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Chinese Carbon Offset Projects Gain AIG Funding
April 25, 2008 |
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American International Group has completed funding of approximately US$4 million for projects in China and the United States that will reduce greenhouse gas emissions.
"These projects reaffirm our commitment to an environmental plan that includes mitigating the greenhouse gas impact of our global business operations through energy efficiency and internal measures, the purchase of renewable energy, and the funding of offset projects," said AIG President and CEO Martin J. Sullivan. "We're extremely proud that these efforts are based in both China, the country of AIG's origin, and the United States, where we are headquartered today."
Completing the projects will generate more than 620,000 metric tons of CO2 offset credits, an amount that represents all of the GHG emissions attributable to AIG's global operations in 2006 as determined by its global greenhouse gas emissions inventory. The credits will then be retired as part of the company's ongoing environmental strategy. The portfolio of agricultural projects in China, which were originally announced in October 2007, are located in the Xinjiang and Sichuan provinces. The China projects are being developed by U.S.-based Environmental Defense Fund and will be supported and assessed by Boston-based nonprofit EcoLogic. The offsets will be registered and retired in the China Beijing Equity Exchange.
AIG says its companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In addition, AIG companies are leading providers of retirement services, financial services and asset management around the world.
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