05 March 2009 12:23 [Source: ICIS news]
SINGAPORE (ICIS news)--LANXESS’ €10m ($12.7m) investment in a thermal reduction plant for nitrous oxide at its site in Krefeld-Uerdingen, Germany, will be able to wholly refinance itself by selling the resulting emissions reduction credits, the German specialty chemicals maker said on Thursday.
“This is in the interests of both environmental protection and our own commercial success,” said Axel Heitmann, LANXESS’ CEO and chairman.
“In the long term, we will only remain competitive internationally if we act sustainably.”
The thermal reduction plant, known as LARA, based at LANXESS' adipic acid unit, is able to reduce emissions of nitrous oxide by up to 5,000 tonnes/year, or 1.5m tonnes of CO2 emissions by 2012, compared with 2007 levels, according to a company statement.
Emissions reduction credits can be sold for a monetary value under the 1997 Kyoto Protocol, which requires signatory countries to reduce greenhouse gas emissions by a collective average of 5% below their 1990 levels between 2008 to 2012.
All countries in the EU have ratified the Kyoto Protocol.
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