Banks Buy Over 200 Million Euro Chinese Carbon Credits
The banks and specialist investors the European Carbon Fund have bought 18 million tonnes of carbon credits, worth over 200 million euros, arising from a two coal seam methane recovery for power generation projects associated with coal mines in China. The project was developed by carbon specialists Camco.
"The projects will improve the safety in the mines and will reduce greenhouse gas emissions in the atmosphere," deal arrangers IXIS Environnement & Infrastructures said in a statement.
The idea is to buy credits cheap in bulk from countries like China and then sell them, for example, to European companies which face emissions targets under the EU's carbon market.
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