Perth-based CO2 Group has entered a 30-year deal to provide forest carbon sink offsets to an ACT government entity, with the contract valued at more than $4 million.
CO2 Australia, a wholly owned subsidiary of CO2 Group, will provide ACTEW an estimated 225,000 tonnes of carbon credits over three decades at a cost of $4.4 million.
ACTEW is an unlisted public company owned by the ACT government with assets in water, wastewater, electricity, gas and telecommunications.
CO2 chief executive Andrew Grant said the agreement is a good example for other major companies because ACTEW is committed to offsetting around 900,000 tonnes of greenhouse gas emissions in total over a 30 year period.
ACTEW is the latest in a string of companies that CO2 Group will provide offsets for, including Woodside Energy, Qantas Airways, Macquarie Bank and Bid Day Out.
Shares in CO2 jumped three cents or 18 per cent to 19.5c at 13:45 AEST.
