| Sourced From Forbes.com |
NEW YORK, Oct 27 (Reuters) – World Energy Solutions Inc <XWES.O> said Tuesday it brokered a 10-year carbon credit deal between a Chinese developer of emissions-cutting projects and an Australian clean energy marketer.
Under the deal, World Energy, a Massachusetts-based operator of online energy and environmental commodity exchanges, brokered 1.4 million certified emissions reductions (CERs).
Financial details were not revealed, but a source close to the deal said it would be “8 figures” in U.S. dollars.
COzero, the Australian marketer of clean energy and carbon credits, bought the credits from B-road International Development, the Chinese project developer.
Because the deal will take place over 10 years, it includes CERs expected to be generated before and after the Kyoto Protocol on global warming expires in 2012. The United Nations administers the Clean Development Mechanism that generates CERs.
“The deal shows blossoming confidence there will be robust carbon markets after 2012,” Kenneth Ivanic, a vice president of environmental markets at World Energy, said in an interview.
Delegates from some 190 countries will meet in Copenhagen in December in an attempt to extend or replace the Kyoto pact, though rich and poor countries remain in a deadlock on how to share the burden of tackling climate change.
The carbon credits will be generated from two projects that capture methane from rotting pig manure and from another project that switches to natural gas burning from coal burning.
World Energy operates the World Green Exchange which it says is one of the largest primary carbon marketplaces. CERs, voluntary carbon credits, and greenhouse gas allowances in the Regional Greenhouse Gas Initiative, a group of 10 states in the U.S. East that regulates carbon emissions from power plants, have all been transacted over the exchange. (Reporting by Timothy Gardner; Editing by John Picinich)
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