Beijing, April 3, 2008
—IFC, a member of the World Bank Group, and Shenzhen PhasCon have signed an agreement to help reduce methane emissions from three landfills in China. Methane, a greenhouse gas, is captured at the landfills to produce electricity. Through the Clean Development Mechanism of the Kyoto Protocol, the landfills qualify for Certified Emission Reductions. The agreement takes place under the IFC-Netherlands Carbon Facility, and IFC will use the Dutch government’s funds to buy emission reductions for more than $22 million.
Through the facility, IFC purchases emission reductions in developing countries to help the Netherlands comply with its Kyoto Protocol commitment. Two of the landfill projects are owned by Shenzhen PhasCon Technologies Company Ltd, and the third is majority owned by Dalian PhasCon Technologies Company Ltd, a PhasCon subsidiary.
Dr. Yu Yuanqi, Chairman of the Board at PhasCon, said, “We are proud to partner with IFC to make a contribution to abate climate change. The arrangement with IFC and its relationships with local banks will allow us to complete our projects and pursue more climate-friendly projects.”
Vikram Widge, Head of IFC’s Carbon Finance Unit, said, “We expect that small projects like these will play a key role in reducing greenhouse gas emissions in China. In this instance, IFC is supporting the abatement of methane emissions in the Liaoning and Guangdong provinces. We are helping improve air quality for the surrounding communities and ensuring the efficient production of electricity from landfill gas.”
IFC manages two carbon purchase facilities on behalf of the Dutch government. IFC also offers several financial products for the growing carbon market, including a carbon delivery guarantee for projects that generate emission reductions and loans against emission reduction purchase agreements. For more on IFC’s carbon finance offerings, visit
www.ifc.org/carbonfinance
.
About IFC
IFC, a member of the World Bank Group, fosters sustainable economic growth in developing countries by financing private sector investment, mobilizing private capital in local and international financial markets, and providing advisory and risk mitigation services to businesses and governments. IFC’s vision is that people should have the opportunity to escape poverty and improve their lives. In FY07, IFC committed $8.2 billion and mobilized an additional $3.9 billion through syndications and structured finance for 299 investments in 69 developing countries. IFC also provided advisory services in 97 countries. For more information, visit
www.ifc.org.
About PhasCon and its subsidiaries
PhasCon Technologies is a company specialized in green energy services. It is committed to energy efficiency and renewable energy development to better utilize energy resources and mitigate climate change for sustainable development. Headquartered in Shenzhen, PhasCon has operations in Meizhou, Dalian, Huizhou, and Wuhan.
PhasCon has played a positive role in energy resources management. It has rich technological and engineering strength as well as investment and management experience in the development of CDM projects, including the recovery and utilization (mostly for power generation) of municipal landfill gas, coal bed methane, and biogas from organic waste water. It also boasts abundant expertise in other CDM consultation services such as wind power and industry heat recovery.
PhasCon won a Chinese National Enterprise New Record Award in 2002 for its energy efficiency technology for its A/C motor and an UNIDO Blue Sky award for its patented municipal landfill gas recovery and power project.
