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About Emission Trading Experts: CantorCO2eCantorCO2e Facilitates First Ever Biomass Emissions Reduction Project in Chile Biomass project one of the first and biggest CDM projects in the world Resulting emissions reductions sold to electricity company in Japan LONDON, UK – 21 June 2007 – CantorCO2e Limited (a subsidiary of Cantor Fitzgerald, L.P.), a leading global provider of financial services to the world’s environmental and energy markets, announced today their facilitation of a groundbreaking transaction involving the first ever Biomass Clean Development Mechanism (“CDM”) Project in Chile. The multi-million dollar transaction involving contracts between Arauco, the largest forestry company in Latin America, and a large Japanese power company, will see Arauco sell emissions reductions created from the Biomass project to the power company.. The transaction will result in the creation of energy through the burning of Sustainable Biomass (wood waste) which will then be dispatched to the Chilean electricity grid, thereby reducing CO2 and methane emissions in the order of 500,000 tonnes of carbon dioxide equivalent whilst using the latest and cleanest technology available. Much of the biomass will come from Arauco’s own pine plantations and none of it is taken from native forest, of which Arauco owns 400,000 hectares. CantorCO2e brings much experience to the project and as broker has been instrumental in developing the right methodology, validation, registration and verification for the project. The project is one of many brokered by CantorCO2e to help mitigate the effects of climate change using market mechanisms. The project is one of the largest Clean Development Mechanism (CDM) projects involving biomass to have been agreed under the provisions of the Kyoto Protocol, a treaty signed in 1997 to address and manage global climate change issues. The CDM is a market-based mechanism under the Kyoto Protocol to encourage commercial investment in sustainable development projects in emerging economies that reduce greenhouse gas emissions. The deal comes at an important time for Chilean industry as Chile looks to decrease its dependence on natural gas imported from Argentina, which has, until now, been the only economically viable alternative to dirty fuels such as coal and diesel. Although this project is substantial in size, biomass accounts for only 1.5% of power transmitted on the Chilean Power Grid and so the growth potential is significant. Steve Drummond, Managing Director at CantorCO2e said, “We are delighted to have helped Arauco and other companies by creating the carbon asset and securing value for it. As the CDM moves beyond the low-hanging fruit, it is renewable energy projects like this that will pave the way towards a sustainable future. We are proud to be at the forefront of that change.” - ENDS - About CantorCO2e CantorCO2e is a leading global provider of financial services to the world’s environmental and energy markets, offering finance, advice, technology, and transaction services to clients engaged in using energy and managing emissions around the world. CantorCO2e helps businesses around the world to manage the financial aspects of their energy and environmental choices. In North America and Europe, this means providing brokerage services to the energy and environmental commodity markets. Elsewhere, this means bringing expertise, finance and technology to projects that reduce emissions. CantorCO2e serves all of the world’s principal emissions markets, including the Kyoto markets (CDM, JI and European emissions trading), the US compliance markets, and the voluntary carbon market. We help entities transact via electronic trading screens, recorded telephone lines, auctions and negotiated contracts. In addition to emissions, we broker traditional energy products, and ‘new’ energy, such as renewable energy, ethanol and biodiesel. We advise equity investment funds on carbon finance, introduce investors to projects, and structure forward sales to enable project developers to fund their investments. We help ‘clean-tech’ technology developers manage their intellectual property, develop their licensing strategies, and roll out their technologies through our global network. CantorCO2e is headquartered in London and San Francisco and has fourteen offices across five continents. This global yet local presence around the world, together with the unique experience of its staff, enables CantorCO2e to provide a level of service that few can match. For more information please visit www.cantorco2e.com. About Arauco Arauco is one of the largest forestry enterprises in Latin America in terms of surface area and yield of its plantations, production of market kraft woodpulp, and production of sawntimber and panels. It is organized into four strategic business areas: Forestry, Woodpulp, Sawntimber, and Panels. Its commercial offices and widespread network of agents world-wide allows the company to sell its products in over 50 countries. For more information please visit www.arauco.cl. # # # Media Contacts:
Sergio Vives
Timo Kindred Kelly Smith |
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