DuPont [34

The global manufacturing company DuPont has established several energy and climate targets:

• Reduce absolute GHG emissions 65% from 1990 levels by 2010.

• Hold energy consumption flat on an absolute basis from 1990-2010.

• Obtain 10% of total energy needs from renewable energy sources by 2010.

To help reach these targets in a cost-effective manner, DuPont participates in several GHG emissions trading markets, including the Chicago Climate Exchange® and the UK Emissions Trading Scheme. Participation in these markets enables the company to meet several business goals, including the following:

• Capture financial value from the company's GHG emissions reductions. Emissions markets have helped DuPont -monetize - and receive a cash flow from the environmental benefits of its GHG reductions. For instance, through several activities DuPont reduced its N2O emissions from adipic acid manufacturing facilities in the United Kingdom. These initiatives enabled the company to sell 10 000 metric tons of vintage 2002 GHG emissions allowances to the energy trading and marketing firm MIECO, Inc. This sale helped defray the costs of the N2O emissions reduction investment and will encourage additional measures to reduce GHG emissions.

• Clarify the value of investing in sustainable business practices such as procuring green power. By placing a value on GHG emissions, markets signal to corporate managers the costs and future business risks of unmitigated GHG emissions. Consequently, they signal the value of avoided emissions and therefore help managers understand the financial value of investing in green power.

• Provide a competitive advantage. Participating in emissions markets positions DuPont with tools, information, and strategies to - get ahead of the curve' and obtain a competitive advantage as emissions markets develop.

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