The Finnish utility company EPV Energy, based in Western Finland, announced on Wednesday that it will invest seven million EUR into the NEFCO Carbon Fund (NeCF) in order to acquire emission reduction units for its share holders.
EPV has also reserved the right to increase its investment to 21 million EUR. EPV’s investment is earmarked to acquire carbon credits after the Kyoto Protocol’s first commitment period, which runs out at the end of 2012.
“EPV is investing heavily in emission-free energy production. The company runs comprehensive programs, which aim at increasing the share of renewable energy and expand such production that reduces emissions of climate gases and dependency on fossil fuels. Our investment in the NEFCO Carbon Fund is in line with these strategic attempts”, EPV’s Director Tomi Mäkipelto says.
“EPV is the first investor company that has decided to earmark its whole NeCF-investment in projects generating emission reductions after the Kyoto Protocol’s first commitment period. We are pleased that some far-sighted European companies are willing to show preparedness to invest in the future at a time when there are no guarantees of a new global climate deal”, NEFCO’s Senior Investment Manager Ash Sharma points out.
The NeCF buys both Kyoto and post-Kyoto carbon credits worldwide. The Fund has already contracted wind and hydro projects in China and is currently evaluating numerous projects in Africa, Southeast Asia and India.