Mirant to Spend $50 Million on Renewables and GHG

An international energy company will invest US$50 million over the next decade to pursue solutions to global climate change, including the use of renewable energy.

ATLANTA, Georgia, US, 2001-09-28 [SolarAccess.com] The global energy company, Mirant, will invest US$50 million over the next decade to pursue solutions to global climate change, including the use of renewable energy. Mirant owns power plants in North and South America, Europe and Asia, most of which burn natural gas, although some facilities also use coal, oil and hydro power. In its first annual environmental report, the Atlanta company says it will use a Greenhouse Gas Protocol Initiative to track its emissions of carbon dioxide and the progress of mitigation measures. “This funding is a further investment in the development of a progressive environmental program that can benefit the global community in which we operate,” says president and CEO Marce Fuller.”Mirant is striving to continue improving its environmental performance. For us, this includes taking action now to mitigate our greenhouse gas emissions.” The environmental report contains a climate change action plan that outlines the company’s commitment to fund climate change initiatives including greenhouse gas mitigation projects to offset its CO2 emissions, including source reductions, energy efficiency improvements and carbon sequestration projects. The company will fund research to further understand the causes, impacts and pace of climate change as well as research to develop less carbon-intensive generation technologies and CO2 capture technologies. “Renewable energy will play an important role in meeting global energy demand, and we will pursue opportunities to develop and invest in renewable generation projects,” adds Barney Rush, CEO of Mirant’s European group. “Mirant expects that Europe offers many of the best opportunities for investment in renewable energy given the targets set by several European Union countries to increase their share of renewables.” Mirant will utilize the Greenhouse Gas Protocol developed by the World Resources Institute and the World Business Council for Sustainable Development. The system will enable Mirant to track its CO2 emissions, and the company plans to develop a CO2 emissions rate reduction goal by the end of the year. “We are delighted the GHG Protocol will help Mirant lay the foundation for their climate protection strategy,” says Elizabeth Cook of WRI. “Undertaking a greenhouse gas inventory is the place to start, yet emissions reductions and investments in clean energy technologies is where we hope this information would lead an energy company.” Mirant has also developed a corporate environmental policy and established environmental performance indicators to improve targets and measure performance. It will link compensation of employees to environmental performance, and will commit to develop air emissions reduction goals.
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