XL TechGroup company AgCert International announces agreement with EPCOR Utilities
05 December 2005
XL TechGroup (AIM: XLT), the systematic architect and builder of an ongoing stream of high value new companies, announces that the Canadian subsidiary of XL TechGroup company, AgCert International plc (“AgCert”), has reached an agreement with EPCOR Utilities Inc., one of Canada's leading power and water utility companies, for the supply of Canadian greenhouse gas offset credits generated from farming operations under contract with AgCert Canada.
Under the agreement, AgCert Canada will deliver 100,000 tonnes of CO 2 equivalent (CO 2e) offsets to EPCOR for an initial period of six years, commencing in 2006. These offsets will be generated to conform to the standards set by the Canadian Offset Program Authority, which is expected to be established in early 2006.
“EPCOR is serious about mitigating greenhouse gas emissions and doing our part to support Canada's greenhouse gas management commitments,” said Dr. David Lewin, EPCOR's Senior Vice President of Environment. “By working with AgCert, we have secured high value Canadian offsets that are authentic and verifiable and have taken action to support a stronger offset market within the country.”
Bill Haskell, CEO, AgCert International, said, “AgCert and EPCOR have entered into one of the largest emission offset credit purchases ever undertaken within the emerging Canadian marketplace. AgCert Canada looks forward to working with the new Canadian Offset Program Authority to further advance Canada's domestic marketplace. Through the development of a market that is based on verifiable and authentic offsets, AgCert Canada can help Canadian businesses to reduce their emissions in an effective and economically sustainable manner.”
Dr John Scott, CEO of XL TechGroup, said: “We are delighted that AgCert Canada has reached agreement with such a high quality customer from North America. The signing of this deal with EPCOR underpins the global nature of the business models of all XL TechGroup businesses .”
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