LONDON: Project developers Camco International sold 151,288 tonnes of UN-approved carbon emission offsets on the spot market, generating some 1.75 million euros ($2.61 million) in profit, it said on Tuesday.
With benchmark offsets, called CERs, trading around 19.75 euros a tonne on Tuesday this values Camco's portfolio at 825.6 million euros ($1.23 billion).
London-based CAMCO said it sold the CERs to an undisclosed buyer for an average price of around 19.07 euros ($28.39) a tonne. This compares to an average price paid by Camco of 7.5 euros per tonne. Camco's shares were up 1.5 pence or 3.3 per cent to 46 pence on the news.
"We are delighted that this emission reduction project developed by Camco under a share contract, has created its first carbon revenues for the project owner and Camco," CEO Jeff Kenna said in a statement.
Under the UN's Kyoto Protocol on global warming, companies and governments from rich nations can invest in emissions-cutting projects in developing countries, generating offset credits that can then be used to meet emissions targets or sold for profit.
Camco said its portfolio of over 150 projects is expected to receive 151 million CERs by 2012, of which 41.8 million will go directly to Camco. The CERs sold Tuesday were issued by the UN's climate change secretariat to a project that captured coal mine methane in China's Shanxi province between Sept 2007 and March 2008.
A total 441,073 were issued to the project for that period, with the project owner receiving the majority. Tuesday's CERs are the first to be received and sold directly by Camco, Chief Financial Officer Scott McGregor said.
McGregor would not say to which emissions registry the CERs were delivered, but confirmed it was outside the European Union.
