Energy giant signs carbon credits deal
By Wang Ying (China Daily)
Updated: 2006-10-26 09:07 The trading arm of Paris-based energy giant EDF
(Electricite de France) Group yesterday signed an initial agreement with China's
leading electricity distributor to buy 1.5 million tons of annual greenhouse
emission credits under the Kyoto Protocol carbon-trading scheme.
EDF Trading signed a letter of intent with China National Bio Energy Co Ltd,
a renewable energy developer invested by the State Grid Corp of China, to
purchase carbon credits from its China National Bio's three biomass power
generation projects located in China.
The accord was based on the clean development mechanism (CDM) system under
the Kyoto Protocol's climate improvement initiatives. The international Kyoto
Protocol allows affluent countries to achieve greenhouse gas emission targets by
funding pollution cuts in developing nations and has spawned a global carbon
market.
Located in East China's Shandong Province and Northeast China's Heilongjiang
and Jilin provinces, the three CDM projects are expected to come on stream in
the first half of next year, and could cut carbon dioxide emissions by as much
as 1.5 million tons a year by 2010, said Lin Mingshan, general manager of
Beijing-based China National Bio.
"These are the projects that will benefit both sides. China is fulfilling its
duty to improve the nation's environmental conditions by massively investing in
such projects," Lin said.
Lin yesterday refused to give the financial figures involved in the EDF deal.
Established in July last year, China National Bio is currently building as
many as 14 biomass generation plants across the nation, boasting a total
installed capacity of 350 megawatts (MW). These plants use biomass sources such
as the stems of cut wheat to generate electricity.
| 1 | 2 |  |
(For more biz stories, please visit Industry Updates)
|
