TEPCO to Invest Y800 mln in Australia Forest Plan
7/9/99
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Title: TEPCO to Invest Y800 mln in Australia Forest Plan
Source: Reuters Limited
Status: Copyright 1999, contact source for permission to reprint
Date: July 9, 1999
TOKYO - Tokyo Electric Power Co Inc (TEPCO) said yesterday it will
invest 800 million yen over the next 30 years in an Australian
reforestation project to participate in a local carbon emission
credit scheme.
The New South Wales state government last November legalised trading
in carbon emission credits, and plans eventually to distribute the
credits to companies that participate in the reforestation project.
TEPCO will initially invest 200 million yen to plant trees on about
1,000 hectares of land in 2000, and aims to plant as much as 40,000
hectares over the next 10 years.
It estimates a 10,000 hectare forest absorbs up to 50,000 tonnes of
carbon dioxide emissions per year.
A spokesman said the company expects trading in carbon emission
credits to become common and sees limits to greatly increasing its
number of nuclear power plants.