Issue Date: May 31, 2004
Ineos pioneers a carbon trade
Britain-based Ineos Fluor will sell 2 million metric tons of Certified Emission Reductions to an undisclosed European corporate buyer, beginning in 2006. The trade will help to cover the buyer's needs in the first commitment period covered by the Kyoto protocol. "As far as we are aware, this is the first large-scale forward emissions reductions trade between two private companies in Europe," says Dave McGreal, Ineos Fluor's European commercial manager. The European Union emissions trading scheme under which the deal occurred goes into effect next year; a Certified Emission Reduction is a credit equivalent to 1 metric ton of carbon dioxide.
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