Israel's Haifa Chemicals has signed an agreement with Citibank to sell certified emission reduction (CER) quotas on behalf of the company.
The long-term agreement was reached after Haifa installed new technology procured from UK firm Johnson Matthey to cut its greenhouse gas emissions.
The technology will help Haifa earn 2.5 million CERs, which it plans to sell to factories that fail to meet their emissions quotas and will increase Haifa's revenues by about $60m.
The agreement is signed under a $6.5bn UN carbon trading scheme, Clean Development Mechanism (CDM) established under the Kyoto Protocol.
CDM allows developed countries to trade CERs from developing countries to meet targets for cutting greenhouse gas emissions.
Haifa Chemicals produces and markets speciality fertilisers and food additives.
