The credits will be generated at Global Renewables' new waste processing plant being built at a cost of $70 million near Sydney. It is being funded by Perth-based GRD and Hastings Funds Management, which is a subsidiary of Westpac Bank.
Last week, Hastings said it would invest $60 million into Global Renewables for a 50 per cent interest. Global is a subsidiary of listed Perth-based company GRD NL.
Scientists blame rising levels of carbon dioxide and other industrial emissions for global warming. The Kyoto Protocol sets out the framework for the trading of credits that offset carbon dioxide emissions.
