Standard Bank backs firm's carbon plans
Melbourne - Africa's largest lender Standard Bank Group [JSE:SBK] has agreed to partner Australian firm Cool nrg in the development of clean energy projects in the developing world, the bank said on Monday.
The bank said it planned to leverage off Cool nrg's Mexican experience where the Australian firm designed and managed a light bulb replacement programme, involving the distribution of compact fluorescent lamps to some of the country's poor.
"Strategically we intend to leverage the Mexican model globally and especially in Africa to delivery major on-going C02 reduction, creating both energy security and reduced energy poverty," said Geoff Sinclair, the London-based head of carbon sales and trading at Standard Bank.
Standard Bank expects a boom in the development of low carbon energy efficiency projects in Africa, driven by the need to find low cost energy solutions as well as supplying the world with carbon credits from clean energy mechanism (CDM) projects.
Cool nrg is following up its Mexican pilot programme by tendering for the Mexican government's Luz Sustenable (Sustainable) project which will see the distribution of 45 million fluorescent lamps to low income households.
"We look at ways to reduce energy consumption on a large-scale," said Nic Frances, Cool nrg's executive chairman.
"We look for really big-scale opportunities and see a big opportunity in developing countries because it reduces the cost of energy for poor people and also does something for energy security," he said.
Frances said his firm's projects also created carbon credits under the Kyoto Protocol's CDM, bringing an additional benefit to some of the world's poorer countries.