25th Oct 2006 08:00
EcoSecurities (LSE:ECO) announces that it has signed an agreementwith the Shanxi Tianji Coal Chemical Group to develop one of thelargest N2O abatement Clean Development Mechanism (CDM) projects inChina. £ According to this agreement EcoSecurities will provide all thenecessary funds and technologies, and assist with equipmentinstallation and operation. Upon the implementation of the project,Tianji Coal Chemical Group will obtain 1.3 million tonnes of emissionreductions every year from 2007, which will be sold to EcoSecuritiesand another organization. £ Tianji Coal Chemical Group is the largest nitric acid productionbase in China at present, with an annual output of 810, 000 tonnes.N2O is produced by the nitric acid equipment during the productionprocess, and is one of the strongest greenhouse gases with agreenhouse 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 N2Oabatement projects with Chinese nitric acid plants. EcoSecurities hasnow commenced installation of emission reduction monitoring equipmentin many of these plants and aims to have this completed by early 2007. £ EcoSecurities' President and COO, Pedro Moura Costa, said, "Thisdeal is extremely significant for us and our business and we are verypleased to start working with Shanxi Tianji Coal Chemical Group onthis important project." £ Editor's Notes: £ About EcoSecurities: £ EcoSecurities is one of the world's leading companies in thebusiness of originating, developing and trading carbon credits.EcoSecurities structures and guides greenhouse gas emission reductionprojects through the Kyoto Protocol, acting as principal intermediarybetween the projects and the buyers of carbon credits. £ EcoSecurities works with companies in developing andindustrialising countries to create carbon credits from projects thatreduce emissions of greenhouse gases. EcoSecurities has experiencewith projects in the areas of renewable energy, agriculture and urbanwaste management, industrial efficiency, and forestry. With a networkof offices and representatives in over 20 countries on fivecontinents, EcoSecurities has amassed one of the industry's largestand most diversified portfolios of carbon projects. Today, the companyis working on 273 projects in 26 countries using 17 differenttechnologies, with the potential to generate more than 146 millioncarbon credits. £ EcoSecurities also works with companies in the developed world toassist them in meeting their greenhouse gas emission compliancetargets. Utilising its highly diversified carbon credit portfolio,EcoSecurities is able to structure carbon credit transactions to fitcompliance buyer's needs, and has executed transactions with bothprivate 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 theglobal carbon market's most important milestones, including developingthe world's first CDM project to be registered under the KyotoProtocol. In 2006, EcoSecurities won the Point Carbon Award for 'BestCDM/JI Project Developer'. EcoSecurities' consultancy division hasbeen at the forefront of all the significant policy and scientificdevelopments in this field, and has been voted the world's leadinggreenhouse gas advisory firm over the last five years by readersurveys conducted by Environmental Finance Magazine. £ EcoSecurities Group plc is listed on the London Stock Exchange AIM(ticker ECO.L). Additional information is available atwww.ecosecurities.com. £ About the Clean Development Mechanism £ The Clean Development Mechanism (CDM) is a project based mechanismthat was established under the Kyoto Protocol to the United NationsFramework Convention on Climate Change (UNFCCC). The two mainobjectives of this market based approach are: i) to allow Annex Icountries that have specified greenhouse gas (GHG) emissions targetsin Annex B to the Kyoto Protocol to acquire Certified EmissionReductions (CERs) from CDM project activities undertaken in Non-AnnexI parties and count them towards their Kyoto targets and ii) to assistcountries not included in Annex I to the UNFCCC in achievingsustainable development. Copyright Business Wire 2006Related Shares:
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