Bloomberg Jan 20---United Co. Rusal, billionaire Oleg Deripaska’s aluminum company, said it may earn as much as $15 million from selling United Nations emissions credits generated by reducing emissions at a smelter in Russia.
Cutting production of perfluorocarbon, a greenhouse gas more potent than carbon dioxide, at the site in Krasnoyarsk has been approved by the UN’s Kyoto Protocol to earn emission reduction units, the company said in a statement. These are tradeable credits that can be used by nations and European factories and power stations to comply with emission caps.
The project, which slashed 464,500 metric tons of carbon- dioxide equivalent in the two years through 2009, is expected to cut a total of 1.16 million tons in the four years through 2012, according to the statement.
UN ERUs for immediate delivery were 11.20 euros a metric ton yesterday on the Paris-based BlueNext exchange. Carbon Trade & Finance, a venture between OAO Gazprombank and Commerzbank AG, is the buyer of offsets from the project, Rusal said.