Abstract
ACONSORTIUM OF INVEStors has arranged to purchase 29.5 million metric tons of C02-equivalent emission reduction credits (CERCs) over six years in a deal valued at about $600 million at current prices. The deal, arranged by London-based Climate Change Capital, includes Deutsche Bank, Morgan Stanley, and Centrica, a U.K.-based energy supplier. Climate Change Capital's Carbon Fund, which just raised $830 million from investors, will also invest in the credits. The CERCs will come from Zhejiang Juhua Co., a Chinese firm that generates HFC-23 (trifluoromethane) as a by-product of making HCFC-22 (chlorodifluoromethane), a refrigerant used in room air conditioners. HFC-23 has a global warming potential 11,700 times greater than that of carbon dioxide. The Zhejiang deal follows a similar one backed by the World Bank (C&EN, Sept. 4, page 8). Purchase of Zhejiang's CERCs will help underwrite a facility to decompose HFC-23 now vented into the atmosphere at the firm's 16,000-metric-ton-per-year HCFC-22 production lin...
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