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Trading of Greenhouse Gas Emission Reductions & SEC/EPA Enviro Act.
Does anyone know if SEC/EPA environmental accounting is coordinating with
financial transparency of greenhouse gas emission trading?
Member of the Society of Environmental Journalists
----- Original Message -----
From: "Donald Sutherland" <firstname.lastname@example.org>
To: "CO2e.com Information" <email@example.com>
Sent: Tuesday, July 02, 2002 9:56 AM
Subject: Re: CO2e.com Completes Largest Ever Publicly Announced
Forward-Trade of Greenhouse Gas Emission Reductions
> Steve Drummond
> Corinne Boone
> Managing Director
> Dear Corinne Boone and Steve Drummond,
> Can you tell me what environmental accounting rules are incorporated in
> emission trading transactions to give stakeholders transparency of
> financial volatility and liability environmental performance?
> Your press release states:
> Steve Drummond, CEO of CO2e.com stated that, "CO2e.com is delighted to
> facilitated this transaction which dramatically demonstrates the power of
> emissions trading. A huge environmental benefit has been funded in a
> single, financially efficient transaction, rewarding innovation and
> OPG to meet its environmental targets cost-effectively.
> If OPG doesn't incorporate an environmental accounting rule to provide
> financial transparency of its environmental targets how can stakeholders
> review financial costs of emmission trading?
> Thank you for your prompt response to my inquiries.
> Best Wishes,
> Donald Sutherland
> Member of the Society of Environmental Journalists
> ----- Original Message -----
> From: "CO2e.com Information" <firstname.lastname@example.org>
> To: "CO2e.com Information" <email@example.com>
> Sent: Tuesday, July 02, 2002 7:31 AM
> Subject: CO2e.com Completes Largest Ever Publicly Announced Forward-Trade
> Greenhouse Gas Emission Reductions
> > FOR IMMEDIATE RELEASE
> > CO2e.com Completes Largest Ever Publicly Announced Forward-Trade of
> > Greenhouse Gas Emission Reductions
> > Toronto, 02 July 2002 - CO2e.com, LLC, a Cantor Fitzgerald company,
> > announced today two transactions totalling 9 million tonnes of carbon
> > dioxide equivalent (tCO2eq). One of the transactions of 6 million tCO2eq
> > the largest publicly announced firm purchase of CO2eq in the history of
> > global greenhouse gas market. The transactions consisted of two trades
> > CO2eq between BlueSource and Ontario Power Generation (OPG), two
> > companies in the field of emissions trading. OPG purchased the emission
> > reductions to satisfy their voluntary commitment to reduce greenhouse
> > emissions.
> > The two deals were facilitated by CO2e.com's Canadian office; the first
> > forward firm purchase by OPG of 6 million tCO2eq and the second an
> > for 3 million tCO2eq.
> > The total amount of CO2eq purchased by OPG is equivalent to the direct
> > emissions produced by 15,000 airplanes flying from Toronto, Canada to
> > Sydney, Australia. Companies like OPG who aim at reducing greenhouse gas
> > emissions act in accordance with the objectives of the Kyoto Protocol,
> > international treaty in which developed nations agreed to limit their
> > greenhouse gas emissions.
> > Steve Drummond, CEO of CO2e.com stated that, "CO2e.com is delighted to
> > facilitated this transaction which dramatically demonstrates the power
> > emissions trading. A huge environmental benefit has been funded in a
> > single, financially efficient transaction, rewarding innovation and
> > OPG to meet its environmental targets cost-effectively. It shows that
> > border trading is a viable reality and supports the sort of innovation
> > world needs to make real reductions in our impact on global climate
> > The purchased emission reductions stem from geological sequestration
> > projects in Texas, Wyoming and Mississippi. In 2000 and 2001, Blue
> > clients expanded the construction of a CO2 pipeline which gathers
> > produced CO2 and transports it to crude oil producers for injection into
> > mature oil fields to enhance oil recovery. The CO2 used for this process
> > would otherwise be vented into the atmosphere by natural gas processing
> > plants. Additionally, Blue Source's clients expanded their enhanced oil
> > recovery (EOR) operations allowing for additional injections of CO2.
> > CO2 is sequestered in underlying bedrock that formerly held the oil.
> > "Greenhouse gas emissions are a global concern. Emission reduction
> > are an effective tool for reducing emissions and OPG has been a leader
> > this area," said Ron Osborne, President and CEO of OPG. "We have
> > successfully lowered OPG's Greenhouse Gas (GHG) emissions using a range
> > approaches and we will continue initiating opportunities to improve
> > reduction."
> > Mr Bill Townsend, CEO, Blue Source, LLC said, "Geologic sequestration of
> > during EOR operations is an attractive source of greenhouse gas emission
> > reductions in the United States due to its underlying economics and
> > environmental assurance". Mr. Townsend further commented that,
> > Blue Source's considerable inventory of greenhouse gas emission
> > with OPG's greenhouse gas offset needs allowed for a transaction of this
> > magnitude to be completed."
> > For more information:
> > Corinne Boone Steve Drummond
> > Managing Director CEO
> > CO2e.com Canada Company CO2e.com, LLC
> > Ph: +1 416 350 2177 Ph: +44 20 7894 8333
> > Mobile: +1 905 464 2177 Mobile: +44 787 942 1095
> > E-mail: cboone@CO2e.com E-mail:
> > sdrummond@CO2e.com
> > OPG Media Relations Bill Townsend
> > Ontario Power Generation Chief Executive Officer
> > Ph: +1 877 592 4008 Blue Source LLC
> > Fax: +1 416 592 4008 Ph: +1 800 955 4750
> > E-mail:
> > firstname.lastname@example.org
> > About CO2e.com:
> > CO2e.com (www.CO2e.com) delivers market-based solutions to help
> > manage the opportunities and risks of climate change:
> > * Environmental brokerage
> > * Emissions neutral solutions
> > * Trading and risk management tools
> > * Advice and market information
> > CO2e.com, LLC, launched in November 2000, is part of the Cantor
> > group created in association with PricewaterhouseCoopers and powered by
> > eSpeedsm. In Europe CO2e.com operates as a division of Cantor Fitzgerald
> > International and globally, it has offices in London, New York, Toronto
> > Sydney.
> > About Blue Source:
> > Blue Source LLC, is a US-based firm that identifies, secures and markets
> > greenhouse gas emission reductions in US-based logistic, transportation,
> > manufacturing and enhanced oil recovery industries.
> > About Ontario Power Generation Inc.:
> > Ontario Power Generation (OPG - www.opg.com) is an Ontario-based company
> > whose principal business is the generation and sale of electricity to
> > customers in Ontario and in interconnected markets. The company's goal
> > be a premier North American energy company, focused on low-cost power
> > generation and wholesale energy sales, while operating in a safe, open
> > environmentally responsible manner. Its focus is on producing reliable
> > electricity from competitive generation assets, power trading, and
> > commercial energy sales.
> > Notes to the Editor:
> > Greenhouse gases such as carbon dioxide (CO2), methane (CH4), and
> > oxide (N2O) trap heat in the lower part of the earth's atmosphere. This
> > called the greenhouse effect and is said to cause the continual gradual
> > of the earth's surface temperature, also referred to as global warming.
> > global warming potential for each of the six greenhouse gases is
> > in a global unit of measurement CO2 equivalent (CO2eq).
> > The Kyoto Protocol is an international treaty that originated at the 3rd
> > Conference of the Parties (COP) to the United Nations Convention on
> > Change held in Kyoto, Japan in December 1997. In this meeting, the
> > nations agreed to limit their greenhouse gas emissions, relative to the
> > levels emitted in 1990. The Kyoto Protocol and associated national
> > legislation will have serious implications for all businesses, not only
> > direct emitters of greenhouse gases.
> > Emissions Trading is a market-based system that allows firms the
> > to select cost-effective solutions to achieve established environmental
> > goals. In the case of the transaction between BlueSource and OPG this
> > environmental goal is a reduction in greenhouse gas emissions. Emissions
> > Trading encourages compliance and financial managers to pursue
> > cost-effective emission reduction strategies and provides incentives to
> > emitters to develop the means by which emissions can inexpensively be
> > reduced.
> > In the projects associated with the transaction, CO2 is an industrial
> > by-product that is normally vented into the atmosphere during the
> > gas and oil extraction and processing. This waste CO2 is instead
> > and is then compressed and transported by pipeline to a producing oil
> > The captured CO2 is injected under pressure into oil wells to enhance
> > recovery and is ultimately stored in the bedrock, where it displaces
> > Since the waste CO2 would normally be vented, the initial greenhouse gas
> > reduction can be quantified on a 1-for-1-basis i.e. 1 metric tonne of
> > captured and injected results in 1 metric tonne of CO2 emission
> > However, approximately 1-3% of the injected CO2 may be re-released into
> > atmosphere, depending upon the design of the field operations. The
> > CO2 emission reductions are based on CO2 injected minus the amount of
> > re-released CO2.
> > # # #
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