MercoPress. South Atlantic News Agency

Comodoro will cash “green bonds” from eolic energy

Comodoro Rivadavia in Patagonia wind swept, and with its electricity generating wind mills expects to begin cashing “green bonds” in early 2006 to the tune of 70,000 US dollars annually.

With 16 giant wind turbines out of a total park of 26, Comodoro Rivadavia not only ensures electricity for 20,000 residents but also avoids generating 27,000 tons of carbon dioxide which otherwise would accumulate in the world's atmosphere.

Since the Kyoto Protocol, (United Nations Convention on Climate Change) became effective, rich and industrialized countries must begin reducing carbon dioxide and other five gases emissions and/or help developing countries mount non contaminating energy plants (non fossil fuel) by purchasing the so called "green bonds".

In this case a Japanese company Pacific Consultants International is negotiating the first deal of its kind in Latinamerica with the Argentine Environment and Sustainable Development Secretary involving Comodoro Rivadavia's wind turbines which are managed by a local cooperative.

According to the cooperative the windmills save annually the equivalent of 5,160 tons of oil and 5,9 million cubic metres of natural gas, which both happen to be abundant in hydrocarbons rich Comodoro Rivadavia.

"We expect sometime in December to have access to the "green bonds" which will then be traded in the world bonds exchange", said Pedro Ceragioli manager of the windmills cooperative.

"I think that for every ton of carbon dioxide not produced by the windmills we'll be entitled to a "green bond", which is expected to sell at three US dollars each".

Mr. Ceragioli added that "the prize for not contaminating" will help begin repaying the wind turbines.

Only 16 of Comodoro's 26 turbines are included in the package because they were set up after 2000, the date the Kyoto Protocol signals as starting point.

International Consultant Det Norske Veritas is currently assessing that all steps requested by the Kyoto Protocol have been complied.