In Canada, Ontario Power Generation Inc.(OPG) completed the worlds largest spot
trade in greenhouse gas emission reduction credits. It purchased credits from Zahren Alternative Power Corporation (ZAPCO) which produces electricity from landfill gas at 20 locations around the U.S. The trade is equivalent to the reduction of 2.5 million tonnes of carbon dioxide.
OPG (formerly Ontario Hydro) is the fifth largest electricity producer in North America and owns 69 hydro, six fossil and five nuclear facilities. The company has voluntarily committed to stabilize its greenhouse gas emissions at 1990 levels as of the year 2000.
This purchase facilitates technology upgrades, improved energy efficiency and use of cleaner fuels.
In the UK, a greenhouse gas emissions trading system has been introduced that will supplement its Climate Change Levy, a tax on industrial energy consumption that starts in April 2001.
There are three categories in the trading system: UK firms that accept absolute government limits; firms with negotiated Climate Change Levy agreements; and firms with concrete greenhouse gas emissions reduction proposals. Companies will receive tradable permits based on their annual emissions limit. Twenty-five companies, including BP Amoco and National Power, expressed support for the program.
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