GE Energy Financial Services and AES Corp have announced plans to create a partnership to develop greenhouse gas emission reduction projects in the United States that would seek to create an annual production volume of 10 million tonnes of greenhouse gas offsets by 2010.
The plans focus primarily on the reduction of emissions of methane and would include agricultural waste, landfills, coal mines and wastewater treatment. In addition to methane-based projects, the partnership may also pursue development of offsets through energy efficiency projects and electricity generation from renewable sources. The partnership will sell offsets from these projects to commercial and industrial customers seeking to reduce the environmental impact of their operations or to provide climate-friendly products or services to their customers.
“This initiative will help GE Energy Financial Services double its already sizeable $1.5 billion portfolio of investments in renewable energy projects by the end of 2008,” said Alex Urquhart, president and chief executive of GE Energy Financial Services.
The partnership would establish strict standards for the creation, certification and registration of US greenhouse gas emissions credits. It plans to have internationally accredited and independent environmental organisations assure that each carbon offset meets the highest scientific and technical standards.