(Updating with further details on the China CO2 agreement)
MILAN (Thomson Financial) - Enel SpA said it has acquired 11.45 million tons
of carbon dioxide (CO2) emission allowances through its support of greenhouse
gas abatement efficiency programmes in the Chinese steel industry.
Under a contract with Wuhan Iron & Steel Co, Enel will buy allowances
relating to five projects in energy efficiency aimed at reducing CO2 emissions
by 11.45 million metric tons from 2008 to 2012.
The emission abatement obtained through this agreement has a market value of
approximately 150 million euros, Enel said.
The company said the deal has strengthened its position in the Chinese
market with a portfolio of CO2 credits from more than 60 greenhouse gas
abatement projects that will cut emissions in excess of 70 million tons from
2007 to 2012.
In another deal, Enel signed a memorandum of understanding with China's
ministry of science and technology and Italy's ministry for the environment
allowing Enel to cooperate in R&D activities aimed at promoting the use of clean
coal technologies in China.
Enel said the application of its efficiency standards to existing Chinese
coal power plants would increase efficiency by about 50 percent and so cut CO2
emissions by over one third.
It said the reduction in emissions achieved by applying these technologies
to all of new China's coal-fired plants by 2015 would reduce emissions of CO2 by
about 1 billion tonnes per year.
stephen.jewkes@thomsonreuters.com
sj/ms1/sj/ms1
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