Company and Trust Combine For Innovative GHG Offset

An investment firm and a non-profit organization on the west coast of the United States have combined to expand financing of wind power.

PORTLAND, Oregon, US, 2001-11-23 [SolarAccess.com] Progressive Investment Management has reached agreement with The Climate Trust to offset the company’s greenhouse gas emissions, in an agreement that establishes a new mechanism for groups to offset emissions. The organizations will offset carbon emissions by purchasing CO2 benefits from an Oregon windfarm. The program allows an organization of any size to donate funds to The Climate Trust, which acquires CO2 benefits on behalf of that group, and holds them in trust. Organizations can meet their GHG reduction targets by donation or by purchase. A purchase allows businesses, agencies and non-profit groups to acquire rights to GHG offsets as an asset and to retain the rights to meet potential regulatory requirements for reducing emissions. PIM is donating funds to The Climate Trust to acquire and retire 714 megatonnes of CO2 benefits that will not count in a future CO2 regulatory system. This will not only replace PIM’s CO2 emissions in a year but, also, by a factor of ten to cover any unmeasured or associated emissions. “We’re delighted to take the lead in battling rapid climate change,” says chairman Carsten Henningsen. “We hope this serves as an example of how businesses can cut their climate-impairing emissions to a net zero impact.” The transaction builds on a project the Trust has with Bonneville Environmental Foundation, where the two organizations share the cost of acquiring and retiring 36,500 MWh of Green Tags, which represent the environmental benefits of wind power. The power is sold as non-green electricity without the cost premium of wind generation. The Climate Trust will use PIM’s donation to acquire additional CO2 benefits from BEF. The Green Tags will originate from the new windfarm at Condon, Oregon. The power generated by the wind project will displace electricity that would be generated by burning fossil fuels, and the revenues will be reinvested in the next generation of wind or other renewable energy project to serve the northwest.
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