PetroChina gets green signal from the UN CDM Board to trade its carbon indicators equaling a little less than 1 million tons. The credits, acquired though a nitrous oxide (N2O) CDM project by Liaoyang Petrochemical, are a part of Chinas biggest carbon deal.
The environmental impact of nitrous oxide is around 310 times more than that of CO2. A representative of Liaoyang said that NO2 is transformed into nitrogen and oxygen and GHG reductions would equal 12 million tons of carbon dioxide in a year, where the company has N2O emissions of more than 40K tons per annum.
Canadian NAM and Goldman Sachs are amongst the buyers of carbon credits obtained through this CDM project.
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