The Goldman Sachs Group (NYSE: GS) has agreed to purchase the majority of E+Co’s carbon offset portfolio.
Through the multi-year alliance, Goldman Sachs will help promote E+Co’s goal of providing investment capital and support services to small, clean energy business ventures in developing countries.
Small-scale clean energy projects, while supporting important social and environmental benefits, can struggle to attract sufficient funding to assure success. The financial backing and business development services provided by E+Co assists small businesses in Africa, Asia and Latin America to supply clean and affordable energy to those regions, efforts that simultaneously increase employment opportunities and reduce greenhouse gas (GHG) emissions.
E+Co also assists clean energy businesses with the aggregation, validation, verification and creation of high quality GHG offsets including those that will be sold to Goldman Sachs. The carbon financing related to the off-take of the GHG reductions provides the enterprises with additional capital that supports, sustains and helps grow the clean energy ventures.
"Our alliance with Goldman Sachs is a testament to the importance and potential of the global carbon markets," says E+Co Carbon Finance Manager Erik Wurster. "This represents the growing demand for high quality carbon assets that promote sustainable development and poverty reduction in some of the world’s poorest nations."
Said Gerrit Nicholas, head of the North American Environmental Commodities Sales Team at Goldman Sachs, "The development of cleaner, more secure energy sources is an international issue that we can help to address through purchasing E+Co’s offsets and participating in the global carbon market."
E+Co’s projects are located in 28 developing countries and meet various carbon standards including the Gold Standard and the Clean Development Mechanism. While all projects focus on clean energy, they vary widely in type.
"We have installed solar panels in Guatemala and are working in Africa to distribute efficient cook stoves. The stove projects not only reduce carbon emissions, but also mitigate hazardous air pollutants, provide employment opportunities, and reduce household fuel costs. This triple bottom line impact – people, planet and profit – is fundamental to what we hope to achieve," said Wurster.
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