|
|
Article: Russia: Carbon Fund Set Up By EBRD And EIB In 1st Russian Venture - Agrees To Buy Carbon Credits Generated By Cutting Gas-Flaring At Eastern Siberia Oil Field.
- Article from:
- TendersInfo
- Article date:
- August 26, 2009
CopyrightCOPYRIGHT 2009 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Byline: manish03
In the first such transaction in Russia, carbon credits generated by utilising gas which would otherwise be flared at an oilfield in eastern Siberia are to be purchased through a carbon fund set up by the EBRD and the European Investment Bank (EIB), the Multilateral Carbon Credit Fund (MCCF).
The gas which will be re-utilised under this scheme is a by-product of oil extraction. The underlying project involves Irkutsk Oil. The EBRD holds an 8.15 percent stake INK-Capital, the primary holding of Irkutsk Oil.
The carbon credits being bought through the MCCF are to be generated via the Joint Implementation (JI) mechanism under the ...