Covanta Approves $30 Million Share Repurchase

Date: September 22, 2008

Source: Covanta Holding Corporation

Covanta Holding Corporation (CVA) Announces $30 Million Share Buyback Authorization

Covanta Holding Corporation (NYSE: CVA) announced that the Board has authorized the repurchase of up to $30 million of the Company's common stock. The Board of Directors has determined that this authorization enables the Company to respond opportunistically to volatile market conditions. The Company has been authorized to make purchases from time to time through brokers and dealers in open market or privately negotiated transactions with nonaffiliated stockholders.

Covanta Holding Corporation is an internationally recognized owner and operator of large-scale Energy-from-Waste and renewable energy projects.

Covanta Holding Corporation
www.covantaholding.com.

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