EcoSecurities (LSE:ECO), a leading company in the business of sourcing, developing and trading carbon credits from greenhouse gas (GHG) emission reduction projects, announce that they are expanding their operations in the African region. Since January 2007 the Company has firmed up contracts to develop Clean Development Mechanism (CDM) projects in Africa with the potential to generate over 12 million carbon credits, bringing the total volume of its African credit portfolio to over 15 million.
EcoSecurities Group has world class experience with projects in the areas of renewable energy, agricultural and urban waste management, industrial efficiency and forestry. The Group recognises the potential of carbon trading in attracting investment for activities in Africa, which in turn would result in positive social and environmental benefits for the region as a whole. With this in mind, EcoSecurities is currently in the process of expanding and strengthening its operations in Africa, and is forging links with local organisations so that its efforts are directed to sectors which are considered a priority in the region.
In Africa, EcoSecurities' portfolio of projects employs a variety of emission reduction technologies, including the production and use of bio-ethanol as a substitution for fossil fuels, hydroelectricity, natural gas power and solar water heaters. In South Africa, EcoSecurities is involved in the development of around a quarter (24%) of the projects currently listed by the South African Designated National Authority (DNA). EcoSecurities has also seen a growing interest in developing CDM projects in East and West Africa, with over 7 million carbon credits signed to date in these regions.
Country Director South Africa, Henk Sa, commented, "Africa has the potential to be one of the most important suppliers of emission reduction credits of any region in the developing world, but it is currently lagging behind in comparison with India, China and South American countries. EcoSecurities aims to contribute towards closing this gap and help Africa take its rightful place among the global leaders in the development of climate change projects."
Since the start of its operations in Africa, EcoSecurities, which opened an office of 5 staff in Johannesburg in 2006 and now has representatives in Kenya, Swaziland, Zambia, Mozambique, Ghana, Nigeria, Tunisia and Morocco, has worked with some of the largest corporations in the region including Sappi, Eskom and Highveld Steel Company, involved in both climate change strategies (i.e. portfolio assessments) and internal projects to lower their emissions and generate credits. EcoSecurities has also signed a co-operation agreement with Standard Bank to work together to identify potential projects in a variety of sectors in the African continent.
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, working with both project developers and 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 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 426 projects in 36 countries using 18 different technologies, with the potential to generate more than 178 million carbon credits.
EcoSecurities Group plc is listed on the London Stock Exchange AIM (LSE:ECO). Additional information is available at www.ecosecurities.com.