Contact:
Bill Brady, Cargill, 952-742-6608
EcoSecurities and Cargill achieve significant milestone with over 5 million tonnes of CERs contracted from Emission Reduction projects
EcoSecurities, a leading company in the business of sourcing, developing and trading carbon credits throughout the world, announces that Cargill has now fully vested Warrants on the Group’s shares which were granted in 2005.
EcoSecurities Group plc and Cargill, one of the world’s leading agribusiness companies, signed a business development agreement in 2005 to work together on green house gas emission reduction projects within Cargill and with Cargill’s clients and contacts. To date this partnership has been successful with EcoSecurities and Cargill most recently teaming up to identify and develop methane capture projects in the Philippines, Mexico and Indonesia – several of which are due to be submitted for registration later this month.
As part of the business development agreement a Deed Poll was issued granting Cargill warrants to subscribe for up to 3,248,720 ordinary shares of €0.0025 par value in the company at a price of US$1.1543 per share. The warrants were dependent upon EcoSecurities signing agreements with companies introduced by Cargill that have the potential to achieve a number of Agreed Emissions Reductions, which in aggregate total 5 million gross metric tonnes of Carbon Emission Reductions (CERS).
Eugenio Meschini, managing director of Cargill Emission Reductions Services, said “At Cargill, we believe a market-based approach to environmental issues can forge sustainable growth. Working with EcoSecurities, we are identifying emission reduction opportunities across our supply chain – from our suppliers to our customers to our own operations. These projects can generate carbon credits to be traded globally. I’m enthused at what we’ve been able to do already and more so at the possibilities for the next decade and beyond.”
Bruce Usher, CEO, EcoSecurities states “The projects contracted with the help of Cargill allow EcoSecurities enhanced access to reducing emissions in the animal and agricultural waste sectors. I am very pleased that this relationship has resulted in projects with the potential to achieve over 5 million tonnes of CERs”.
Usher goes on to state “Moving forward we are very committed to further developing our presence in the United States. With offices in New York, Los Angeles and Portland, combined with a proven relationship with one of America’s largest multi-national companies, EcoSecurities is well positioned to take advantage of emerging opportunities in the US market”.
For further information please contact:
Rachel Mountain
Marketing Department
EcoSecurities
Tel: +44 (0) 1865 202 635
Email: rachel.mountain@ecosecurities.com
About EcoSecurities:
EcoSecurities is one of the world’s leading companies in the business of originating, developing and trading carbon credits. EcoSecurities structures and guides greenhouse gas emission reduction projects through the Kyoto Protocol, acting as principal intermediary between the projects and the buyers of carbon credits.
EcoSecurities works with companies in developing and industrialising countries to create carbon credits from projects that reduce emissions of greenhouse gases. EcoSecurities has experience with projects in the areas of renewable energy, agriculture and urban waste management, industrial efficiency, and forestry. With a network of offices and representatives in over 20 countries on five continents, EcoSecurities has amassed one of the industry’s largest and most diversified portfolios of carbon projects. Today, the company is working on 213 projects in 27 countries using 17 different technologies, with the potential to generate more than 130 million carbon credits.
EcoSecurities also works with companies in the developed world to assist them in meeting their greenhouse gas emission compliance targets. Utilising its highly diversified carbon credit portfolio, EcoSecurities is able to structure carbon credit transactions to fit compliance buyer’s needs, and has executed transactions with both private and public sector buyers in Europe, North America and Japan.
Working at the forefront of carbon market development, EcoSecurities has been involved in the development of many of the global carbon market’s most important milestones, including developing the world’s first CDM project to be registered under the Kyoto Protocol. In 2006, EcoSecurities won the Point Carbon Award for ‘Best CDM/JI Project Developer’. EcoSecurities’ consultancy division has been at the forefront of all the significant policy and scientific developments in this field., and has been voted the world’s leading greenhouse gas advisory firm over the last five years by reader surveys conducted by Environmental Finance Magazine.
EcoSecurities Group plc is listed on the London Stock Exchange AIM (ticker ECO.L). Additional information is available at www.ecosecurities.com.
About Cargill:
Cargill is an international provider of food, agricultural and risk management products and services. With 149,000 employees in 63 countries, the company is committed to using its knowledge and experience to collaborate with customers to help them succeed.
About the Clean Development Mechanism
The Clean Development Mechanism (CDM) is a project based mechanism that was established under the Kyoto Protocol to the United Nations Framework Convention on Climate Change (UNFCCC). The two main objectives of this market based approach are: i) to allow Annex I countries that have specified greenhouse gas (GHG) emissions targets in Annex B to the Kyoto Protocol to acquire Certified Emission Reductions (CERs) from CDM project activities undertaken in Non-Annex I parties and count them towards their Kyoto targets and ii) to assist countries not included in Annex I to the UNFCCC in achieving sustainable development.