FARMINGDALE, N.Y., April 4, 2016 /PRNewswire/ -- Cemtrex Inc. (Nasdaq: CETX), a world leading industrial and manufacturing solutions company, announced today that it sees the Chinese government's recent efforts to implement a cap and trade program to reduce greenhouse gases as having the potential to open a huge new market based on the Company's existing VAMOX methane reduction technology. China's plan is to launch a national emission trading system in 2017, covering key industries including power generation, iron and steel, chemicals, building materials, paper-making, and nonferrous metals.
Recently, China made commitments to fund over $3 billion for climate change initiatives which is an important departure from their previous "unproductive" position where they demanded that funds should flow from developed to developing nations for world climate control. This move has implications for U.S. domestic climate legislation as Beijing's cap and trade announcement directly undermines U.S. policymakers who have historically argued that China's participation in climate mitigation policy is a prerequisite for U.S. action in this arena. With China moving ahead on its previously announced plans with respect to its capping industrial economy in carbon policy, the United States will find it harder to not follow suit and is instead likely to expand actions covering the domestic industrial and power sectors.
As reported by Carbon Pulse, the head of China's central bank on March 20th 2016 gave his full support to the national cap-and-trade program and said the bank would develop guidelines that observers say are likely to boost investor participation in the market. Meanwhile, Reuters reported on Monday that Jiang Zhaoli, a senior climate change official with the NDRC, said in Shenzhen Saturday that he expected the national emissions trading scheme to commence in July 2017, covering 4 billion tons of CO2.
Cemtrex's Chairman and CEO, Saagar Govil, commented, "We are seeing more and more signs from Chinese policy makers pointing towards China following through on their promise to implement a cap and trade program to reduce greenhouse gas emissions in 2017. This would be a huge win for Cemtrex as we had developed our Vamox methane abatement technology in the mid-2000s and can rapidly bring this technology to market. When China implements this system, it is expected that other countries, including the United States, will follow suit. Each Vamox unit sells for a minimum of $2,000,000 and with several thousands of potential sites, it opens up a multibillion dollar niche market for us, of which we are one of only two companies in the world with such technology."
Cemtrex, Inc. (NASDAQ: CETX) is a global, diversified industrial and manufacturing solutions company that provides a wide array of products and services to meet today's technology challenges and is rapidly growing through acquisitions. Cemtrex provides: manufacturing services of advanced custom engineered electronics, industrial maintenance services, monitoring instruments for industrial processes and environmental compliance, and equipment for controlling particulates, hazardous pollutants, and Greenhouse gases used in carbon trading globally.
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SOURCE Cemtrex, Inc.