Monthly Archives: July 2012

ClimateCare supported project wins Carbon Finance Transaction of the Year

ClimateCare is delighted that the Carbon for Water project has today been recognised through the 2012 Environmental Finance awards, winning Carbon Finance Transaction of the Year. ClimateCare lead authored the methodology for this project, helped to structure the finance and is now providing recurrent financing through the sale of carbon credits. A world first, the Carbon for Water project formally known as the ‘Sustainable Deployment of the LifeStraw Family in rural Kenya’ project – supports provision of safe water through carbon finance and is generating substantial health and socio-economic benefits.

A partnership between carbon market specialists ClimateCare and public health company Vestergaard Frandsen, Carbon for Water is unique in its field. Delivering 4.8 billion litres of safe drinking water annually to 4.5 million people in Western Kenya it also prevents 2.9 million tonnes of CO2 being emitted each year.

“Working with ClimateCare made it possible for us to distribute water filters on a significant scale,” explains project partner Mikkel Vestergaard Frandsen, CEO of Vestergaard Frandsen. ”Without their support to unlock revenue through carbon finance, we would have been unable to realize such significant emissions reductions or improve the lives of millions of people in Western Kenya.”

Importantly, the Carbon for Water project also generates substantial health and socio-economic benefits, including a lower incidence of waterborne disease, a better quality of life for women and children and employment among local communities.

“The project shows that, despite low carbon prices, carbon finance can be applied to deliver real sustainable development objectives at scale,” said Mark Nicholls, editor of Environmental Finance magazine. “Furthermore, the project developers are laying the foundations for new sources of revenue for climate change projects – using monitoring, reporting and verification techniques from the carbon markets to demonstrate projects’ health and societal co-benefits.”

“ClimateCare pioneered the use of carbon finance to support safe water projects and we are delighted that the impact of this has been recognised, paving the way to sustainable finance for similar projects.” said ClimateCare director, Edward Hanrahan. “ClimateCare specialises in ‘Climate and Development’ projects, those that tackle climate change and improve lives for people in the world’s poorest communities. The Carbon for Water project places as much emphasis on monitoring health outcomes as verifying emissions reductions and serves as a blueprint for our future projects, which will derive income from both market-based emission reductions and results-based health outcomes.”

Today’s award complements a host of recent wins for the Carbon for Water project, including Best Social Investment Strategy and the Global Business Coalition Health award. This independent endorsement of the project’s achievements, across a broad spectrum of categories, is not only driving demand for carbon credits from businesses wishing to offset their own carbon footprint, it is also spurring international interest from Governments, NGOs and businesses interested in partnering with ClimateCare to create new Climate and Development projects.

The project is featured in the July-August awards issue of Environmental Finance magazine, and on www.environmental-finance.com

To find out about Carbon for Water or other Climate and Development projects, contact the ClimateCare team on +44 (0) 1865 591000.

ClimateCare helps drive renewable energy provision in Turkey

Businesses that choose to offset their carbon emissions by purchasing Gold Standard Voluntary Emissions Reduction (VER) credits, such as the 289,000 issued today by the Aliağa Wind Farm project, are changing the make-up of Turkey’s energy provision. Through carbon finance, ClimateCare is helping make it commercially viable for developers to exploit Turkey’s strong wind supply to generate renewable power and move the country away from an historical reliance on fossil fuels.

According to the Global Wind Energy Council, Turkey’s electricity consumption is increasing by an average of 8-9% every year. So far, this demand has largely been met through coal power and large hydro projects, often backed by state investment.  This is despite the fact that Turkey has limited fossil fuel reserves and one of the best wind supplies in Europe (European Parliament’s wind index).

“To date, the relatively low and unstable electricity prices offered by the Government have made investment in wind farms challenging,” explains ClimateCare director, Edward Hanrahan. “However, by working with the project developers and taking them through the process of Registration and Issuance of carbon credits from the Gold Standard, ClimateCare has helped renewable energy projects in Turkey gain commercial viability through carbon finance”.

ClimateCare was a pioneer in bringing carbon finance to renewable energy projects in Turkey. As a result, investment in wind energy has become more attractive and wind capacity in Turkey is growing – rising from 0% in 2006, when Bilgin Enerji  the developer of Aliağa built the country’s first private wind farm, to 3.5% of the total electricity generating capacity of the country, today.

“The voluntary carbon market has had a significant role in making the wind sector an attractive one for investors” says Tolga Bilgin, Owner of Bilgin Enerji and Chairman of RESSIAD1, the Turkish Renewable Energy Association, “ClimateCare was one of the first to see this potential and we are pleased they have been an early supporter of wind projects in Turkey”.

Today sees the Issuance of Gold Standard VER credits from the second Bilgin owned wind farm project, supported by ClimateCare. The Aliağa wind farm is one of the largest in Turkey, with 36 wind turbines and an installed capacity of 90MW. It generates approximately 300,000 MWh of clean, renewable energy each year and is already having an impact, saving 300,000 tonnes of CO2 emissions in its first 21 months of operation. In addition, the project is supporting the local community by improving water supplies to the neighbouring village and donating computers and furniture to the local school and rehabilitation centre. The Gold Standard credits issued will be of interest to businesses who want to offset their carbon emissions at a commercial rate and demonstrate their support for a project that is helping make an immediate and measurable diversion from fossil fuel to clean, renewable energy.

Those interested in purchasing credits should contact the ClimateCare team on +44 (0) 1865 591000


1 Rüzgar Enerjisi ve Su Santralları İşadamları Derneği – The Wind and Hydro Power Plants Business Association