15th Mar 2006 07:00
EcoSecurities Group plc15 March 2006 15 March 2006 EcoSecurities signs CDM agreement with Liuzhou EcoSecurities Group plc, one of the world's leading originators of carbon creditprojects, has signed a Letter of Intent to provide Liuzhou, a major industrialcity in South China, with greenhouse gas mitigation services. EcoSecurities andthe government of Liuzhou City will cooperate in developing carbon reductionprojects across the coal mining, cement, steel-making, landfill and chemicalindustries. During 2006 both parties will work together to help Liuzhou benefit from thedevelopment of Clean Development Mechanism (CDM) projects. The partnership willallow the government and local enterprises to obtain additional financialresources for CDM developments in the province, which the City believes couldgenerate at least one billion yuan, around US$123 million over the next decade. As the world's largest developing economy, China is posed to become one of thekey suppliers in the development of CDM projects. EcoSecurities developed twoof the first projects approved by the Chinese CDM authorities and is currentlyworking more than 10 projects in the country across a number of differenttechnologies, including landfill gas, hydropower, fuel switching and energyefficiency Dr Pedro Moura Costa stated "We welcome the opportunity to work with Liuzhoucity government and to help them to fulfill their potential in this enormouslyimportant area. China has the potential of being the world's most importantmarket for supplying emission reductions. Our experiences to date working withChinese partners in developing CDM projects has been universally positive andclearly justifies our focus on serving this important and highly competitivemarket. We look forward to working with the government and the companies ofLiuzhou and helping them to finance more sustainable technologies." For further information please contact: EcoSecurities Rachel Mountain, Marketing Manager Tel: +44 (0) 1865 202 635 Email: [email protected] Citigate Dewe Rogerson Patrick Toyne Sewell/Clare Allison Tel: +44 (0) 20 7638 9571 Editor's Notes: About EcoSecurities: EcoSecurities is a world leading originator, developer and trader of carboncredits. The company structures and guides projects through the CleanDevelopment Mechanism (CDM) process to the point when the client receivesmonetary value for the carbon credits generated. Under the Kyoto protocol, whichestablished the principle of 'Polluter pays', buyers include companies, carbonfunds and governments in the so-called Annex 1 industrialised countries. EcoSecurities floated on the Alternative Investment Market of the London StockExchange (ECO.L) in the 13th December 2005, raising £48.5 million pounds aftercosts. The company has also established strategic partnerships withagricultural products and services Cargill and the American private equity firmMSM Capital Partners, which have invested in EcoSecurities during a privateequity round prior to the IPO. As of the date of its IPO, the company had one of the largest carbon creditproject portfolios worldwide, consisting of 121 projects which have thepotential to generate up to 71.3 million CERs through to 2012. The portfoliobenefits from wide diversification with projects located in 26 countries anddeploying 15 technologies. EcoSecurities has negotiated transactions over Carbon Credits involving a seriesof buyers, including the World Bank, the International Finance Corporation,Shell, Toyota Tsusho and Essent, and is currently manages carbon facilities tosource and contract Carbon Credits for the governments of Austria, Denmark andJapan. About the Clean Development Mechanism The Clean Development Mechanism (CDM) is a project based mechanism that wasestablished under the Kyoto Protocol to the United Nations Framework Conventionon Climate Change (UNFCCC). The two main objectives of this market basedapproach are: i) to allow Annex I countries that have specified greenhouse gas(GHG) emissions targets in Annex B to the Kyoto Protocol to acquire CertifiedEmission Reductions (CERs) from CDM project activities undertaken in Non-Annex Iparties and count them towards their Kyoto targets and ii) to assist countriesnot included in Annex I to the UNFCCC in achieving sustainable development. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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