Carbon Jobs Created as Global Exchange Networks into Ireland

New jobs and entire industry sectors are expected to blossom with Dublin-based Cosain launching Ireland’s first Carbon Trading Platform by linking with Carbon Trade Exchange, the world’s first online platform for businesses to trade carbon credits.

“Irish business and the Irish people who offset their carbon costs and trade locally generated carbon credits, will help the economy and foster growth of the ‘smart green economy’, consisting of multiple project and development companies and a new Green financial services sector,” says Wayne Sharpe, chief executive and founder of Carbon Trade Exchange.

He continues: “Generating domestic carbon credits allows for a mechanism for investment into Irish renewable energy projects such as anaerobic digestion, biofuel and micro-hydroelectric power. The establishment of these projects provide employment and promote ancillary investment into R&D into technologies associated with energy efficiency and renewables. The growth of this market sector can reduce the need for purchasing of foreign credits and will create more jobs and bring more money into the Irish economy.”

According to figures published by the EPA last month Ireland will fail to meet its EU carbon emissions reduction targets for the period 2013-2020. By Ireland not reaching its emission targets – current EU target of 20% reduction by 2013 – will result in the purchasing of foreign credits and be a cost to the economy which will have to be paid for by Exchequer funds. In excess of over Eur500 million per annum by the end of the decade will be purchased in foreign carbon credits. With the potential for the EU to increase the emissions reduction target to 30% by 2020; the leakage to the economy from buying foreign credits will be considerably higher, placing further burden on the Irish economy.

Niall McManus, founder and chief executive of Cosain, says “buying carbon credits is the best way to offset unavoidable CO2 emissions. It allows businesses to reduce their carbon footprint and become carbon neutral. Purchasing carbon credits on-line is the most efficient way a business operating in Ireland can manage this process, considerably reducing the cost of trading.”

Cosain is the first on-line voluntary carbon exchange platform in Europe. Cosain trades voluntary carbon credits that have been generated either within Ireland or internationally. The platform is powered by Carbon Trade Exchange providing a secure end-to-end electronic solution for businesses who wish to trade carbon to offset their emissions. By trading through Cosain, buyers and sellers can transact in a secure environment resulting instantaneous cash settlement of trades, and transfer of credits between carbon registry accounts.

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