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Deal on carbon credit

By Li Jing (China Daily)
Updated: 2008-05-06 09:43

Enel, Italy's largest power company, reached an agreement to purchase 11.45 million tons of carbon emissions from Wuhan Iron and Steel Corporation by 2012 under the clean development mechanism (CDM) on Monday.

The market value of these carbon credits is estimated at 150 million euros ($232.8 million). Fulvio Conti, Enel CEO, said the company purchased the credits at about 8 euros per ton, lower than the average price of 10 euros on the international market.

The reduction of CO2 emission will be achieved through five energy-efficient projects, including combined cycle power plant, in which the waste heat is used to generate additional electricity, thus enhancing the efficiency of electricity generation.

A memorandum of understanding was also signed between the Ministry of Science and Technology (MST), the Ministry for the Environment of Italy and Enel, with an aim to promote clean-coal technologies including ultra supercritical power plants and carbon capture and storage.

If installed at all of China's new coal power plants, these technologies would increase efficiency by about 50 percent and reduce more than a third of the CO2 emissions generated per mWh, according to Enel.

"Enel will deliver its engineering expertise and experience to China through the cooperation," said Conti.

"The memorandum on clean-coal technologies is a further step of cooperation between China and Italy, which was initiated in 2001," said Yao Weike, a top MST official.