EOS Climate has completed a pioneering project that demonstrated how carbon finance can address remaining inventories of chlorofluorocarbon (CFCs) refrigerants in developing countries. The project destroyed CFC refrigerants from Nepal in conformance with the Climate Action Reserve’s protocol for ozone-depleting emissions.
The project was authorized by the Executive Committee of the Montreal Protocol Multilateral Fund (MLF). EOS worked with the United Nations Environment Programme (UNEP) and Emergent Ventures India (EVI). This single project prevents emissions equivalent to over 80,000 tons of carbon dioxide.
Project developers hope it establishes a sustainable model of securing carbon finance for management and disposal of CFC stocks in developing countries, as similar programs have been started for agriculture.
EOS Climate says it is reviewing prospective purchasers for the offset credits that resulted from the project, and expects it to spark interest from pioneering organizations seeking high quality climate offsets, which will in turn mobilize investments in similar projects.