GE, AES to Partner in Offsetting GHG Emissions

With a target of reducing carbon by 10 million tons a year, the AES Corporation and GE Energy Financial Services intend to create a partnership to develop greenhouse gas (GHG) emission reduction projects in the U.S.

The partnership would seek to create an annual production volume of 10 million tons (metric tons) of GHG offsets by 2010, primarily through the reduction of emissions of methane. Projects to capture and destroy methane emissions would include agricultural waste, landfills and wastewater treatment. 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. “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, and will contribute to GE’s ecomagination program,” said Alex Urquhart, President and CEO of GE Energy Financial Services.

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