May 6, 2008
Enel Buys $232 Million Of Carbon Credits From China’s Wuhan Steel
Enel SpA, Italy’s largest power company and the biggest single buyer of carbon credits in China, signed a deal to source $232 million of carbon credits with a market value of about $232 million, from five energy efficiency projects undertaken by Wuhan Iron and Steel, Reuters reports.
A statement from the company said the five projects could lead to carbon reductions of 11.45 million tons from 2008 to 2012.
Projects to improve Wuhan Iron and Steel Group’s energy efficiency and reduce emissions will allow Enel to acquire 11.45 million tonnes of carbon credits by 2012.
Sourcing credits from China gives Enel the best value for its money, the company’s statement said, and excess credits could be traded on Europe’s carbon market.
A report to be released this month by researchers from the University of California will suggest China’s greenhouse gas emissions have been underestimated, and probably passed those of the U.S. in 2006-2007.
Advertisers
Make sustainability part of your strategy.
Get equipped at the SAP Sustainability Resource Center. >>
EFFECTIVELY MANAGE WATER COMPLIANCE
Understand how increased enforcement may affect your company. Find out more >>
EPA mandatory emissions reporting starts Jan 1st
CSA Standards can help your organization get ready for compliance. Find out how. >>
Join the Discussion
Recent Daily News [ see all ]
- 11/06/2009
- 11/05/2009
- 11/04/2009
- Emissions Intensity Falling Globally
- JohnsonDiversey Ups GHG Reduction Target to 25%
- Sainsbury’s Offers Free London Electric Car Charging
- Carbon Trading Could Trigger a ‘Sub-prime Style’ Economic Crash
- Peabody, Exxon Accused of Undermining Climate Talks
- BMW, Toyota, Ford Tout Eco-cars
- In ‘Apathy Gap,’ Energy Efficiency at Home Ranks Low
- China Pushes for CO2 Storage, Not Emissions Reductions
- Clean Tech VC Funding On Rebound, Up 50% Since 2nd Quarter
- IECC Building Code Recommendations Add Up to 30% in Energy Efficiency Gains
- Disney Buys $7M in Reforestation Offsets, a Corporate Record
- McKesson to Save $300K Via Fuel-Efficient Vehicles
- Sprint to Save $2.1M With Eco-Friendly Packaging
- U.S. Export-Import Bank Adopts Carbon Policy to Support Renewable Energy
- Greening the Automotive Supply Chain
- Yokohama Rubber Cuts GHG Emissions 13.4% in 2008
- Electronics Industry Lawsuit Called ‘Attack on States’ Rights’
- Wal-Mart Adding LEDs to 650 Stores
- One Committee Down for Senate Climate Bill, Five More to Go
- EU Poised to Give Heavy Industry Free Carbon Permits
- ResponsibleTravel.com Scuttles Carbon Offsetting Option
- U.S. Cap-and-Trade Creates Winners and Losers among Largest Emitters
- DOE Awards $155M to Make Industrial Sector More Energy Efficient
- System Upgrades Power Up Energy Savings for Hotels
- Xerox Cuts GHG Emissions by 20% from 2002
- Waste Management Landfill Gas Project Complete
- Intel, Pepsi, Kohl’s Stay Atop Green Power Partnership list
- Wal-Mart Thinks Big With Smaller Stores
- Despite Critics, Gore ‘Proud’ to Invest in Green Firms
- Metal Recyclers Spar Over Ship Recycling Site
Industry Voices [ see all ]
A Roadmap for a Renewable Energy Partnership
Brad Cashaw
Vice President
Quaker Foods and Snacks Supply Chain and Sustainability
Forest Carbon Core to Climate Change Deal
Chris Elliott
Forest Carbon Initiative Lead
World Wildlife Fund
VCS and CarbonFix Tops in Review of Forestry Carbon Standards
Paulo Lopes
Carbon Management Consultant
Carbon Clear
Reader Comments
Carbon credit purchases on this scale will cause U.S. companies to take notice…the carbon market in the EU is a precursor to what we’ll have in the U.S., and a new expense of this scale will alter the financial performance of a lot of firms.
Kent Ragen | May 7th, 2008