Tokyo Power Firm Stores CO2 in Tasmanian Trees
11/19/99
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Title: TOKYO Power Firm Stores CO2 in Tasmanian Trees
Source: Environment News Service, http://www.ens.lycos.com/
Status: Copyright 1999, contact source for permission to reprint
Date: November 19, 1999
TOKYO, Japan, November 19, 1999 (ENS) - Australia's largest eucalypt
tree farmer is joining with one of the world's leading power-
generating companies to grow trees in Tasmania for carbon
sequestration. Carbon dioxide (CO2) is a heat-trapping greenhouse gas
blamed for global warming. Trees absorb CO2, sequestering the
damaging gas.
North Limited managing director, Malcolm Broomhead, took part in a
signing ceremony for the Tokyo Electric Power Company (TEPCO) to join
Tamar Tree Farms (TTF).
TTF was established in 1996 as a joint venture between North Limited,
Mitsubishi Paper Mills, and Mitsubishi Corporation.
TTF's principal objective is to grow eucalypt plantations in the
north east of Tasmania at the rate of 1500 hectares a year to provide
papermaking fibre for Mitsubishi Paper Mills.
TEPCO's principal reason for joining the joint venture is carbon
sequestration. Established in 1951, Tepco is the biggest supplier of
electricity in Japan, principally to the Tokyo area, employs 42,000
people, and has 25 million customers.
TEPCO's contribution to the TTF program will involve A$10 million
dollars. This will allow the total area under eucalypt plantation to
expand by 3,000 hectares to 25,500 hectares by 2011.
TTF is a component of a total plantation estate in Tasmania managed
by North subsidiary, North Forest Products, which covers 54,000
hectares.
Broomhead said TTF was an example of North's commitment to capital
efficiency utilising the company's expertise as a world leader in
tree breeding and the establishment and management of eucalypt tree
farms.
In July, TEPCO promised to invest 800 million yen over the next 30
years in Australian reforestation to participate in a carbon emission
credit plan.
The New South Wales state government legalised trading in carbon
emission credits in November of 1998, and plans to distribute the
credits to companies that participate in the reforestation.
TEPCO plans to 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.
The power company 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 increasing its number of
nuclear power plants.