Standard Bank announced it will be buying CO2 emissions reductions resulting from three newly-built hydro projects in northeastern China.
An agreement was signed with GD Power Development Co., which operates the plants.
After each plant is registered under the United Nations Framework Convention on Climate Change, 4 million tons of CO2 emission reductions are expected to be generated during the 21-year crediting period.
Mike Blades, managing director for international business development for Standard Bank, said the company has been actively involved in the international carbon market since 2003. A number of Chinese projects have been included, Blades said.
“Standard Bank will continue to support the carbon emissions reduction initiatives of Chinese companies by leveraging its leading international commodities and energy trading platform with support from its project finance and structured trade finance teams,” Blades said.
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