August 29, 2008

WISCO and State Grid Corporation of Italy ink CDM pact

It is reported that WISCO and State Grid Corporation of Italy signed Clean Development Mechanism cooperation agreement on 5th May 2008.

The report added that state Grid Corporation of Italy will purchase greenhouse gas emission from WISCO, while WISCO would use the capital to strengthen energy saving, emission reduction and environmental protection.

WISCO pays high attention on environmental protection, energy saving and emission reduction. During “11th five-year plan”, the investment in fields above accounts for 15% in total investment in WISCO. In order to make the best of international cooperation mechanism and to further promote environmental protection, energy saving and emission reduction.

WISCO has been actively developing the application for CDM project since 2006. By now, five CDM projects in WISCO have been approved by authentication authorities in UN. Total investment in these five projects is over CNY 3 billion. When projects reach the design level, it is predicted to produce 3.16 million tonnes of carbon dioxide emission. According to the purchase price settled by WISCO and State Grid Corporation of Italy, WISCO may obtain an income of CNY 3 million per year during the contract period.