Pacific Carbon Trust Buys First Set of Emission Offsets

VICTORIA – The Pacific Carbon Trust (PCT) signed an agreement with Offsetters Clean Technology Inc. to purchase high-quality emission offsets to address climate change in B.C., Finance Minister Colin Hansen announced today.

“This is the first of many purchases to fund innovation and stimulate the development of a viable emissions offset industry in B.C.” said Minister Hansen. “In its first agreement, the PCT has purchased the ability to offset 330,000 tonnes of greenhouse gas (GHG) emissions over five years - equivalent to taking 85,800 cars off the road for one year.”

The PCT purchases carbon offsets on behalf of the public sector and other clients who want to offset their greenhouse gas emissions to reach their carbon reduction goals. A carbon offset represents a reduction in greenhouse gas emissions generated by activities, such as improved energy efficiency, that can be used to balance the emissions from another source, such as a plane trip. This first acquisition includes five projects, including four greenhouses and a cement plant, supporting clean energy innovations.

“These funds will support cleaner energy and reduce emissions at five locations in B.C by switching from fossil fuel to renewable fuel and improving energy efficiency at farms and in cement plants,” said Environment Minister Barry Penner. “PCT is one of many initiatives in the Province’s plan to address climate change.”

The projects were sourced by industry aggregator (wholesaler) Offsetters Clean Technology Inc., an early entrant to this innovative arena in Canada.

Offsets purchased by PCT must be generated by B.C.-based activities that demonstrate real GHG reductions or removal that would not have occurred without the revenue from the PCT purchases. Over the next two years, the PCT plans to purchase up to one million tonnes of offsets to meet estimated carbon reduction demands.

The PCT, a Crown corporation established in 2008 as part of BC’s Climate Action Plan, is an important piece of the green economy - which means innovative projects and new job opportunities for the province. B.C. has established itself as a leader in the fight against climate change, and this is positive for the environment as well as the economy.

The Climate Action Plan includes a commitment to make the public sector carbon-neutral by 2010. The PCT provides an emission-reduction tool (offset) government and others can use once they have done all they reasonably can to reduce their own emissions.

“We are very excited about B.C.’s potential to provide credible offsets to the government and other buyers in this emerging market,” said James Tansey, president and co-founder of Offsetters. “B.C.’s stringent regulation ensures the development of high-quality offsets that result in real reductions in greenhouse gas emissions. The Province’s GHG offsets strategy will help boost growth in this industry in the province.”

For more information, please contact the media contacts listed below, or visit: www.pacificcarbontrust.ca .

Media Contacts:

James Tansey, Offsetters, 604 699 2650

Su Lin Shum, Pacific Carbon Trust, 250 952 6793

Rena Kendall-Craden, Communications Director, Ministry of Finance, 250 356 2821

Matt Gordon, Communications Director, Ministry of Environment, 250 387 9973

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