1. © ESD 2003 IRIS KYOTO Example: Svilosa Wood Waste, Bulgaria Coal Waste Emissions Coal Waste Biomass boiler Emissions 75,000 tonnes CO2 per year

2. © ESD 2003 Current Situation Wood process plant Large Coal Electricity Generator on site – 120MW Produces 90,000 t bark and wood waste per year JI Project, Implementing Now: Build a 14MW Biomass boiler (heat only) Fuel is waste & stock from 400,000 tonne stockpile The Svilosa Project

3. © ESD 2003 Value from 2 sources: >Coal not burnt >Methane avoided from waste >Total is 75,000 tonnes CO2e per year These Emission Reductions have been sold to the PCF: total quantity = 500,000 t CO2e Cost of biomass boiler = USD 2.5m Contribution of Emission Reductions = 40-50% Civil works have started; First Payment Jan-05 PCF has taken Kyoto risk Emission Reduction value