnes of save carbon emissions as carbon credits.
Hydrodec said it will consider the optimal way to monetise these credits in due course, it said.
The stock was trading at 10.85 pence Thursday afternoon, up 0.73 pence or 7.2%.
By Anthony Tshibangu; [email protected];
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