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The Norwegian Ministry of Finance has signed an agreement to buy carbon credits from Shenhua Group, China’s largest coal miner, under the clean development mechanism (CDM), a statement on the State-owned Assets Supervision and Administration Commission’s website said on Tuesday.
The certified emission reductions (CERs) will be generated from four wind farm projects in Chicheng and Tongliao in Inner Mongolia autonomous region, developed by Guohua Energy Investment Co, a subsidiary of Shenhua Group.
The four projects are expected to generate over 400,000 tons worth of reduction of carbon dioxide emissions every year. The annual revenue is expected to reach 4.8 million euros.
CDM, the carbon trading system established under the Kyoto Protocol, allows developed countries to achieve their commitments of carbon dioxide reduction through buying carbon credits from developing countries.
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