November 3, 2008 / 12:55 PM / 10 years ago

UPDATE 1-GDF Suez buys 1.6 million CERs from China

(Updates with more detail)

LONDON, Nov 3 (Reuters) - French utility GDF Suez GSZ.PA said on Monday it has bought around 1.6 million certified emission reduction credits (CERs) CEREc1 from two projects in China.

The projects include one 48 megawatt hydro plant in northwest China and a 99 MW hydro plant in the south east of the country.

GDF Suez said the projects should be up and running by the end of 2009.

GDF Suez bought the CERs under the second phase of the EU Emissions Trading Scheme, which runs from 2008-2012.

CERs are each equivalent to one tonne of carbon dioxide. They can be traded and are used by industrialized countries to help meet part of their emission reductions targets.

For additional news and analysis on the global carbon markets, go to here

Reporting by Nina Chestney; Editing by William Hardy

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