President of CO2 developers EcoSecurities resigns

LONDON (Reuters) - Pedro Moura Costa, president and co-founder of clean energy project developers EcoSecurities, resigned on Thursday, the company said in a statement, two months after its chief executive said he would step down.

Moura Costa, also a member of EcoSecurities’ board of directors, has left to pursue other interests, the company said.

“EcoSecurities is a recognised market leader in one of the most exciting sectors contributing to changing the world for the better,” Moura Costa said in a farewell statement.

Bruce Usher, chief executive of London-listed EcoSecurities, said in February he will step down once a successor is found.

Adrian Fernando, chief operating officer, has been steadily assuming responsibilities for the coordination of company operations since joining in October 2007, a company spokesman said.

EcoSecurities’ board confirmed trading was in line with expectations and said it would give a trading update on May 21 for the two months ending April 30, 2009.

EcoSecurities develops clean energy projects under the Kyoto Protocol’s Clean Development Mechanism scheme, buying carbon offsets from countries like China and India and selling them to western investors.

The British-based carbon offset developer posted a narrower 2008 pretax loss on a nearly 10-fold rise in revenue in March, helped by a surge in carbon offset delivery volumes.

EcoSecurities’ share price was unchanged at 38.625 pence at 1417 GMT.

Reporting by Michael Szabo