date: Fri, 2 Jul 1999 11:46:15 +0100 (GMT Daylight Time) from: Andrew Jordan subject: FYI to: Tim O'Riordan , Mike Hulme ------------------------- BP Amoco launches emissions trade auditing ENDS Daily - 25/06/99 ------------------------- An innovative internal greenhouse gas emissions trading scheme set up by oil major BP Amoco is to be independently audited, it was announced in London today. A world first when it was launched last year, the scheme is intended to help BP Amoco meet its voluntary target of cutting greenhouse gas emissions by 10% from 1990 levels by 2010 (ENDS Daily 21 September 1998). For the group of companies that will audit BP's trading system, the scheme is also a test-bed for other companies that might develop corporate schemes as country-to-country emissions trading envisaged under the Kyoto protocol begins in the next decade. Auditors KPMG, verification firm Det Norske Veritas and consultancy IFC will check whether international financial and environmental reporting criteria are being applied by BP Amoco managers and whether the trades are credible, verified and transparent. Since last year, 12 of the company's business units have made trades in carbon dioxide emissions (CO2) at prices ranging from US$17-22 (euros 16.50-21.30). The total amount of CO2 traded so far is 80,000 tonnes, which is just over 1% of the firm's 1998 emissions. Next year, the project is due to be extended from the first 12 to all 126 business units in BP Amoco. Methane, which accounts for 10% of the firm's greenhouse emissions, will also be tradable. Contacts: BP Amoco (http://www.bpamoco.com), tel: +44 171 496 4041; KPMG (http://www.kpmg.co.uk), tel: +44 171 311 1000. __________________________________________________________ Dr. Andrew J. Jordan Senior Research Associate CSERGE; and Co-Editor, Government and Policy; School of Environmental Sciences University of East Anglia (UEA) Norwich NR4 7TJ United Kingdom (UK) Tel: (00)(44) (0)1603 592552/593176 Fax: (00)(44) (0)1603 593739/250588 CSERGE Webpage: http://wwww.uea.ac.uk/env/cserge/ Government and Policy Webpage: http://wwww.pion.co.uk/ep/ ___________________________________________________________