| Bee Joo Industries Pte Ltd, a wholly owned subsidiary of Sesdaq-listed ecoWise Holdings Limited, a Singapore-based environmental solutions provider, has become the first Singapore registered company to secure the sale of certified emission reduction certificates (CERs), commonly known as carbon credits.
According to an emission reductions purchase agreement (ERPA), Bee Joo Industries will sell to Kansai Electric Power Co Inc, an electric power company in Japan, up to 95,000 CERs, generated from a clean development mechanism (CDM) project. The ERPA with Kansai will be for carbon credits generated from early 2008 until December 31, 2012. Susan de Silva, who heads Alban Tay Mahtani & de Silva’s corporate and commercial group, worked with KYOTO energy’s counsel to advise Bee Joo Industries on the Singapore law aspects of the ERPA. Bee Joo’s CDM project is currently in the registration process with the United Nations Framework Convention for Climate Change. The CDM project involves drying of waste, such as spent grains from breweries, and heating of ISO tanks at a centralised dryer, which will save 6.1 million litres of diesel fuel every year. Susan de Silva said: “With Singapore a recent signatory to the Kyoto Protocol, we expect to see more Singapore companies involved in CDM projects and trading carbon credits. We expect more companies to embrace the CDM mechanism to combat the challenges of climate change while generating revenue for their businesses.” |
