Date: September 17, 2008
Source: Greenhouse Gas Services LLC
Greenhouse Gas Services, a GE AES Venture, to Create Greenhouse Gas Credits in Caldwell County, North Carolina
Google to Use Greenhouse Gas Services' Standard of Practice for Emissions Reduction Project
Greenhouse Gas Services LLC (GHGS), a venture between GE Energy Financial Services, a unit of GE (NYSE: GE), and The AES Corporation (NYSE: AES), announced today that it has signed a master agreement with Google to co-develop projects that reduce greenhouse gas (GHG) emissions and produce GHG credits. The initial project will capture methane gas at the Mount Herman landfill in Caldwell County, North Carolina.
As one of the first emissions reduction co-development projects in the US, Greenhouse Gas Services (GHGS) will design, build and operate the facility that will capture more than 120,000 tons of landfill gas over ten years. The project will use the GHGS Standard of Practice to govern the creation, management and retirement of the credits. Google will add these offsets to its carbon portfolio to advance its goal of company-wide carbon neutrality.
"We're working with Google at the site level to create GHG credits that are certified to our Standard of Practice, ensuring they represent a real and permanent reduction in greenhouse gas emissions," said Mauricio Vargas, CEO of GHGS.
GHGS will capture the methane gas emitted by the Mount Herman landfill to generate GHG credits, and will work with an independent third party certifying the scientific integrity of the avoided emissions. This is a closed landfill that is not required to capture the methane gas released. The captured methane gas will be destroyed by flare or converted to a fuel source to power a new research greenhouse.
"Caldwell County welcomes the opportunity to work with Google and GHGS to create offsets while improving air quality and promoting agricultural research," said Dr. John Thuss, Caldwell County Commissioner.
As part of the project, a greenhouse will be built for the Caldwell Community College and Technical Institute to promote agricultural research.
Financial details of the transaction were not disclosed.
About Greenhouse Gas Services
Greenhouse Gas Services LLC, based in Arlington, VA, is a venture of GE Energy Financial Services and The AES Corporation. The business invests in and develops projects that reduce greenhouse gas (GHG) emissions and sells independently verified GHG credits to companies that want to meet internal emissions reduction targets or to offset greenhouse gases from products and services. Each credit is verified by an independent third party and certified by Greenhouse Gas Services to a rigorous Standard of Practice. For more information, please visit www.ghgs.com.
For more information, contact:
Greenhouse Gas Services LLC
Meghan Dotter, 703-682-6670