Over 700,000 Certified Emission Reductions (CERs) issued by UNFCCC to Ulsan CDM project
INEOS Fluor is today celebrating the first 737,525 Certified Emission Reductions (CERs), issued to the Ulsan CDM Project by the Executive board of the United Nations Framework Convention on Climate Change (UNFCCC). INEOS Fluor is one of the project participants through its businesses in Japan and Korea, along with Ulsan Chemical, Firstec and UPC in Korea. The CERs have been generated through the reduction of HFC 23 emissions, a by-product from the manufacture of HCFC 22 refrigerants, from Ulsan Chemical (A company of Foosung Group).
The CDM project at Ulsan Chemical has been preventing HFC 23 greenhouse gas emissions since January 2003. This initial batch of CERs covers activity for April to October 2005. It is anticipated that the next batch of 937,238 CERs, that cover greenhouse gas emission reduction up to March 2004, will be issued at the end of next week.
“This is another major milestone for INEOS Fluor, which is the culmination of three and a half years of effort,” commented David Price, CEO INEOS Fluor. "Having first invested in this project in 2003 I am very pleased to finally see the end product, resulting from the significant emission reductions achieved since the plant began operation.
“INEOS Fluor have been at the forefront of the CDM process since receiving the approval of the first methodology AM0001 in 2003. At every step we have moved forward with the Executive Board as rules, processes and experience have developed.”
The CERs that have been issued will meet commitments made to companies over the past couple of years, including the contracted volumes to Carbon Compliance Acquisition 5.
To date Ulsan Chemical has delivered significant, real and verifiable reductions in greenhouse gas emissions of over 1.6 million tonnes of CO2(e) thanks to the involvement of INEOS Fluor Limited. This reduction in emissions would not have been possible had it not been for the Clean Development Mechanism of the Kyoto Protocol and investment from both companies.
Note to editors:
On the 1st March 2005, the Executive Board for the Clean Development Mechanism (CDM) of the Kyoto Protocol registered two of the world’s first industrial CDM projects. This important milestone will lead to significant, real and verifiable reductions in greenhouse gas emissions of more than 4 million tonnes of CO2(e) annually thanks to the involvement of INEOS Fluor Limited. Both projects, registered by the UNFCCC will reduce HFC 23 emissions, a by-product from the manufacture of HCFC 22 refrigerants. The first has been developed by Gujarat Fluorochemicals Limited in India, with INEOS Fluor as technical sponsors in the UK. The second, with the Foosung Group in Ulsan, Korea also involved INEOS Fluor through its Japanese business.
INEOS Fluor Japan has successfully worked in partnership with the Foosung Group and UPC in Korea to develop a methodology ‘Incineration of HFC 23 Waste Streams’. One of the first proposals to receive the “Approved methodology” status in July 2003 from the CDM Executive Board. The project received approval from the Japanese Government in July 2003 and from South Korea’s DNA in July 2004 - the first CDM project to be approved by the Korean Government and now the 4th project to be Registered by the Executive Board of the UNFCCC.
Hydrofluorocarbon 23 (HFC 23) is a potent greenhouse gas, if emitted to atmosphere. HFC 23 as a bi-product is a feature of all hydrochlorofluorocarbon 22 (HCFC 22) manufacturing facilities. HCFC 22 is a key material that is used in refrigeration and as a feedstock for PTFE. The emission of HFC 23 can be prevented but investment in technology is required.
INEOS Fluor, is a world leading specialities business built on expertise and innovation in fluorine chemistry. The company is focused on the supply of fluorine-based products, technology and services across a number of major industries from pharmaceuticals to automotive, speciality polymers to refrigeration and air-conditioning. It has manufacturing facilities at Runcorn in the UK, Mihara Japan and St Gabriel in the United States. The company employs around 400 people world-wide. Its knowledge and understanding of reducing emissions from fluorochemical manufacturing facilities, monitoring and reporting put it in a strong position to partner companies seeking to improve their own environmental performance.
INEOS Fluor Limited
Phone: +44 1928 513064