生态环境部与国家能源局近日联合发布3项针对海陆油气田的温室气体自愿减排项目方法学，这是全国 温室气体自愿减排交易市场首次将支持范围扩充到油气开采领域，通过市场机制破解油气甲烷回收利用 难题。 甲烷是全球第二大温室气体，是当前国际社会应对气候变化亟须管控的重点温室气体。在油气开采过程 中，常会产生大量甲烷气体。受技术、成本等因素限制，油气田通常会选择将这些气体直接排放或燃烧 处理，造成温室气体排放和能源浪费。 此次发布的方法学，旨在引导企业改进处理方式，将甲烷转化为可利用的清洁能源。在实现甲烷有效管 控的同时，推动降碳、减污与资源回收利用的协同增效，切实提升项目的环境效益与经济效益。本次方 法学设计过程中，充分借鉴了国际自愿减排机制的成熟经验，并结合我国油气行业实际，提升项目开发 和后续监管的可操作性，形成对标国际通行规则的高质量碳信用。 下一步，生态环境部将加快推进自愿减排方法学体系建设，尽早实现重点领域全覆盖。同时，积极推动 减排项目开发落地，激励引导社会资本精准流向减排潜力大、综合效益突出的领域，为实现国家自主贡 献目标贡献力量。 ...

下一步，生态环境部将加快推进自愿减排方法学体系建设，尽早实现重点领域全覆盖。同时，积极推动 减排项目开发落地，激励引导社会资本精准流向减排潜力大、综合效益突出的领域，为实现国家自主贡 献目标贡献力量。 《 人民日报 》（ 2025年12月03日 13 版） (责编：岳弘彬、牛镛) 本报北京12月2日电 （记者寇江泽）生态环境部与国家能源局近日联合发布3项针对海陆油气田的温室 气体自愿减排项目方法学，这是全国温室气体自愿减排交易市场首次将支持范围扩充到油气开采领域， 通过市场机制破解油气甲烷回收利用难题。 甲烷是全球第二大温室气体，是当前国际社会应对气候变化亟须管控的重点温室气体。在油气开采过程 中，常会产生大量甲烷气体。受技术、成本等因素限制，油气田通常会选择将这些气体直接排放或燃烧 处理，造成温室气体排放和能源浪费。 此次发布的方法学，旨在引导企业改进处理方式，将甲烷转化为可利用的清洁能源。在实现甲烷有效管 控的同时，推动降碳、减污与资源回收利用的协同增效，切实提升项目的环境效益与经济效益。本次方 法学设计过程中，充分借鉴了国际自愿减排机制的成熟经验，并结合我国油气行业实际，提升项目开发 和后续监管的可操作 ...

"截至目前，生态环境部已会同有关部门发布9项温室气体自愿减排方法学。"裴晓菲表示。 11月28日，生态环境部举行例行新闻发布会。 生态环境部新闻发言人裴晓菲在发布会上介绍，近日，生态环境部与国家能源局联合发布三项针对海陆 油气田的温室气体自愿减排项目方法学，这是全国温室气体自愿减排交易市场首次将支持范围扩充到油 气开采领域，通过市场机制破解油气甲烷回收利用难题。 裴晓菲介绍，甲烷是全球第二大温室气体，其温室效应是二氧化碳的二十多倍，是当前国际社会应对气 候变化亟需管控的重点温室气体。在油气开采过程中，常会产生大量甲烷气体。受技术、成本等因素限 制，油气田通常会选择将这些气体直接排放或燃烧处理，造成温室气体排放和能源浪费。此次发布的方 法学，旨在引导企业改进处理方式，将原本"点天灯"式燃烧的甲烷"变废为宝"，转化为可利用的清洁能 源。在实现甲烷有效管控的同时，推动减污降碳与资源回收利用的协同增效，切实提升项目的环境效益 与经济效益。本次方法学设计过程中，充分借鉴了国际自愿减排机制的成熟经验，并结合我国油气行业 实际，提升项目开发和后续监管的可操作性，形成对标国际通行规则的高质量碳信用。 裴晓菲表示，下一步，生态 ...

Financial Data and Key Metrics Changes - The company ended the quarter with $108 million in cash and cash equivalents, with combined operating revenue, interest, and investment income of $43.6 million, compared to approximately $2 million in the same quarter last year, marking an increase of approximately $41 million [11][12] - The loss from operations was $3.7 million, while non-GAAP adjusted EBITDA was a positive $6.6 million, an increase of approximately $23 million from last year's adjusted EBITDA of negative $16.7 million [11][12] - Gevo North Dakota generated income from operations of $12.3 million and a positive non-GAAP adjusted EBITDA of $17.8 million [11] Business Line Data and Key Metrics Changes - Gevo North Dakota is now a core earnings engine, demonstrating reliable energy production, efficient carbon capture, and consistent monetization of clean fuel production credits [13] - Gevo R&G generated income from operations of $0.5 million and positive non-GAAP adjusted EBITDA of $2.7 million [11] Market Data and Key Metrics Changes - The company successfully sold all of its 2025 Section 45(z) clean fuel production credits for a total of $52 million, with net proceeds of approximately $29 million received so far [13][14] - The company expects to grow its carbon dioxide removal (CDR) sales from $1 million in Q2 to $3-$5 million by the end of 2025 [17] Company Strategy and Development Direction - The company aims to maximize adjusted EBITDA from existing assets and plans to build a jet fuel plant at Gevo North Dakota, which could add an additional adjusted EBITDA uplift of about $150 million [9][10] - The company is focusing on monetizing carbon value through various methods, including selling carbon credits and production tax credits, as part of its business model [6][7] - The company is also working on expanding its carbon capture and sequestration capabilities and optimizing energy use at its facilities [28] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the business environment in North Dakota, highlighting its pro-agriculture and pro-energy stance, which aligns well with the company's operations [6] - The management believes that the integration of ethanol production and carbon sequestration is crucial for achieving the best economics and carbon scores for jet fuel [30] - The company anticipates that its operating cash flows will normalize and trend towards break-even or better in the coming quarters [15] Other Important Information - The company has implemented Verity, a digital carbon tracking and verification platform, at its Gevo North Dakota facility, which is expected to enhance transparency and trust in carbon accounting [21][22] - The company has partnered with Frontier Infrastructure Holdings to offer integrated carbon management solutions for ethanol producers [22] Q&A Session Summary Question: Can you elaborate on the incremental capital and steps required to optimize your operation and a reasonable timeline to achieve $110 million of EBITDA? - Management indicated that incremental capital is estimated to be around $15 million, focusing on debottlenecking the ethanol plant and optimizing energy use [34][35] Question: Can you elaborate on the DOE loan extension and how it increases the likelihood of DOE financing? - Management noted that the shift of the DOE loan guarantee to North Dakota is favorable due to the existing profitable operations and infrastructure [38][39] Question: Can you provide insight into the EBITDA drivers for next year? - Management highlighted that growth will primarily come from carbon sequestration capacity expansion and debottlenecking efforts [43][44] Question: How should we project the incremental CI improvement over the next number of quarters? - Management explained that the CI score is expected to drop due to the One Big Beautiful Bill, which will increase 45Z generation [75][76]

Core Insights - 瑞风新能源 announced a clean cookstove carbon credit project in Laos, aiming to deploy approximately 340,000 improved cookstoves to benefit around 170,000 households by 2026-2027, with an estimated total emission reduction of about 2.7 million tons of CO2 equivalent over a ten-year period [1][2][3] Project Overview - The total investment for the project is approximately $8 million, with carbon credit revenues as the primary income source, achieving an annual reduction of about 2-3 tons of CO2 equivalent per household [2] - The project will be registered under the Verra VM0050 methodology to obtain carbon credits, which will be sold in the international voluntary carbon market or the CORSIA compliance market [2] Market Context - Approximately 2.6 billion people globally still rely on traditional biomass fuels for cooking, resulting in annual emissions of about 1 billion tons of CO2 equivalent and significant air pollution and public health issues [2] - The clean cookstove project is recognized as a crucial pathway for global emission reduction and health improvement, aligning with the United Nations Sustainable Development Goals [2] Regional Dynamics - Southeast Asia is one of the fastest-growing markets for clean cookstoves, with over 300 million rural residents, half of whom still use traditional stoves [3] - Laos has a rural population of 65%, heavily reliant on traditional wood burning, and has received approval from the national climate change authority for the project, enabling participation in international carbon trading [3] Regulatory Environment - The project benefits from a stable political environment in Laos, with the government offering tax incentives and expedited approval processes for clean energy and emission reduction projects [3] - The project aligns with Laos' low-carbon development strategy initiated in 2024, providing policy certainty and a compliance foundation for cross-border trading [3]

Core Insights - 瑞风新能源 announced a clean cookstove carbon credit project in Laos, aiming to deploy approximately 340,000 improved cookstoves benefiting around 170,000 households by 2026-2027, with an estimated total emission reduction of about 2.7 million tons of CO2 equivalent over a ten-year period [1][2] Group 1: Project Overview - The project involves a total investment of approximately $8 million, with carbon credit revenues as the primary income source, achieving annual CO2e reductions of about 2-3 tons per household [2] - The project will be registered under the Verra VM0050 methodology to obtain carbon credits (VCUs), which will be sold in the international voluntary carbon market or the CORSIA compliance market [2] Group 2: Market Context - Southeast Asia is one of the fastest-growing markets for clean cookstoves, with over 300 million rural residents, half of whom still rely on traditional stoves [3] - The project has received approval from Laos' Department of Climate Change, covering 250,000 households and qualifying them for participation in international carbon trading and CORSIA markets [3] Group 3: Regulatory and Political Environment - The Lao government maintains a stable political environment and is open to foreign investment, providing tax incentives and expedited approval processes for clean energy and emission reduction projects [3]

Core Viewpoint - 瑞风新能源 announced a partnership with a third-party supplier to launch a clean stove carbon credit project in Laos, aiming to deploy approximately 340,000 improved clean stoves to benefit around 170,000 households by 2026-2027, with an estimated total emission reduction of about 2.7 million tons of CO2e over a ten-year period [1] Group 1 - The project is led by 碳维数科, a subsidiary co-owned by 瑞风新能源 and 上海宝碳新能源环保科技有限公司 [1] - The initiative targets rural and underdeveloped areas in Laos [1] - The carbon credit generation cycle is expected to last approximately ten years [1] Group 2 - The total expected emission reduction is approximately 2.7 million tons of CO2e over the ten-year period [1] - The distribution of the stoves is projected to be completed between 2026 and 2027 [1] - The project aims to improve living conditions for around 170,000 households [1]

香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」）對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而 產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （股份代號：00527） 自願公告 最新業務發展 — 清潔爐灶碳信用項目條款清單 本公告乃由中國瑞風新能源控股有限公司（「本公司」，連同其附屬公司統稱「本 集團」）自願刊發，以向股東及潛在投資者提供有關本集團業務發展的最新消息。 CHINA RUIFENG RENEWABLE ENERGY HOLDINGS LIMITED 中國瑞風新能源控股有限公司 （於開曼群島註冊成立的有限公司） 清潔爐灶(Improved cook stoves, 「ICS」）項目作為全球減排和健康改善的重要途 徑之一，已被納入聯合國可持續發展目標(SDG 3、5、7、13)。截至二零二四年 底，全球清潔爐灶相關的碳減排項目超過四百個，主要分佈在東南亞、南亞及 非洲地區。根據Verra註冊資料，ICS專案平均每個家庭年減排量在2–3噸CO2e， 具有可量化的碳信用生成潛力。結合當前自願碳市場(VCM)碳價水準，清潔爐 ...

Core Viewpoint - The effectiveness of REDD+ projects, aimed at reducing emissions from deforestation and degradation, has been questioned recently, leading to a decline in the value of carbon offsets [2][6]. Group 1: REDD+ Project Analysis - A study published in the journal Science analyzed 52 REDD+ projects across 12 countries in South America, Africa, and Southeast Asia, finding that only 19% of these projects met their self-reported emission reduction targets [3][6]. - The study indicates that while the climate benefits of REDD+ projects are higher than previous assessments, the overall effectiveness remains low, with significant regional variations in project success [6][7]. - The research highlights a concerning issue of "over-crediting," where the number of carbon credits issued exceeds the actual emissions reductions achieved [6][7]. Group 2: Recommendations for Improvement - To enhance the credibility and impact of forest carbon offsets, the study suggests improving baseline setting methods and strengthening verification frameworks [7]. - The findings emphasize that while many REDD+ projects are not as effective as claimed, some have achieved tangible results, particularly in Brazil and Africa [7].

Group 1 - The article discusses the impact of ultra-processed foods on human health, highlighting the use of unfamiliar additives that the body cannot recognize [4][5] - It emphasizes the unrealistic beauty standards perpetuated by various industries, including fitness and fashion, which can lead to unhealthy dieting behaviors [6][9] - The article notes that historical energy consumption patterns of ordinary farmers involved significant physical activity, contrasting with modern sedentary lifestyles [8] Group 2 - The article explains the carbon credit system, where companies can purchase credits to offset their carbon emissions, with one credit awarded for every ton of CO2 reduced [7][8] - It mentions that the Chinese government initially targeted major carbon emitters in the power generation sector, expanding to include industries like steel and cement, which contribute over 60% of the country's CO2 emissions [9] - The article points out that not all environmental projects generate carbon credits; only certified projects, such as renewable energy and afforestation, qualify [9][10] Group 3 - The article raises concerns about the environmental impact of fireworks on fragile ecosystems, specifically referencing an incident in the Tibetan Plateau where a large number of fireworks were set off [12][13] - It discusses the ecological consequences of such events, particularly on local wildlife, and the potential long-term effects of pollutants from fireworks [14][15]