La Higuera is the largest hydroelectric project to receive registration through the Kyoto Clean Development Mechanism (CDM) and now to receive approval from an EU member country. The project will produce enough electricity to power the equivalent of 488,000 Chilean homes, abating approximately 450,000 tonnes of greenhouse gas each year.
'The approval of the project with an EU member country is a significant milestone. This approval paves the way for carbon credits to be traded in the EU Emission Trading Scheme, which is currently the largest carbon market in the world,' said Rob Grant, Chief Executive Officer for Pacific Hydro. 'In Australia and around the world, electricity generation is the largest contributor to greenhouse gas emissions. Projects like this demonstrate that clean, responsible solutions are available and can make a significant contribution to emission reductions.'
In January 2005 La Higuera received Host Country approval from the Chilean Government to register under Kyoto. In March 2006 the project became registered as a CDM project with an EU member country to create and trade in carbon credits in the EU Emissions Trading Scheme. The project is expected to begin operations by the end of 2008.
