GE AES announces carbon trading standard
July 26th, 2007
NEW YORK, July 26 (UPI) — GE AES Greenhouse Gas Services has created a standard for selling greenhouse gas credits in the United States, it announced in New York.
The gas services is a joint venture between GE Energy Financial Services, a unit of General Electric, and the AES Corp., created in February.
The GHG standard scientifically verifies and measures the environmental benefit, the company said. The standard will also back the first U.S. credit card dedicated to helping reduce cardholders’ greenhouse gas emissions.
GE AES Greenhouse Gas Services said it expects to generate about 10 million tons of greenhouse gas credits by 2010. The credits will be marketed to companies that want to reduce their environmental impact.
“The combination of GE Energy Financial Services — a leading energy investor with more than $14 billion in assets — and AES — one of the world’s largest global power companies — will bring a new level of experience, reach, and trust to the greenhouse gas reduction market,” said Kevin Walsh, managing director and leader of renewable energy at GE Energy Financial Services.
The standards include mandatory third-party verification, strict prohibition of “double counting” of credits, permanent reductions in greenhouse gas emissions where possible, voluntary credit-producing projects and all projects must meet environmental laws and standards.
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