Camco registers first project

RNS Number : 4932T

Camco International Ltd

08 June 2009

 



CAMCO REGISTERS ITS FIRST PROJECT WITH THE GOLD STANDARD

8 June 2009  -  Camco Group (Camco) is pleased to announce that it has achieved registration of its first Gold Standard project, which is only the second Gold Standard Verified Emission Reduction project to ever be registered in China. 

The wind power project is expected to generate 120,000 tonnes of greenhouse gas (GHG) emission reductions per year, and the carbon credits generated from 2008's emissions reductions have already been sold to Aviva plc.

The Gold Standard Foundation is a non-profit organization which registers projects that reduce GHG emissions in ways that contribute to sustainable development and certifies their carbon credits for sale on both compliance and voluntary offset markets. 

Jeff Kenna, Camco's Chief Executive Officer,  said:   'Camco is delighted to see that its first Gold Standard project has been registered. We have been working with the Foundation for many years, and look forward to bringing several additional Clean Development Mechanism and Verified Emission Reduction projects through the Gold Standard process'.

The registered project is Bailingmiao Phase 1,  a  50 megawatt wind power project located in Inner Mongolia, and owned by Honiton Energy. Camco is currently cooperating with Honiton Energy to complete the carbon asset development on three large wind energy projects in China.

 
Honiton Energy is China's fastest-growing foreign owned alternative energy provider, and currently owns the rights to five extensive sites for wind power projects in China's Inner Mongolia region. With the potential to produce up to several hundred megawatts of wind power each, the projects could power millions of homes, and potentially reduce emissions by several million tonnes of carbon dioxide over their lifetime. 

The emission reductions generated from the Bailingmiao Phase 1 project in 2008 have been sold to Aviva plc, the world's fifth largest insurance company, and the largest in the UK.  Zelda Bentham, Group Environment Manager, Aviva plc, commented: 'Aviva is delighted to have worked with Camco in the purchase of these Gold Standard credits. In 2006 we were the first insurer to start offsetting all our unavoidable operational emissions on a worldwide. Although we have reduced our footprint by 6.6% since 2007, we rely on the purchase of voluntary carbon credits to help us address our responsibility in this area. The credits purchased and retired into the Gold Standard Registry will offset the majority of our 2008 emissions.' 

- Notes for Editors -

For more information please contact:

The Camco Group	[phone]
Jeff Kenna, Chief Executive Officer
Scott McGregor, Chief Financial Officer
Kreab Gavin Anderson	[phone]
Kate Hill
Michaela Wood
Alex Gowlland

About Camco

Camco an international leader in identifying and implementing solutions that help businesses address their climate change risks and opportunities. Camco has a 20-year track record in advisory services and one of the largest and most diversified portfolios of carbon credits, making it a premier climate change and sustainable development company.

Camco brings together the distinct but complementary service areas of Carbon, Advisory and Investments to help its clients manage all aspects of their carbon risk. Camco's businesses collaborate between service groups and countries, sharing technical and commercial expertise to find the best options for its clients.

The Advisory business unit combines strategic, commercial, financial and technical expertise accrued over two decades to deliver low carbon energy and sustainable development solutions. Our experience spans emission assessments, carbon management strategies and project delivery, as well as international energy and climate change policy. 

The Carbon business unit is a leading project developer with one of the world's largest carbon credit portfolios. We partner with companies to identify, develop and manage projects that reduce greenhouse gas emissions, and then arrange the sale and delivery of carbon credits to international compliance buyers and into the voluntary market.

The Carbon business unit has also created one of the largest carbon credit portfolios by working closely with companies to identify and develop projects that reduce greenhouse gas (GHG) emissions. The team has structured ground breaking and innovative arrangements for the sale and delivery of carbon credits to compliance and voluntary buyers.

Camco's Investment business unit collaborates with manufacturers, project developers, technology providers and investor groups to turn innovative ideas into commercially viable and applicable solutions that will make a difference in tackling climate change.

 

END

 

 

NRADGGGVDVMGLZM