UN accredits Chacayes run-of-river hydro to issue and trade in carbon credits
7 November 2012
The United Nations Framework Convention on Climate Change approved this week the registration of Pacific Hydro’s Chacayes run-of-river hydro plant in Chile under the Kyoto Protocol’s Clean Development Mechanism (CDM).
This accreditation is another important milestone for Chacayes and a step forward towards the sustainable development of Pacific Hydro as it continues to power a cleaner world by issuing and trading carbon credits, in addition to clean electricity generation.
“This is an achievement for our business in Chile as it enables us to match the same level of certification already reached by our La Higuera and La Confluencia hydro plants,” said Alfredo Zañartu, development manager at Pacific Hydro Chile.
“Receiving this certification is also a very important milestone because it demonstrates that Chacayes successfully went through a very thorough process and met very high standards.”
In addition to the criteria established by the CDM, Chacayes met every single requirement established by the World Commission on Dams, which allows Pacific Hydro to trade carbon credits in the most demanding markets.
The registration process
The Kyoto Protocol’s Clean Development Mechanism enables industrialised countries to meet their targets of reducing greenhouse gas emissions by purchasing carbon credits issued by emission reduction projects registered in countries under development.
To access this voluntary registration, the Chacayes hydro underwent a two year process, which requires compliance with several requirements such as verifying that reducing emissions is essential for the viability of the project, field visits and audits by international auditors.
Renewable energy generation at Chacayes will abate 357,000 tonnes of greenhouse gas pollution every year – the equivalent to taking more than 155,000 vehicles off the road.