In a win-win initiative for
all involved, Allianz has joined forces in India with US-based
carbon emissions projects specialist, C-Quest Capital. Under the
10-year joint initiative, Allianz and C-Quest will co-finance
replacement of some 8.5m incandescent light bulbs with
energy-efficient lighting in households in three Indian
states.
The objective, said Allianz
Climate Solutions CEO Armin Sandhövel, is to help alleviate
pressure on India’s power grid. In the process, he adds, there will
be a big reduction in the emission of greenhouse gasses which will
assist Allianz fulfil its own carbon reduction and neutralisation
objectives.
Go deeper with GlobalData
Sandhövel explained that, for
each tonne of avoided carbon dioxide (CO2) emission, the
Indian project will be awarded an emission reduction certificate.
Over 10 years, 3.73m tons of CO2 will be
avoided.
While most certificates will
be sold on international carbon markets to generate financial
returns, Allianz will also purchase and withdraw a portion in order
to neutralise its internal emissions as a part of its voluntary
carbon reduction and neutralisation strategy.
The Allianz Group committed itself to cut its internal
emissions by 20% between 2006 and 2012. Remaining emissions will be
neutralised through credits received from investments into carbon
projects, such as the one in India and the insurer’s extensive
investment in renewable energy project.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
