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October

Abengoa takes a stake in the Spanish Carbon Fund (FEC)

October 4, 2006

With 8,96%, it is the first private investor after the three large electrical groups in this combat against the Climatic Change, to promote projects of reduction of emissions in the framework of the Kyoto protocol.

The FEC is an instrument created by the Spanish Government and the World Bank to facilitate the fulfillment of the Spanish objectives related to the protocol of Kyoto, contributing at the same time to the sustainable development of the countries which receive the investment through the transference of clean technologies.

Abengoa has already signed the Agreement of Participation and the Promissory Note which confirms its participation in the FEC. Abengoa’s contribution to the FEC shall be 4,5 MEUR, being the fourth private participant.

The participation in the FEC has the aim of making the balance of emissions planned for the next five years, period of Kyoto (2008-2012), in Abengoa’s facilities subject to the European directive of commerce of emissions.

Within its strategy for the Climatic Change, Abengoa, company involved in the sustainable development and present in more than 70 countries, is analyzing new projects to be developed by its different business units in Eastern Europe, Latin America, North Africa, China and India, by using both flexibility mechanisms that the protocol of Kyoto allows: clean development mechanisms (CDM) and joint implementation projects (JI).

By means of CDM projects it shall be supplied loans to finance projects of reduction or suppression of emissions in countries no Annex 1 (countries that do not have specific commitments in the Framework Convention of the United Nations about the Climatic Change, usually developing countries). This mechanism offers the governments and private companies important new channels to transfer clean technologies and promote the sustainable development. The loans shall be acquired as "certified units of reduction of emissions". In the framework of JI projects, "units of reduction of emissions" shall be offered for financing projects in other countries Annex 1 (countries which have specific commitments in the Framework Convention of the United nations about the Climatic Change, usually developed countries or transiting to a market economy).

United Nations has recently estimated the investments necessary to develop the market of CDM projects at 100,000 million dollars a year. Nowadays the approved projects shall generate income by sale of rights of emissions of 12,000 million dollars. Next November in Nairobi (6 to 17/11/06), the countries signing the protocol shall analyze solutions to guarantee a value to the loans beyond 2012 in order to slow the climatic change and make this flow of investment in developing countries continuous.



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