Top CO2 credit developer buys Canadian company
NEW YORK (Reuters) - Blue Source LLC, the largest developer of voluntary U.S. carbon credits, said on Wednesday it bought an emissions consulting company based in Alberta it hopes will help it develop emissions reduction projects in Canada.
Privately held Blue Source mostly generates voluntary credits by developing U.S. projects to capture emissions of the main greenhouse gas carbon dioxide from industrial plants. It pipes the gas to aging oil fields where they are buried, a technology also known as carbon capture and sequestration (CCS).
Blue Source purchased Baseline Emissions Management Inc, of Alberta, Canada, an emission offset marketing and consulting group based in the country's main energy-producing province.
The deal will create Blue Source Canada, which will work with businesses to create and market emissions reductions. Terms were not revealed.
"This acquisition will allow rapid expansion of our project capabilities and technical consulting services for Canadian corporations," Baseline co-founder Dave LaBarre, now president of Blue Source Canada, said in a statement. "This will enable information flow across borders."
Alberta's government said last month it expects to bring carbon emissions 14 percent below 2005 levels by 2050, mostly through CCS.
Emissions in the province -- where more than $100 billion of oil sands projects are planned -- will rise until around 2020 as oil output triples, according to the plan.
(Reporting by Timothy Gardner; additional reporting by Jeffrey Jones in Calgary; editing by Jim Marshall)