News

Standard Bank Group partners in worldwide carbon solution.
13 October 2010

Standard Bank Group (SBG) has joined forces with Australia's Cool nrg in the world's first energy efficiency programme targeting households under the Kyoto Protocol. 

Through this partnership, SBG will be developing energy efficient lighting projects in Mexico that will see the distribution of 45-million compact fluorescent lamps to Mexico's poorest residents. 

Geoff Sinclair, Head of Carbon Sales and Trading at Standard Bank Group, says: "We have invested in the partnership by taking a 19% stake in the carbon credits obtained through the Mexican fluorescent lighting project. Strategically we intend to leverage the Mexican model globally and especially look at options in Africa to deliver major ongoing CO2 reduction, creating both energy security and reduced energy poverty." 

Cool nrg is an internationally recognised performer in the design and implementation of clean development projects that deliver long term environmental and social outcomes. 

The global carbon market is worth $180-billion, $10-billion of which has been allocated to emerging markets through the Clean Development Mechanism as defined by the Kyoto Protocol. 

"Standard Bank, which is acknowledged as one of the leading players in the global carbon market and carbon finance, sees great value and benefit in supporting strategically important energy efficiency programmes. Africa is one of the untapped markets for Clean Development projects," says Mr Sinclair. 

Cool nrg is the only company in the world that has successfully completed a light bulb based energy efficiency programme of activities under the Clean Development Mechanism. 

Nic Frances, Executive Chairman of Cool nrg, says: "This is a major opportunity for the skills and services developed by an Australian organisation to support world leaders in delivering mass scale environmental and social change. 

"We designed and managed the Luz Sustenable pilot in 2009 for the Mexican Government - it was a great success. Since 2008 Cool nrg has delivered some of the world's largest energy efficiency campaigns in both the UK and Australia. We are proud to have delivered the world's first, Program of Activities under the United Nations' Clean Development Mechanism." 

For more on Standard Bank Group's services in the field of renewable resources visit  http://corporateandinvestment.standardbank.com/global/sector/oil_gas.jsp 

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