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Camco May Accelerate Carbon-Credit Production in 2010, CEO Says
March 25, 2010, 6:46 AM EDT
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By Ben Sills

March 25 (Bloomberg) -- Camco International Ltd., the U.K. investor whose biggest shareholder is headed by Al Gore, expects its carbon-offset projects to generate at least 18 percent more credits this year.

That was Camco’s growth rate in 2009, when it earned United Nations-certified credits for 3.3 million metric tons of avoided carbon emissions, compared with 2.8 million tons in 2008.

“We’d expect a similar increase, if not higher for this year,” Chief Executive Officer Scott McGregor said yesterday in a telephone interview.

The UN panel that grants the securities, called Certified Emission Reduction credits, is aiming to assess projects more quickly after issuance fell for the first time last year and prompted complaints from investors.

Shafqat Kakakhel, a member of the executive board of the UN’s Clean Development Mechanism, this month forecast credit issuance will rise by about a fifth to about 150 million tons.

Camco has 50 projects waiting for approval from the UN with the potential to generate credits that represent as much as 30 million tons of avoided emissions through 2012, UN data on Bloomberg show.

The St. Helier, Jersey-based company earns CERs for reducing greenhouse gases in projects such as capturing waste gas from Chinese coal mines and blast furnaces for use in power generation.

The price of carbon credits ebbed this year as global leaders failed to agree on emissions curbs beyond 2012 when Kyoto Protocol targets expire.

Credit Price Drop

UN credits for December 2012 delivery fell 3.4 percent on the European Climate Exchange this year through yesterday, when they closed at 11.09 euros a metric ton, an 11-month low.

Camco last month reported a loss of 10.3 million euros ($14 million), or 6.4 cents a share, for 2009 after writing down the value of advisory business ESD Partners Ltd. The company’s shares declined 23 percent this year through yesterday.

Gore, the climate campaigner and former U.S. vice president, is chairman of Generation Investment Management LLP, Camco’s biggest shareholder with a 20 percent stake, according to Camco’s Web site.

--Editors: Todd White, Randall Hackley

To contact the reporter on this story: Ben Sills in Madrid at bsills@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

Quelle: http://www.businessweek.com/news/2010-03-25/camco-may-accelerate-carbon-credit-production-in-2010-ceo-says.html
 
aus der Diskussion: Camco
Autor (Datum des Eintrages): ShareExtrem  (28.03.10 20:28:06)
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