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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...

Climate Rally reaches 310,000 participants

Climate Rally reaches 310,000 participants

The number of people who joined the People’s Climate March this September 21 rea...

China takes big step in reducing ozone depleting gases

China takes big step in reducing ozone depleting gases

China has taken a big step towards reducing its hydrochlorfluorocarbons by closi...

Ozone layer on road to recovery – U.N.E.P., W.M.O.

Ozone layer on road to recovery – U.N.E.P., W.M.O.

The ozone layer is on the road to recovery, but unified action is still needed t...

Green vacation: Go on an eco-friendly safari

Green vacation: Go on an eco-friendly safari

The primary goal of modern-day eco-friendly African safaris is to lessen the ove...

Business

Technology

New oxygen-removing catalyst developed for better biofuel production

New oxygen-removing catalyst developed for better biofuel production

Thursday, 23 October 2014

Researchers from Washington State University have developed a new catalyst that can remove oxygen from plant-based materials for a more efficient biof...

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Politics

Chile sets carbon tax on its vehicles

Chile sets carbon tax on its vehicles

Thursday, 30 October 2014

Chile has set a carbon tax on its vehicles, promoting vehicle and energy efficiency. Under the tax reform, which is the largest in the last three deca...

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Living Green

How can households produce their own energy

How can households produce their own energy

Thursday, 30 October 2014

Green living, renewable resources, energy saving and producing your own energy are all topics that have gained big importance in our everyday life. It...

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Renewables

Low-Carbon

What needs to be injected In the core DNA of urbanity

What needs to be injected In the core DNA of urbanity

Thursday, 23 October 2014

Urbanization has taken an unprecedented upward turn in recent years. In 2007, half of the world’s population – around 3.6 billion people – lived in ur...

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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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