Under the terms of the deal, CE2 has entered into an agreement to purchase, subject to certain conditions, approximately 500,000 tonnes of Certified Emission Reductions (CERs) produced from Climate Bridge projects between 2013 and 2017.
The Kyoto Protocol, established in 1997, requires participating nations to reduce greenhouse gas emissions 5% below 1990 levels by 2012. CERs and associated carbon markets have become an important mechanism for meeting these targets.
Paul Berdugo, director of Climate Bridge, UK, said: “Our emission reduction projects have been created to help companies comply with terms outlined in the Kyoto Protocol, but their value and positive impact on the environment extends far beyond 2012.
“We are delighted to work with CE2 to complete this innovative transaction, as it gives European-based project developers a framework to tap U.S. sources beyond the initial scope of the Kyoto protocol. We hope that this transaction will be the model for other post-2012 transactions with U.S. and European counter-parties.”
