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General Electric Energy Financial Services and AES Corp. Partner on Climate Change Strategy

Posted Sep 12 2008 10:33am
“The partnership would seek to create an annual production volume of 10 million tons (metric tons) of greenhouse gas offsets by 2010, primarily through the reduction of emissions of methane - a potent greenhouse gas with a warming potential [23] times greater than carbon dioxide. Projects to capture and destroy methane emissions 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 would 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.” – GreenBiz.com

This partnership demonstrates the growing market for voluntary CO2 reductions and offsets in the United States. As more businesses recognize their carbon footprint and take action to reduce what they can and offset what they can’t, the US market for carbon offsets will continue to grow.
Worldwide, the carbon offset market is worth billions and has contributed to millions of tons worth of CO2 reductions in the fight against global warming. The European Union Emissions Trading Scheme, which commenced trading on January 1st, 2005, traded 362 million metric tons of offsets in its first year, representing a value of €7.2 billion. The partnership of GE and AES represents a new step in the evolution of the voluntary US market and paves the way to a future regulated market.
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