ENDESA Launches the World's First Private Initiative to Make Large Scale Purchases of Emission Rights
October 18 2005 - 9:14AM
Business Wire
ENDESA (NYSE:ELE): -- The aim is to purchase 15 million tonnes of
CO2 emission rights by 2012, leveraging the flexible mechanisms
provided for by the Joint Application Clean Development Mechanisms
contained in the Kyoto Treaty. -- The tender process for emission
trading projects is now open. Contracting is to be speedy,
flexible, pragmatic and competitively priced. ENDESA (NYSE: ELE)
has launched a pioneering global CO2 emissions rights purchasing
initiative. The target is to purchase 15 million CO2 emissions
rights through to 2012 via the flexible mechanisms provided for in
the Joint Application Clean Development Mechanisms contained in the
Kyoto Treaty. To this end, the Company is planning to set up
workshops worldwide with the purpose of explaining the contracting
procedures and agreements necessary to carry out the rights
trading. The five-step process for trading CO2 rights on behalf of
ENDESA guarantees both the buyer and the seller security throughout
the entire procedure, starting with project analysis and
culminating in the signing of a CO2 emission rights contract
between the Company and the project developer. Rafael Miranda,
ENDESA's CEO, stated that "as one of the world's leading utilities,
operating on three continents, Endesa is a solvent entity,
experienced in project financing. We know how to do business and
understand project developers' requirements. We propose a flexible,
pragmatic and speedy way to purchase emission rights, providing
projects with additional hard currency liquidity. The simple
contracting process will lead to reduced transaction costs for all
parties concerned." ENDESA sees sustainable development as a growth
opportunity for the company, not forgetting its social
responsibility to the companies it operates with, efficient use of
resources, its obligation to avoid undue environmental harm and
wealth creation for those that invest in, work in or use the
company's services. ENDESA's Spanish facilities slashed their CO2
emissions by 27.5% between 1990 and 2004, while doubling their
output during the same period. ENDESA expects its specific CO2
emissions to be 35% lower in 2007 compared to 1990. This document
may contain certain forward-looking statements regarding
anticipated financial and operating results and statistics that are
subject to risks and uncertainties as well as to material risks,
changes and other factors which may be difficult to predict,
including, without limitation, those factors described in the
Documento de Registro de Acciones of Endesa filed within the
Comision Nacional del Mercado de Valores and in the Form 20-F of
Endesa filed within the Securities and Exchange Commission, both
for the fiscal year ended December 31, 2004. For all of these
forward-looking statements, we claim the protection of the safe
harbour for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995.
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