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GE, AES to Develop Carbon Emission Reduction Projects & Sell Offsets

AES and GE Energy Financial Services are creating a partnership to develop greenhouse gas emission reduction projects in the U.S. 

The partnership seeks to create an annual production volume of 10 million tonnes 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, coal mines and wastewater treatment. In addition to methane-based projects, the partnership may also pursue development of offsets through energy efficiency projects and electricity generation from renewable sources.

Initially, the partnership would sell offsets from these projects to commercial and industrial customers that voluntarily seek to reduce the environmental impact of their operations or to provide climate-friendly products or services to their customers. But the partnership’s real potential is tied to a future where the U.S. has mandatory emission limits in place.

While some see mandatory caps approaching quickly, The White House, yesterday, denied media reports suggesting that Bush would agree to mandatory caps on emissions.

“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.  The partnership could invest in projects using GE products certified by its ecomagination program.

The partnership announced that it “plans to have internationally accredited and independent environmental organizations assure that each carbon offset meets the highest scientific and technical standards.”

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