Thursday, August 14, 2008

Al Gore: Score! "Camco makes $2.6 mln profit in carbon credit sale" (CAMIN.L)

In June we had "Al Gore, Generation Investment Management buys 9.5 pct Camco Intl stake (CAO.L)". Today, Reuters tells us why:
Project developers Camco International (CAMIN.L: Quote, Profile, Research, Stock Buzz) sold 151,288 tonnes of UN-approved carbon emission offsets on the spot market, generating some 1.75 million euros ($2.61 million) in profit, it said on Tuesday.

With benchmark offsets, called CERs, trading around 19.75 euros a tonne on Tuesday, this values Camco's portfolio at 825.6 million euros ($1.23 billion).

London-based CAMCO said it sold the CERs to an undisclosed buyer for an average price of around 19.07 euros ($28.39) a tonne. This compares to an average price paid by Camco of 7.5 euros per tonne....MORE

That's a nifty gross margin.
Camco is also the Official Carbon Advisor to the Democratic National Convention. From the press release:

DENVER – In a Convention first, the Democratic National Convention Committee (DNCC) today selected Camco International Group, Inc. (Camco) as the Official Carbon Advisor for the 2008 Democratic National Convention, to be held August 25-28 in Denver. The move further bolstered Convention organizers’ efforts to design waste out by applying sustainable planning principles to every decision in the lead-up to the Convention.

To help minimize the four-day event’s overall impact on the environment, Camco will be working with the DNCC during the coming months to measure the Convention’s carbon footprint, strengthen existing programs and make recommendations about how to minimize and/or offset the Convention’s carbon output.

“This 2008 Democratic National Convention will make history in so many ways – and our commitment to making this the ‘greenest’ Convention ever is no exception,” said Leah D. Daughtry, CEO of the DNCC. “Camco, a world-renowned pioneer in the sustainability field, will help us make good on that goal by turning climate change liabilities into environmental assets.”

As the Official Carbon Advisor, Camco will work with the DNCC to estimate the Convention's carbon footprint; quantify the greenhouse gas benefits of various environmental initiatives including waste reduction, energy efficiency and the use of alternative fuel and hybrid vehicles; and advise on opportunities to offset the remaining emissions produced from hosting the Convention.

“I am delighted that Camco will be working with the Democratic National Convention Committee to quantify and reduce the Convention’s impact on the climate and help to raise awareness of this urgent global issue,” said Sam Houston, Chief Executive Officer of Camco in North America. “This project is a prime example of how Camco is leading the way in helping North America’s emissions intensive industry and public sector develop and implement practical strategies to reduce greenhouse gas emissions.”...