OPIC to cut 2-3m tonnes in carbon emissions annually

The Overseas Private Investment Corporation has announced an initiative that aims to cut reduce greenhouse gas emissions and focus on renewable and energy-efficient projects.

The Washington-based independent agency aims to reduce greenhouse gas emissions in OPIC-supported projects by 20% in the next ten years.

To meet this target, the agency has set an annual emissions cap of 2-3m tonnes for all new greenhouse gas emissions in OPIC supported projects to which it provides a commitment.

If met, the goal will result in a reduction in emissions from 54.7m tons of CO2eq in OPIC's current portfolio of OPIC supported projects, to a cap of 44m tons in 2016.

OPIC said it will work with the private sector to encourage US investment in renewable energy and energy efficiency improvement projects by providing market-based incentives. It will consider emission reduction alternatives for all OPIC-supported projects, including opportunities to enhance energy and operational efficiency; and the application of new technologies for the capture, storage and recovery of greenhouse gases. In addition OPIC plans to report annual emissions of each significant OPIC-supported project's greenhouse gas emissions in the active portfolio as well as the projected emissions for each project receiving an OPIC commitment.

By: New Energy finance

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