A unit of General Electric Co. has formed a partnership with power producer AES Corp. to develop projects that reduce greenhouse gas emissions in the United States.
GE Energy Financial Services and Arlington, Va.-based AES will try to offset 10 million metric tons of greenhouse gases annually by 2010. That reduction is the equivalent of the annual emissions of 2.2 million average cars, GE officials said.
The partnership marks the entry of two major corporations into a fragmented market of companies involved in such projects, GE officials said.
“Our capital, sales channels and risk management — along with AES’s expertise in project development — make for a powerful combination that will lead the U.S. carbon market,” said Kevin Walsh, managing director and leader of renewable energy at Stamford-based GE Energy Financial Services.
The GE-AES partnership will focus primarily on reducing emissions of methane, a potent greenhouse gas with a warming potential 21 times greater than carbon dioxide.
Projects to capture and destroy methane emissions would include agricultural waste, landfills, coal mines and wastewater treatment. The partnership may also pursue development of offsets through energy efficiency projects and electricity generation from renewable sources.
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