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China Saw 1st Carbon-offset Deal Clinched on Nov. 17

Posted on: Wed, 18 Nov 2009 06:33:00 EST

Symbols: CXCHF

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SHANGHAI, Nov 18, 2009 (SinoCast Daily Business Beat via COMTEX) --
CXCHF | Quote | Chart | News | PowerRating -- China saw the first carbon neutral trade based on carbon footprint verification clinched on the Tianjin Climate Exchange (TCX) on November 17.

On the day, Pacific Millennium (China) Packaging & Paper Industries Co., Ltd. agreed to pay for the 6,266 tons of carbon it emitted from January 1, 2008 to June 30, 2009 by giving a consideration to HSE Environmental Engineering Consulting Co., Ltd., a company based in Xiamen, Fujian Province.

The carbon-offset deal is part of Pacific Millennium (China)'s effort to shore up environmental protection, said Mu Lingling, deputy general manger for the exchange, noting that the Shanghai-based packaging and paper maker will turn into the first zero emission company in the Chinese packaging industry.

At present, the country has not worked out detailed requirements for companies to offset carbon emission, pointed out Chen Hongbo, an expert at the Research Center for Sustainable Development under the Chinese Academy of Social Sciences.

Source: dycj.ynet.com (November 18, 2009)

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