Chevrolet is purchasing carbon credits worth up to $5 million to help 11 colleges across the US pay for energy efficiency-based carbon reductions and retiring the carbon credits to benefit the climate instead of using them to offset the emissions of Chevrolet vehicles or operations.
As part of its voluntary initiative to reduce 8 million metric tons of carbon from being emitted, Chevrolet during the last four years has supported US communities in reducing their carbon footprint.
Campuses for the first time can access funding from the US carbon market to fuel their large-scale energy efficiency efforts using carbon performance methodologies Chevrolet developed to make money via their greenhouse gas reductions that result from energy efficiency.
The 11 colleges are: Ball State University, Valencia College, Portland State University, Spelman College, University of Illinois at Chicago, University of Wisconsin-Stevens Point, Boston University, Rochester Institute of Technology, University of Illinois at Urbana-Champaign, Grand Valley State University, and Southern Oregon University.
For the last two years, Chevrolet has been the largest US corporate buyer of voluntary carbon credits by volume, according to nonprofit Forest Trends Ecosystem Marketplace. Of the nearly 8.2 million tons contracted from 36 projects, 69 percent have been retired. The balance is scheduled to be retired summer of 2015.