| Sourced From PR.com |
Tokyo, Japan, November 19, 2009 –(PR.com)– Westernfield Holdings Inc. is looking to ramp up funding for carbon offset projects in Asia that fall within the guidelines of the U.N.s Clean Development Mechanism (CDM) and is jointly financing an $80 million Malaysian project.
Westernfield Holdings Inc., which is aiming to become Asias top carbon investor, is financing about $52 million of the project that aims to cut greenhouse gas emissions from a large palm oil processing cluster. The project aims to use palm oil waste to generate 74 tons per hour of steam, which in turn will be used to produce 27 megawatts of electricity.
The emissions savings will mean the project will also yield 325,000 U.N. carbon offsets called certified emission reductions (CERs) per year. Each CER represents a ton of carbon dioxide-equivalent saved from being emitted. The CDM, part of the U.N.s Kyoto Protocol, allows industrialized countries with a greenhouse gas reduction commitments to invest in projects that reduce emissions in developing countries.
In return, the investors earn CERs that can be sold for profit or used to meet emissions obligations at home. Westernfield Holdings Inc. will be involved in debt and equity financing of CDM projects, emissions credits trading, brokering and investing in clean technology ventures.
Some of the projects under review include a Chinese nitrous oxide reduction CDM project to generate 525,000 to 650,000 of CERs per year. This project would need about $2.5 million of investment. Nitrous oxide (N2O) is a powerful greenhouse gas.
Westernfield Holdings Inc. is also planning to raise $420 million to launch a
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