Farmingdale, NY, Nov. 02, 2016 (GLOBE NEWSWIRE) -- Cemtrex Inc. (CETX), a world leading industrial and manufacturing solutions company, announced today that China will launch in 2017 a national cap-and-trade program involving six of its largest carbon-emitting industrial sectors, beginning with coal-fired power generation. Early estimates in the Carbon Pricing Watch 2016 suggest that if China’s national market is implemented, the global value of carbon trading market could potentially double to US$100 billion.
"Putting a price on carbon pollution is essential to help countries deliver on their promises for the Paris climate change agreement, as it’s an efficient and effective way to help cut emissions and send a clear signal to the private sector to invest in cleaner, greener growth.” Said John Roome, Senior Director for Climate Change at the World Bank Group. “Pricing carbon can send an important signal to the market,” added Vikram Widge, Head of Climate and Carbon Finance at the World Bank Group. “As more countries move to price emissions, we will begin to realize the considerable potential to shift global financing flows away from carbon emissions and into much needed climate smart investments.”
Cemtrex has breakthrough technology for the destruction of Ventilation Air Methane (VAM) with its MCDR (Methane Catalytic Destruction Reactor) technology, whereby methane, a greenhouse gas, is destroyed economically at low temperatures and generates carbon credits for its user. The MCDR, with a starting price around $2 million, pays for itself within 3-4 years from the carbon credit revenue. In 2015, governments globally raised about $26 Billion in revenues through carbon trading of greenhouse gases, representing 60 percent increase from 2014. The total value of such mechanisms is currently estimated at just below $50 Billion, according to Carbon Pricing Watch 2016.
Cemtrex’s Chairman and CEO, Saagar Govil, commented, “At Cemtrex, we are in a lead position with our MCDR technology, to take advantage of this emerging billion dollar carbon markets opportunity in the next few years. We expect China’s plans to continue, and the rest of the world, including the United States, to move ahead thereafter. With the dramatic increase in the market size we expect we will be able to market our MCDR and greenhouse gas monitoring products more widely.”
Cemtrex, Inc. (NASDAQ:CETX) is a global, diversified industrial and manufacturing company that provides a wide array of solutions to meet today's technology challenges and is rapidly growing through acquisitions. Cemtrex provides: manufacturing services of advanced custom engineered electronics, industrial contracting services, monitoring instruments for industrial processes and environmental compliance, and equipment for controlling particulates, hazardous pollutants, and Greenhouse gases used in carbon trading globally.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. These forward-looking statements are based on information available to the Company as of the date of this report and are based on management’s current views and assumptions. These forward-looking statements are conditioned upon and also involve a number of known and unknown risks, uncertainties, and other factors that could cause actual results, performance or events to differ materially from those anticipated by these forward-looking statements. Such risks, uncertainties, and other factors may be beyond the Company’s control and may pose a risk to the Company’s operating and financial condition. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. This release may contain Non-GAAP financial information and are not calculated or presented in accordance with US GAAP. The Company believes that the presentation of non-GAAP financial measures provides useful information to management and investors regarding underlying trends in its consolidated financial condition and results of operations. The Company's management regularly uses these supplemental non-GAAP financial measures internally to understand, manage and evaluate the Company's business and make operating decisions.