Economy

Markets

Industries

Insights

Reports

Events

Norway to buy carbon credits from Shenhua Group

By Li Jing (chinadaily.com.cn)
Updated: 2009-03-31 15:02

The Norwegian Ministry of Finance has signed an agreement to buy carbon credits from Shenhua Group, China's largest coal miner, under the clean development mechanism (CDM), a statement on the State-owned Assets Supervision and Administration Commission's website said on Tuesday.

Related readings:  Green fund to help cut emissions  Shenhua cuts 2009 capital expenditure by 16%   Shenhua to pour 200b yuan into Shaanxi  China Shenhua says 2008 prelim net profit up 30%

The certified emission reductions (CERs) will be generated from four wind farm projects in Chicheng and Tongliao in Inner Mongolia autonomous region, developed by Guohua Energy Investment Co, a subsidiary of Shenhua Group.

The four projects are expected to generate over 400,000 tons worth of reduction of carbon dioxide emissions every year. The annual revenue is expected to reach 4.8 million euros.

CDM, the carbon trading system established under the Kyoto Protocol, allows developed countries to achieve their commitments of carbon dioxide reduction through buying carbon credits from developing countries.