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Monday, April 21, 2014
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Georgia’s largest power plant to trade Carbon Credits

03/02/2013 21:02 (441 Day 09:58 minutes ago)

The FINANCIAL -- Georgia’s largest power plant, Enguri Hydro Power Plant, will be able to sell carbon credits earned thanks to an EBRD-financed energy efficiency project.



The EBRD investment from 1998 in the total amount of $70 million was used to upgrade all five units and increase the plant’s operational capacity. The project has now been registered under the Kyoto Protocols’ Clean Development Mechanism and is estimated to generate over 5.8 million carbon credits over the ten-year crediting period. These credits can now be sold on global carbon markets to businesses and governments that are close to exceeding their greenhouse gas emission quotas.


The largest power source in Georgia, the Enguri Hydro Power Plant is located on the Enguri river and provides c. 40% of Georgia’s domestic power supply. The EBRD-financed improvements, including introducing state-of-art-technology and building capacity, reduce the need to use electricity from fossil fuel power stations; help Georgia cut imports of expensive natural gas used for power generation and increase country’s energy security by replacing natural gas with renewable domestic hydropower.


“Since 1998 the EBRD has been consistently supporting upgrades at Enguri hydro power plant to increase its energy efficiency. Most recently the Bank has helped build capacity to enable the plant monetise the environmental benefits of cutting greenhouse gas emissions,” says Friso de Jong, Carbon Manager at the EBRD. “We are now very proud that the latest project to refurbish the plant has been registered under the Kyoto Protocol’s Clean Development Mechanism and will allow the plant to monetise its CO2 emission reduction potential. It is another prominent achievement for Georgia and the wider region, that so far has struggled to benefit from carbon trading,” he added.


The rehabilitation of the Enguri HPP is the fourth Clean Development Mechanism registered project located in Georgia. The registration process was initiated by Engurhesi, the company implementing the project, and was assisted by ICF International, engaged by the EBRD.


Most recently a thermal power plant in Azerbaijan, AzDRES, has been registered under the Clean Development Mechanism and is now able to sell carbon credits earned thanks to an EBRD-supported energy efficiency modernisation project.



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Parliament issues strong call for EU lobby transparency register to become mandatory

16/04/2014 16:53 (4 Day 14:07 minutes ago)

The FINANCIAL -- The report approved by MEPs gives an important signal to the European Commission that a far more ambitious approach is needed to secure genuine lobby transparency in the EU, according to EUbusiness Ltd.

American Express Reports First Quarter EPS of $1.33, Up 16 Percent from a Year Ago

19/04/2014 14:24 (1 Day 16:36 minutes ago)

The FINANCIAL -- American Express Company reported first-quarter net income of $1.4 billion, up from $1.3 billion a year ago. Diluted earnings per share rose 16 percent to $1.33, from $1.15 a year ago, according to the American Express Company.


World News
Helping Bulgarian farmers to become landowners

19/04/2014 11:39 (1 Day 19:21 minutes ago)

The FINANCIAL -- The EBRD is providing a €5 million to loan to Elana Agrocredit AD to co-finance the development of Bulgaria’s agricultural land market.

The World Bank Supports Small and Medium-sized Businesses in Tunisia

19/04/2014 10:29 (1 Day 20:31 minutes ago)

The FINANCIAL -- The World Bank approved an additional loan for US$100 million for Micro, Small and Medium Enterprises (MSMEs) in Tunisia.

EBRD loans to boost energy efficiency and support competitiveness of Macedonian companies

16/04/2014 16:42 (4 Day 14:18 minutes ago)

The FINANCIAL -- The EBRD has teamed up with Macedonian bank, NLB Tutunska banka, to increase the competitiveness of the Macedonian private sector and to promote energy efficiency in the country with a €6 million financing package, according to EBRD.      

EBRD helps modernise Baltic freight handling

16/04/2014 16:29 (4 Day 14:31 minutes ago)

The FINANCIAL -- A €32.5 million loan from the EBRD to Klaipedos Smelte, the company operating the container terminal at Klaipeda port in Lithuania, helped modernise its freight handling capacities and upgrade the whole Baltics region as a transit hub, according to EBRD.

Africans among the most morally opposed to contraception

19/04/2014 08:33 (1 Day 22:27 minutes ago)


The FINANCIAL -- Speaking to bishops from Tanzania last week, Pope Francis praised church workers in Africa “who strive diligently to educate people in the area of sexual responsibility and chastity” with the aim of preventing HIV and AIDS.


Major Cloud Service Providers Slash Prices; Threaten Smaller Players’ Existence: IDC Warns

19/04/2014 13:40 (1 Day 17:20 minutes ago)

The FINANCIAL -- In the last week of March, major Cloud Service Providers (CSPs) in Asia dropped their prices for core services dramatically and IDC believes that this will make it very difficult for smaller CSPs to remain in business if they continue to rely on provision of basic, undifferentiated services, according to International Data Corporation (IDC).

Philippines: Further reforms to strengthen growth, create more and better jobs

11/04/2014 12:00 (9 Day 19:00 minutes ago)

The FINANCIAL -- The Philippines is likely to remain as one of the fastest growing economies in the East Asia and Pacific region in the next two years.

Shell announces Malaysia deep-water gas discovery

19/04/2014 12:52 (1 Day 18:08 minutes ago)

The FINANCIAL -- Shell announced an exploration discovery offshore Malaysia. The successful ‘Rosmari-1’ well is located 135 kilometres offshore in Block SK318, and was drilled to a total depth of 2,123 metres, according to Shell.

M&A insurance grows as confidence increases

18/04/2014 16:18 (2 Day 14:42 minutes ago)

The FINANCIAL -- As the green shoots of economic recovery have started to show in key markets like the UK and US, demand for mergers and acquisitions (M&A) insurance has been rising, according to Lloyd's, the world's specialist insurance market.


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