Transforming the face ofA new carbon project will finance the installation of 8.5 million energy efficient lightbulbs in some areas of India. The project, backed by Allianz SE and C-Quest Capital LCC, will release U.N. backed carbon offsets.
The exciting new ten year project will pay for compact fluorescent lightbulbs to be installed in Northern Delhi, Andhra Pradesh and Punjab. The news was reported by Reuters in Singapore, following an interview with Armin Sandhoevel, the chief executive of Allianz.
According to carbon market forecasts, the project will cut as many as 3.7 million tonnes of carbon emissions over the course of the next decade. This, according to carbon market news, is the equivalent of the annual pollution from one million cars.
This carbon project will generate 3.2 million internationally tradeable CERs (Certified Emissions Reductions). These are U.N. certified carbon credits and part of a global initiative to reward clean-energy investments in poorer countries. Known as programme of activities, this helps identical projects to be bundled together to save on administration costs and create even greater emissions reductions.
This project hasn’t yet generated CERs, but issuance is thought to be likely in the next few weeks. Allianz currently have 20 low-carbon projects in the pipeline. These focus on energy efficiency, renewable energy and forest carbon in developing countries. Allianz are already involved in forest preservation in Kenya and Indonesia.