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London - Standard Bank Group [JSE:SBK] has bought 700 000 UN-backed carbon credits to fund a clean energy project to replace kerosene lamps with light-emitting diode (LED) lamps in Tanzanian homes, it said in a statement. The project, owned by Illumination Tanzania, will light up 1.5 million homes and save the nation around $200m.
Tanzania's greenhouse gas emissions will be reduced by 800 000 tonnes, the bank said.
"We've been working very hard during the past two years to bring the projects to fruition - and the Tanzania LED light initiative is the first of several that will get off the ground in 2011," said Fenella Aouane at Standard Bank's London-based carbon trading division.
Standard Bank is also involved in a solar water heating project for low-cost housing in South Africa, it said.
Under a UN,'s Clean Development Mechanism, companies invest in carbon-cutting projects in developing countries and in return receive offsets which can be used towards emissions targets or sold for profit.
Tanzania's greenhouse gas emissions will be reduced by 800 000 tonnes, the bank said.
"We've been working very hard during the past two years to bring the projects to fruition - and the Tanzania LED light initiative is the first of several that will get off the ground in 2011," said Fenella Aouane at Standard Bank's London-based carbon trading division.
Standard Bank is also involved in a solar water heating project for low-cost housing in South Africa, it said.
Under a UN,'s Clean Development Mechanism, companies invest in carbon-cutting projects in developing countries and in return receive offsets which can be used towards emissions targets or sold for profit.
