Taigang Steel, Camco reach carbon deal

Leading global carbon asset developer Camco Group has reached an agreement to buy 1 million tons of CO2 emissions from the world's largest stainless steel producer Taigang Stainless Steel Co by late 2009 under the clean development mechanism (CDM) project.

The London-based Camco, also a selective buyer of carbon credits, didn't disclose the total deal figure, saying it's confidential. The average price of CO2 in the international market is about 10 euros per ton.

The project is using waste heat from Taigang's four steel-making product lines to generate power, which reduces CO2 emissions. The CO2 credits bought by Camco can be sold to developed countries with a CO2-reduction commitment to buy carbon credits from developing countries under the Kyoto Protocol.