New Source of Financing for Renewable Energy Projects in the least Developed Countries
Carbon Block™ is pleased to announce the launch of a new proprietary technology to connect renewable energy projects in the least developed countries to funding from the carbon markets. Renewable Energy projects in the 46 Least Developed Countries (LDC), as defined by the United Nations, qualify for carbon offset funding through international Greenhouse Gas Programs including Verra and Gold Standard. “Renewable Energy Developers operating in the least Developed Countries will benefit from this additional source of funding,” says, President Alex Stuart, “Carbon Block’s technology facilitates the carbon offset creation process and supports a project’s financial return. It is our hope that more renewable energy projects in LDCs will be possible using this new revenue stream.”
Renewable Energy projects create Carbon Offsets by reducing GHG emissions from fossil fuel-based electricity. In many LDC electricity is generated by fossil fuel consumption, and renewable energy projects reduce the burning of fossil fuels. As energy storage systems are coupled with renewable energy it becomes possible to eliminate the requirement for fossil fuel electricity. Supporting renewable energy projects in LDCs also brings a wide variety of support for the United Nation’s Sustainable Development Goals.
About the International Greenhouse Gas Programme’s Voluntary Carbon Offset System
Carbon Offsets represent the reduction in Greenhouse Gas (GHG) emissions caused by one party and paid for by another. These offsets are registered with one of several GHG programs, including Verra or GoldStandard, and once they are purchased can be permanently retired allowing the buyer to take credit for the corresponding reduction in GHG emissions. Carbon Offsets are intended to be used in conjunction with internal GHG reduction activities. Carbon Offsets come into play when a government, company, or individual is unable to reduce their own carbon footprint in an economically feasible way. Since we all share the same atmosphere a reduction in GHG emissions anywhere on the planet benefits us all.
