ABUJA - Mr Bello Suleiman, Chairman, Power Holding Company of Nigeria (PHCN), says the company will receive N594 million if it succeeds in reducing Sulfur Hexafluoride (SF6) emission from high voltage transmission.
Suleiman, who made this known in Abuja at a Stakeholders Forum on Emission Reduction Purchase Agreement (ERPA), said an agreement to that effect was signed with the Danish Carbon Fund in August 2007.
He said: “The contract value of the Agreement is 3,582,760 euro (about N594.74 million) in certified Emission Reduction (CERs) and Verified Emission Reduction (VERs).
“The ERPA is a hybrid involving a purchase of CERs between 2008 and 2012, and VERs between 2013 and 2014.
“The volume of purchase is 430,000 tonnes CERs and 172,000 tonnes VERs.
“Danish Carbon Fund (DCF) will pay 6.16 euro (about N1,022 ) per contract CER and 5.43 (about N901) per contract VER transferred to the trustee.’’
Suleiman said the ERPA was signed in August 2007 in respect of the project,
between TCN and the World Bank, as a trustee of the Danish carbon Fund.
He was represented by Mr John Ayodele, Head, Technical Department of PHCN.
“ Nigeria complies with its responsibilities under the UNFCC and Kyoto Protocol, and has approved that the PHCN (TCN) undertakes reduction of SF6 emission in High Voltage Transmission System as a Clean Development Mechanism project.
“SF6 is the most potent Green House Gas (GHG), with a very high global warming potential that is 23,000 times that of Carbon Dioxide (CO2),” he said.
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