SWISS RE IN CHINA EMISSIONS TIE-UP
SWISS RE has joined forces with emission-reduction specialist Arreon Carbon to create a facility to purchase China-based certified emission reductions (CERs). CERs are greenhouse gas emission-reduction credits under a Kyoto Protocol scheme called the Clean Development Mechanism (CDM). Each CER corresponds to one tonne of carbon dioxide not emitted into the atmosphere. The facility, which could invest up to E300m ($384m) in CERs by the end of 2012, will enable Swiss Re and Arreon Carbon to acquire the CERs from what they described as "a broad range of high-quality CDM projects". Ben Lashkari, head of emissions at Swiss Re ’s environmental and commodity markets division, said: "Quality and diversified credit origination allow us to offer our clients greenhouse gas-related products and services including sales of guaranteed CERs to clients who need to comply with carbon-emissions caps and trade systems." To receive carbon credits, projects must demonstrate they are reducing GHG emissions beyond "business as usual" scenarios in a rigorous review and certification process.
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