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| Markit appointed registry for Irish efficiency and emissions initiative | | Oct 12 2009 | |
Kilkenny, Ireland and London, United Kingdom - Markit, a financial information services company, today announced that Markit Environmental Registry (formerly TZ1), a global provider of registries for the carbon and ecosystems markets, has been appointed as the official registry for Cosain, the Irish Efficiency and Emissions Initiative.
Cosain is a newly established on-line exchange that will contribute to net reductions in Irish-generated emissions by fostering the Irish domestic carbon offset market across all sectors of industry. It will enable Irish firms and communities that abate emissions and generate domestic carbon credits to sell these credits to other Irish businesses who are either unable to reduce their emissions, or regard the purchase of domestic credits as a more economically efficient way of reducing their emissions.
Niall McManus, Director of Cosain, said: "Cosain's partnership with Markit Environmental Registry provides transparent, market-focused infrastructure which will give confidence to all Irish buyers and sellers of credits, reducing transaction times and costs."
Helen Robinson, Managing Director of Markit Environmental Registry, said: "We are delighted to partner with Cosain to support the domestic carbon offset market in Ireland. Cosain represents a positive step in the evolution of carbon markets by allowing credits, verified against internationally recognised carbon standards, to be generated and transacted domestically. We believe Cosain will establish itself as a key pillar of Ireland's commitment to address environmental issues and will leverage Markit's proven experience in the global voluntary carbon markets."
Buyers participating in Cosain will undertake energy audits of their businesses using ISO 14064. These audits will be used as baselines from which they will set their own annual targets to increase efficiency and lower emissions. The emission reductions will come in part from the purchase of credits listed on Cosain. Carbon credits within Cosain will be verified by using the ISO 14064 methodology for industrial processes and the SocialCarbon® methodology for community-based emission reductions. Community-based credits will allow those managing and maintaining their resources to generate income from the steps they take to save energy and reduce emissions.
Mark Dwan, Plant Manager, Ballytobin Biodigester, Co Kilkenny, said: "Cosain has identified a need within Irish industry and something that is coming down the tracks in terms of legislation." Ballytobin Biodigester is a community- owned and managed biodigester in Co Kilkenny which converts 5,000 tons of agricultural and food waste into energy every year.
Sectors expected to join Cosain include agriculture, transport, tourism, education and financial services.
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