The Climate Trust to Award $4.3 Million for Carbon Offset Projects
The Climate Trust says it will purchase $4.3 million in project-based greenhouse gas emission reductions in a major effort to reduce global warming emissions.
The Climate Trust says it will purchase $4.3 million in project-based greenhouse gas emission reductions in a major effort to reduce global warming emissions. The trust will be allocating the offset funds through a Request for Proposals (RFP) process that is open to all carbon offset project developers. The Trust will consider any and all project activities that reduce or sequester CO2 based emissions. Project quality and cost-effectiveness will be the two main project selection criteria used by the Trust. The deadline for project submissions is August 24, 2005.
The offset funding for this RFP has been provided by Portland General Electric (PGE) as part of a state legal requirement to offset the emissions from their new generating facility in Port Westward, Oregon. In addition to seeking high-quality carbon offset projects, the Trust is actively encouraging other entities addressing their climate change risk - including major U.S. power companies and utilities -- to partner in the solicitation process.
"This solicitation is a significant market stimulus from the United States to the growing global market for real, permanent and verifiable GHG reduction projects, and we want to work with all interested parties to expand its reach," said deputy director Michael Ashford. "The U.S. contributes over 25% of the worlds GHGs, so U.S. emitters, whether voluntarily or as a means of regulatory compliance, can and should be looking at offsets together with internal measures as a way to take immediate action against their contribution to global warming."
Projects selected through the RFP will be added to The Climate Trust's existing portfolio of high quality offset projects. The Trust has implemented carbon offset projects from a wide variety of sectors including energy efficiency, renewables, cogeneration, cement sector, automobile emissions, and reforestation.
Additional details on The Climate Trust's Request for Offset Proposals:
The offset funding for this RFP has been provided by Portland General Electric (PGE) as part of a state legal requirement to offset the emissions from their new generating facility in Port Westward, Oregon. In addition to seeking high-quality carbon offset projects, the Trust is actively encouraging other entities addressing their climate change risk - including major U.S. power companies and utilities -- to partner in the solicitation process.
"This solicitation is a significant market stimulus from the United States to the growing global market for real, permanent and verifiable GHG reduction projects, and we want to work with all interested parties to expand its reach," said deputy director Michael Ashford. "The U.S. contributes over 25% of the worlds GHGs, so U.S. emitters, whether voluntarily or as a means of regulatory compliance, can and should be looking at offsets together with internal measures as a way to take immediate action against their contribution to global warming."
Projects selected through the RFP will be added to The Climate Trust's existing portfolio of high quality offset projects. The Trust has implemented carbon offset projects from a wide variety of sectors including energy efficiency, renewables, cogeneration, cement sector, automobile emissions, and reforestation.
Additional details on The Climate Trust's Request for Offset Proposals:
- The trust is interested primarily in projects seeking more than $1 M in offset funds.
- The trust expects to fund projects at a price level of approximately $5/metric ton CO2.
- All projects must demonstrate that the offsets are additional to what would occur in a business-as-usual scenario.
- Projects must be implemented after the carbon funding is awarded. The trust cannot fund existing projects.
- There is no geographic constraint on the projects that can be funded.
- A $500 application fee is required for all project applications. There are other fees associated with the process.
