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Largest wind farm in Southeast Asia goes online in the Philippines

Largest wind farm in Southeast Asia goes online in the Philippines

The largest wind farm in Southeast Asia, a 150-megawatt installation in the Phil...

SPI Solar to acquire 360 MW worth of solar power projects in China

SPI Solar to acquire 360 MW worth of solar power projects in China

Solar Power, Inc. is set to become one of the largest solar developers in China....

Toyota hybrid exceeds 7 million mark in global sales

Toyota hybrid exceeds 7 million mark in global sales

The cumulative global sales of Toyota Motor Corporation’s hybrid vehicle have ex...

Suzlon eyes 2,000 MW of wind energy projects in India over next five years

Suzlon eyes 2,000 MW of wind energy projects in India over next five years

India-based wind turbine maker Suzlon has expressed its intent to build 2,000 me...

Solar power could be leading source of electricity by 2050

Solar power could be leading source of electricity by 2050

Solar power could overtake all other sources of electricity by 2050, according t...

U.N. chief welcomes announcements made in Climate Summit

U.N. chief welcomes announcements made in Climate Summit

United Nations Secretary-General Ban Ki-moon welcomed bold new actions to addres...

Climate Summit sees intiatives and commitments

Climate Summit sees intiatives and commitments

Various bodies and entities on the Climate Summit in New York have announced the...

Business

Richard Flint, Yorkshire Water CEO, opens self-powered sewage works

Richard Flint, Yorkshire Water CEO, opens self-powered sewage works

Thursday, 13 November 2014

Consuming two years development time and a whopping £34 million investment, Yorkshire’s first self-powered sewage works site has been unveiled in Brad...

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Technology

New polymer materials developed for better solar cells

New polymer materials developed for better solar cells

Wednesday, 19 November 2014

Researchers from North Carolina State University and the Hong Kong University of Science and Technology have developed new materials for more efficien...

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Politics

Extreme weather poses threat to Pacific Islands

Extreme weather poses threat to Pacific Islands

Monday, 24 November 2014

The United Nations has released an advisory note encouraging the Pacific Islands to establish a regional mechanism for better preparedness in line wit...

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Living Green

How to reduce your pooch’s carbon paw print

How to reduce your pooch’s carbon paw print

Wednesday, 19 November 2014

With an increasing number of people becoming environmentally conscious, there is little wonder that several measures are being taken to bring down the...

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Renewables

Philippines houses world’s largest solar-powered mall

Philippines houses world’s largest solar-powered mall

Monday, 24 November 2014

A mall in the capital city of the Philippines is now sporting a 1.5-megawatt solar panel installation. The project by Solar Philippines Commercial Roo...

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Low-Carbon

Is metal the future of construction?

Is metal the future of construction?

Monday, 24 November 2014

Climate change has prompted people to become more cautious of their environment. The constant surge of extreme weather conditions has posed considerab...

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Opinion

Unsustainable urban life: What's next?

Unsustainable urban life: What's next?

Wednesday, 11 June 2014

Nutrition plays a critical role in everyone’s chance at a better future. Hunger, said Benjamin Franklin once, is the best pickle. Some say “pickle”...

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Citi buys carbon credits from Mongolian energy efficiency project

Citi will purchase 1.17 million metric tons of carbon credits over the next seven years from Seattle-based carbon markets intermediary MicroEnergy Credits for reduce household emissions in Mongolia.

In Ulaanbaatar, the Mongolian capital, local lender XacBank will finance the locals' purchase of energy- efficient stoves and insulation fixtures so they increase heat retention and lower the rate of fossil fuel consumption and carbon emissions.

Many of Ulaanbaatar's population still live in traditional, tent-like structures called gers. Gers are traditionally under-insulated and heated by inefficient coal-burning stoves.

The greenhouse gas emissions reductions from the installation of more efficient household insulation and heating fixtures will generate carbon credits.

The reduction in emissions will be earned by XacBank clients and assigned to MicroEnergy Credits. MicroEnergy Credits will then quantify, aggregate and sell the credits to Citi, which can then trade and sell the credits under the European Union Emissions Trading Scheme.

The first carbon credits are expected to be available for purchase by Citi in March next year.

Portions of the proceeds from Citi's carbon credit purchase will also be distributed by MicroEnergy Credits back to XacBank, allowing for the continuation of the energy efficiency micro-loans.

Over-the-counter price for Certified Emission Reductions is currently hovering at over 3 euros ($4) per metric ton.



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