First Trading Platform for Voluntary Emission Credits Announced

    
    Irish Investment Bank and CITIC GROUP Begin Joint Venture





    
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<p><location>HONG KONG</location>, <chron>Sept. 29</chron> /CNW/ -- Carbon Bank <location>Ireland</location>, Ltd., an Irish investment bank, today announced the execution of a joint-venture agreement with the Chinese financial conglomerate, CITIC GROUP, to implement a trading platform for Voluntary Emission Credits (VERs). These will be generated by companies which wish to reduce their carbon emissions in the Peoples Republic of <location>China</location> (PRC).</p>
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<p>This platform will be the first of its kind in the PRC to harvest VERs from government owned and private companies and sell them globally. Presently, existing Chinese enterprises which are 'going green' include the dairy industry (bovine digesters), the cement industry (co-generation facilities) and urban landfills (biogas projects).</p>
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<p>The new company, CIAM - PURESKY CARBON TRADING LTD., will also offer consulting services to Chinese companies which wish to 'go green' and help provide financing for both clean development mechanisms under the <location>Kyoto</location> protocols and non-Kyoto clean-technology projects. The company has offices in Shenzhen and <location>Hong Kong</location>.</p>
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<p>"We intend to capture the lion's share of the emerging VER market in <location>China</location>," said  Chen Geduo, the company's president, at the signing ceremonies in <location>Beijing</location> on Thursday. Implementation of the joint venture with CITIC follows Carbon Bank Ireland's execution of a cooperation agreement with the Central Government's National Development and Reform Commission to further clean development mechanisms in the PRC.</p>
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<p>"Today's joint venture is another sign of China's commitment to green energy and an implementation of its promise to bear a fair share of the world's greenhouse gas reduction," said Bill McCann, Board Chairman of the Irish company.</p>
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<p>*Voluntary emission credits represent one tradeable credit for each ton of carbon dioxide not emitted into the atmosphere. In the case of a dairy, for example, the methane from bovine effluent is contained, conserved, and burned to produce clean electrical energy.</p>
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<p>Carbon Bank <location>Ireland</location> (CBI) is a privately owned company domesticated in the Republic of <location>Ireland</location>. Our primary mission is to invest in clean development mechanism (CDM) projects in the People's Republic of <location>China</location> as well as other countries which will originate certified emission reduction (CER) credits with a view to creating certified emission reduction credits tradable in the European Union. For further information:  email <a href="mailto:[email protected]">[email protected]</a></p>
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For further information: Marlene Olsen, [phone], [email protected], for Carbon Bank Ireland