BOYERTOWN, Pa. and LOS ANGELES, April 10, 2012 /PRNewswire/ -- ClimeCo America Corporation (ClimeCo America) and Rentech Nitrogen Partners, L.P. (NYSE: RNF) jointly announced today that ClimeCo America will deliver 120,000 Climate Reserve Tonnes (CRT) to Just Energy (NYSE: JE and TSX: JE), a leading competitive North American green energy retailer. Measured as a unit of offset credits used by the Climate Action Reserve (CAR), one CRT is equal to one metric ton of greenhouse gases reduced or sequestered. The carbon credits will be delivered to Just Energy by ClimeCo over a five-year period.
The carbon credits will be generated by Rentech Nitrogen as part of North America's first voluntary tertiary Nitrous Oxide (N2O) abatement system constructed at the plant in East Dubuque, IL in the summer of 2011 under the leadership of ClimeCo America and Rentech Nitrogen. Nitrous oxide has a Global Warming Potential (GWP) of 310 versus carbon dioxide with a GWP of one. Every ton of N2O destroyed by Rentech Nitrogen's abatement system generates 310 tons of carbon dioxide equivalent credits (carbon credits).
The abatement system was developed according to the high standards of the Climate Action Reserve Nitric Acid Protocol, which enables Rentech Nitrogen to decrease its carbon footprint while producing nitrogen fertilizer. CAR issues an identification number to each credit to record information such as the source of generation and the issuance date.
With the sale of the carbon credits to Just Energy, Rentech Nitrogen will cover a significant portion of its project construction costs for the N2O abatement system while Just Energy broadens its base of carbon offset projects. "Our investment in green energy and carbon offset initiatives such as this enables us to diversify our project portfolio and provide our customers with more choice in the projects they choose to support," says Ken Hartwick, Just Energy's President and CEO. "To date, Just Energy has invested more than $50 million in over 30 renewable energy and carbon offset projects across North America."
Just Energy will incorporate the carbon credits as part of their carbon offset programs for residential and commercial customers. The company offers green energy solutions through their JustGreen™ and JustClean™ programs that enable customers to offset up to 100% of the emissions associated with their everyday energy use through carbon offsets as well as renewable energy projects.
John Ambrose, Chief Operating Officer of Rentech Nitrogen, stated, "We are very forward in our thinking when it comes to implementing cost-effective programs to voluntarily improve our environmental footprint. We take pride in our environmentally conscious production of nitrogen fertilizer products for farmers in the Mid Corn Belt region of the U.S."