Irish-based greenhouse gas credits trader Agcert said yesterday that it made "substantial progress" in operations and getting regulatory approval during the year.
Agcert uses a technique called biodigestion to eliminate methane, a greenhouse gas, from animal waste produced on farms. For doing this, it gets reduction credits, known as offsets, which it sells to industries that produce high levels of greenhouse gas.
The offset system was developed under the terms of the Kyoto accord, an international agreement designed to reduce greenhouse gas emissions, which are believed to be responsible for global warming and climate change. Agcert said yesterday that by December 9th, it had arrangements for 1,300 biodigestion sites in Mexico and South America, while 244 sites are being built.
The United Nations has approved Agcert's projects in Mexico and Brazil to qualify as a source of greenhouse gas offsets, also known as certified emission reductions (CER). "The board anticipates the company's first CERs will be certified and ready for delivery by the end of the first quarter of 2006," it said.
"The company expects to produce an amount of offsets to meet contracted deliveries, subject to completing approval."
Agcert's share price halved in September after it warned it would not meet some of its original targets. However, it has since recovered some ground. It closed at 198.5 pence (€2.95) yesterday, down 1.5 per cent.
