Prospective carbon credit vendor Carbon Conscious (ASX:CCF) jumped 10% in ASX trading after the company revealed it had signed a $2.5 million deal with BP.
The Western Australian-based Carbon Conscious plans to sell credits under the Government’s planned carbon pollution reduction scheme (CPRS).
BP has engaged Carbon Conscious to plant more than 10 million trees to absorb carbon from the atmosphere. Both companies will then share in the value of the resulting carbon credits over the next 15 years.
The project will use Mallee Eucalypt trees, and utilize less viable agricultural land in the wheat producing regions of Australia.
Carbon Conscious stock has climbed to $0.44 today following the announcement.