Generate carbon credits if you Care

Today Online 15 Dec 09;

SINGAPORE - Building owners in Singapore can soon gain carbon credits while cooling their buildings more efficiently now that a carbon programme - the first of its kind - is being developed.

Climate Action Resource Enterprise' for Energy Efficiency (Care) looks to generate carbon credits by promoting the replacement of chiller plants with state of the art technology under the standards imposed by the United Nation's Clean Development Mechanism (CDM).

Under Care, building owners can gain Certified Emission Reduction certificates from such projects under CDM.

Projects will generate and deliver carbon credits over a 10-year time frame, and owners can include multiple buildings into the Project of Activities at different stages, depending on their investment and risk appetite.

The resulting carbon credits, registered under the Kyoto Protocol's CDM, will accelerate chiller plant upgrades in Singapore.

Savings possible with quantifiable chiller efficiencies can surpass 50 per cent.

Care is jointly developed by local carbon advisory Climate Resources Exchange (CRX) and Standard Bank. CRX is in the business of originating CDM projects and trading carbon assets originating from such projects.

Financing for individual projects will be considered on a case-by-case basis with SB and CRX assisting Care projects in evaluating financing alternatives.

CRX will also work with local energy services companies, technology providers, or directly with facilities managers of self-maintained buildings with a view to target at least 100 buildings in Singapore to join Care by 2012.