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CO2e Leads Way in Emissions Trading Market with the most Significant Clean Development Mechanism (CDM) Transactions to date

New York, NY, August 24, 2004 – CO2e.com, the leading broker of greenhouse gas emissions and carbon commerce announced today their facilitation of two transactions in one of the largest ever Clean Development Mechanism (CDM) projects to date.

Involving three of the world’s largest food and utility companies and made possible through the Kyoto Protocol emissions trading provision, CO2e.com worked closely with Mitsui & Co. (part owner of CO2e) in Japan, and Urquidi, Riesco & Compañia in Chile to facilitate the transaction and to develop the documentation necessary to attain the required approvals for the project under the UN approval process. 

The multi-million dollar deal, transacted under the CDM, a market based mechanism under the Kyoto Protocol to encourage commercial investment in sustainable development projects in developing countries that reduce greenhouse gas emissions, involves contracts between Agrosuper, the leading pork producer in Chile and the eighth largest in the world, and two of the world’s leading electric utilities companies, Transalta of Canada and Tokyo Electric Power Company (TEPCO) of Japan.  It is also the first official transaction in Chile which uses approved UN methodology and has also received approval from the Chilean Designated National Authority.

The project, involving the capture and combustion of methane made possible by an innovative swine manure treatment process, is part of over 400,000 tonnes of greenhouse gases reduced per year on the farm generated by over 100,000 pigs, putting Agrosuper well ahead of worldwide treatment standards.

The sale is believed to be the world’s largest transaction to date under the provisions of the Kyoto Protocol, a treaty signed in 1997 to address and manage global climate change issues and is one of many that CO2e.com has brokered to mitigate the effects of climate change using market mechanisms.

“CO2e.com is dedicated to delivering market-based solutions to help companies manage climate change risk and maximize opportunities”, said Corinne Boone, Managing Director, Americas at CO2e.com.  “These transactions clearly demonstrate the opportunities that the CDM offers companies such as Agrosuper and will make a significant contribution to reducing GHG emissions and at the same time receive economic benefits.  They also show the essential part that emissions trading has to play in the world’s ability to meet reduction targets and benefit both environment and business.”

Sergio Vives, Partner at Urquidi, Riesco & Compañia said, “Working on this milestone deal has been a remarkable experience. The good spirit of all parties involved paves the way for more deals in the future, helping companies to comply with their Kyoto Protocol obligations. We will maintain our efforts to demonstrate that investing in good environmental practice does pay!”

Agrosuper CEO, José Guzmán, added, "With these transactions, Agrosuper has staked its place as a leading player in the developing global emissions trading market.  We will continue with this visionary approach by seeking out opportunities which demonstrate our continued environmental leadership and our strategy to consider the environmental and social objectives hand in hand with our business.”

Toshinobu Sato, General Manager, Environment Department of TEPCO, explained the background of the transaction, “TEPCO has set a challenging voluntary target to reduce 20% of CO2 emissions per electricity unit by 2010, compared to that of 1990. In order to achieve this target, TEPCO is enforcing domestic measures, such as enhancing nuclear power, raising thermal efficiencies, and developing renewables. Moreover, we are trying to make use of carbon credits through the Kyoto Mechanisms.  This project with the Agrosuper is highly compatible with the CDM eligibilities, and we are sure that it will become the world’s leading model of CDM projects.”

”Meeting Canada’s Kyoto commitment will be a huge challenge and TransAlta needs emission trading if we are going to begin to make progress,” says Steve Snyder, TransAlta’s President & CEO. “CO2e.com has played an instrumental role in realizing this agreement for TransAlta."

About CO2e.com

CO2e.com, LLC. a subsidiary of leading financial services provider Cantor Fitzgerald, L.P., is a multinational company created to serve as the pre-eminent business-to-business resource for companies to understand, mitigate and manage the transition to a greenhouse gas constrained future.  CO2e.com, LLC. is organized as CO2e.com Company in Canada, CO2e.com Ltd., in the UK and operates through Mitsui & Co. in Japan.

Our greenhouse gas (GHG) brokerage is located in London, Toronto, Tokyo and the USA with local representation in many other countries through agency agreements. We broker verified emission reductions, AAUs, ERUs (under Joint Implementation), CERs (under the Clean Development Mechanism), UK Allowances, and EU Allowances.  We have brokered tens of millions of tonnes of greenhouse gas offsetsglobally. We have extensive experience in the global greenhouse gas market and have successfully facilitated transactions in Canada, the United States, Europe, Latin America and Japan.  Additional information on CO2e.com can be found at www.co2e.com

About Mitsui & Co.

Mitsui & Co., Ltd. is one of the largest trading houses in the world and is active in a wide range of trading activities, along with the development of energy sources and other natural resources for various industries. To meet the growing CER demand from customers in Japan, Mitsui has established a strong brokerage network in connection with CO2e.com and has been active in the development of and participation in CDM/JI projects. For further information, please visit www.mitsui.co.jp.

About Urquidi Riesco & Compañia

This Law Firm is considered one of the most important Offices dealing with environmental and natural resources law in Chile. It was the first and is still the only one dealing with CDM projects in Chile, advising also foreign Governments and other companies in Southamerica. The Law Firm is part of a network of leading environmental Law Firms in the Americas, which have the aim of increasing the participation of Latin America in the CDM market.  Additional information on Urquidi Riesco & Compania can be found at www.urquidiriesco.cl

About Agrosuper

Agrosuper’s business mission is to provide complete solutions to its costumers with regards to the timely supply of products into domestic and international markets.   Its number one priority is to attain total quality with respect to products and service, thereby being able to ascertain unparallel freshness and quality, all of which Agrosuper only is able to achieve.  Additional information on Agrosuper can be found at www.agrosuper.com.


The Tokyo Electric Power Co., Inc (TEPCO) supplies power to more than 27 million customers in Tokyo and the surrounding Tokyo Metropolitan Area, which accounts to nearly one third of the total power consumption of Japan. TEPCO is one of the world’s largest private power companies and has more than 60GW of generating capacity produced by the nuclear, fossil fuel, hydro and other renewables.  Additional information on TEPCO can be found at www.tepco.co.jp

About TransAlta

TransAlta is among Canada's largest non-regulated power generation and wholesale marketing companies.  We have coal-fired, gas-fired, hydro and renewable generation assets in Canada, the U.S., Mexico and Australia. With approximately 10,000 megawatts of capacity in operation, under construction or in development, our focus is to efficiently operate our assets in order to provide our wholesale customers with a reliable, low-cost source of power.  Additional information on TransAlta can be found at www.transalta.com.


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