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PrintJan 08, 2009
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J.P. Morgan ClimateCare recently placed third in a photography competition sponsored by the U.N.’s Framework Convention on Climate Change (UNFCCC). While the photo simply shows a boy taking sugar cane from a lorry bound for a biomass energy plant, it symbolizes the future potential of carbon finance to reduce carbon emissions through technological breakthroughs. |
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Because waste sugar cane can now be converted into clean renewable power through carbon financing, the boy and the lorry represent the early stages of a ClimateCare effort to reduce emissions through technological breakthroughs.
Previously, waste sugar cane (bagasse), which is difficult to transport and has a low nutritional value, was simply burned or left to decompose at the processing plant. However, with the onset of carbon finance, delivered through J.P. Morgan ClimateCare’s project development team, highly sophisticated equipment has now been installed in the sugar factory, enabling the bagasse to be converted into a source of clean renewable power.
The project delivers pre-compliance Clean Development Mechanism (CDM) credits, which J.P. Morgan ClimateCare then retails. Under the Kyoto Protocol, CDM enables industrialized countries, which have committed to reducing their greenhouse gas emissions, to invest in projects in the developing world that reduce emissions. It is estimated that the technology in the factory will reduce emissions by 90,000 tons per year, the equivalent of taking 30,000 cars off the road for the same time period.
Much of the work that J.P. Morgan ClimateCare undertakes is based in the developing world where projects to reduce greenhouse gas emissions also support ongoing social development.