XL TechGroup company AgCert International announces first project registered in Mexico
06 December 2005
XL TechGroup (AIM: XLT), the systematic architect and builder of an ongoing stream of high value new companies, advises that XL TechGroup company, AgCert International plc (“AgCert”), has today announced that one of its projects in Mexico, comprising 23 farms, has achieved the first Mexican registration by the United Nations appointed Executive Board of the Clean Development Mechanism (“CDM”).
Registration, which lasts for ten years in this case, is the formal acceptance by the Executive Board of a validated project as a CDM project activity under the Kyoto Protocol and is the prerequisite for the subsequent verification, certification and issuance of Certified Emission Reductions (“CERs”).
Det Norske Veritas Certification Ltd. will now undertake the verification of the emission reductions achieved by this AgCert project, following which AgCert will submit a request to the CDM Executive Board to certify and issue CERs. There can be no certainty about the timing of these next stages but, subject to verification, CERs from this first Mexican project could be issued within the first quarter of 2006.
AgCert's emission reductions are generated by climate-friendly, sustainable development projects in developing countries, such as Mexico and Brazil. AgCert captures and combusts Biogas containing greenhouse gases, principally methane, emitted from animal waste management systems, primarily from swine.
Miguel Angel Cervantes, Mexican Designate National Authority (DNA), who was reached at the annual United Nations Climate Change Conference (COP/MOP) in Montreal, stated: “I am happy to see the first Mexican CDM project registered and I am excited that there are many more projects of this type in the pipeline.”
Bill Haskell, CEO, AgCert International said: “We are delighted to be the first company to have a CDM project registered in Mexico and we will now be moving towards certification as soon as possible. In addition, we have a number of other projects going through the CDM regulatory approval process across Brazil and Mexico, and we look forward to providing updates on the progress of these over the coming weeks and months.”
Dr John Scott, CEO of XL TechGroup, said: “This successful first registration in Mexico clearly demonstrates AgCert's leading position in its field. It also completes one of the last key regulatory steps in the production of CERs from Mexico and provides AgCert with a clear path towards revenue recognition.”
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