 |
|
|
|
|
|
 | Standard Bank and Guodian Power sign carbon emission reductions purchase agreement |  |  |
 |
|
17 December 2009
Standard Bank and Guodian Power sign carbon emission reductions purchase agreement
Standard Bank will be buying carbon dioxide (CO2) emissions reductions resulting from three newly-built hydropower plants located in northeastern China.
The agreement was signed recently with GD Power Development Co Ltd (Guodian Power), which operates the plants. After the plants are registered under the United Nations Framework Convention on Climate Change (UNFCCC), 4 million tonnes of CO2 emission reductions are expected to be generated during the 21-year crediting period, while 320 000 tonnes of CO2 emission reductions will be realised before 2013.
Wu Quan, Director of Planning and Development Department, Guodian Power, says: "Under the leadership of our parent company China Guodian Group, Guodian Power is actively developing clean energy projects, and is working hard to become a leading comprehensive energy company in China.
"The agreement with Standard Bank shows that our company has made an initial achievement in hydro-power CDM (Clean Development Mechanism) projects, and this is also a good start for the two companies to expand their co-operation in more areas going forward."
Mike Blades, Managing Director for International Business Development, Standard Bank, says: "Standard Bank has been actively involved in the international carbon market since 2003. We have successfully purchased and registered many CDM projects in China, and also participated in and purchased a large number of China-related CDM projects in global secondary markets. This deal serves as an excellent platform for future cooperation between Standard Bank and Guodian Power on additional carbon emission reduction projects in China
"Given the recent negotiations at the Copenhagen Climate Change Conference, the world's attention has focused on climate change solutions, including carbon emission reduction. This agreement shows the two companies' support for China's carbon emission reduction plan, and Guodian Power's leading role in developing a low-carbon economy in China," says Blades.
"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."
Standard Bank entered the Chinese carbon market in 2005, and has one of the largest team in the carbon business among foreign banks in China. Its structured deal with Camco International Limited (Camco) was awarded the "Best Deal of 2008" by Global Trade Review magazine, and "Carbon Finance Deal of the Year" by Environmental Finance magazine in 2008.
About China Guodian Corp [GD Power Development Co Ltd]
China Guodian Corp is one of the five largest power producers in China, with more than 76GW of installed capacity. Subsidiaries of China Guodian Corp employ more than 110 000 employees. China Guodian Corp is the largest wind power operator in Asia and ranked No 5 in the world.
GD Power Development Co. Ltd [SSE: 600795] is the listed power generation arm of China Guodian Corp, which focuses on the generation and supply of power and heat. It was founded in 1992 and listed on the Shanghai Stock Exchange in 1997.
|
|
|
|
|
|
|
|
|
|
|
