NEW YORK (Scrap Monster) : The New York City has entered into an agreement with New Jersey based Covanta Holding Corp for transporting and converting approximately 800,000 tons of municipal solid waste (MSW) into energy. The 20-year deal was signed between Covanta and the New York City Department of Sanitation. Though the initial agreement is being signed for 20 years, the City has the option to extend it for two additional five-year periods. The 20-year agreement will take effect in 2015.
According to estimates, New York City produces around 14 million tons of waste per annum. The garbage-to-energy initiative would help the City in meeting its recycling targets of diverting 75% of waste from landfills.
Covanta will invest $110 million in equipment and plans to use multi-modal facilities such as barges and rail cars instead of long-haul trucks. Two marine stations would be set up in Queens and Manhattan to manage the transportation and disposal of waste.
Covanta is a world leader in sustainable waste management and renewable energy. The Company's 45 Energy-from-Waste facilities provide communities and businesses around the world with an environmentally sound solution to their solid waste disposal needs by using waste to generate clean, renewable energy. Annually, Covanta's modern Energy-from-Waste facilities safely and securely convert approximately 20 million tons of waste into clean, renewable electricity to power one million homes and recycle over 430,000 tons of metal. Energy-from-Waste facilities reduce greenhouse gases, complement recycling and are a critical component to sustainable solid waste management.
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