EcoSecurities Group plc
15 March 2006
15 March 2006
EcoSecurities signs CDM agreement with Liuzhou
EcoSecurities Group plc, one of the world's leading originators of carbon credit
projects, has signed a Letter of Intent to provide Liuzhou, a major industrial
city in South China, with greenhouse gas mitigation services. EcoSecurities and
the government of Liuzhou City will cooperate in developing carbon reduction
projects across the coal mining, cement, steel-making, landfill and chemical
industries.
During 2006 both parties will work together to help Liuzhou benefit from the
development of Clean Development Mechanism (CDM) projects. The partnership will
allow the government and local enterprises to obtain additional financial
resources for CDM developments in the province, which the City believes could
generate 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 the
key suppliers in the development of CDM projects. EcoSecurities developed two
of the first projects approved by the Chinese CDM authorities and is currently
working more than 10 projects in the country across a number of different
technologies, including landfill gas, hydropower, fuel switching and energy
efficiency
Dr Pedro Moura Costa stated "We welcome the opportunity to work with Liuzhou
city government and to help them to fulfill their potential in this enormously
important area. China has the potential of being the world's most important
market for supplying emission reductions. Our experiences to date working with
Chinese partners in developing CDM projects has been universally positive and
clearly justifies our focus on serving this important and highly competitive
market. We look forward to working with the government and the companies of
Liuzhou 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: rachel.mountain@ecosecurities.com
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 carbon
credits. The company structures and guides projects through the Clean
Development Mechanism (CDM) process to the point when the client receives
monetary value for the carbon credits generated. Under the Kyoto protocol, which
established the principle of 'Polluter pays', buyers include companies, carbon
funds and governments in the so-called Annex 1 industrialised countries.
EcoSecurities floated on the Alternative Investment Market of the London Stock
Exchange (ECO.L) in the 13th December 2005, raising £48.5 million pounds after
costs. The company has also established strategic partnerships with
agricultural products and services Cargill and the American private equity firm
MSM Capital Partners, which have invested in EcoSecurities during a private
equity round prior to the IPO.
As of the date of its IPO, the company had one of the largest carbon credit
project portfolios worldwide, consisting of 121 projects which have the
potential to generate up to 71.3 million CERs through to 2012. The portfolio
benefits from wide diversification with projects located in 26 countries and
deploying 15 technologies.
EcoSecurities has negotiated transactions over Carbon Credits involving a series
of buyers, including the World Bank, the International Finance Corporation,
Shell, Toyota Tsusho and Essent, and is currently manages carbon facilities to
source and contract Carbon Credits for the governments of Austria, Denmark and
Japan.
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.
This information is provided by RNS
The company news service from the London Stock Exchange R
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