Over $5.5 Million to be Awarded to Counter Climate Change

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Over $5.5 Million to be Awarded to Counter Climate Change

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Over $5.5 Million to be Awarded to Counter Climate Change

OREGON, PORTLAND, Jan. 30 -/E-Wire/-- The Climate Trust has teamed up with Seattle City Light to acquire reductions of carbon dioxide and greenhouse gas emissions in a major effort to fight global warming. "Together we're requesting proposals for high-quality carbon offset projects that would not occur without our funding," said Diana Bodtker, The Climate Trust chair.

The Trust will award at least $5.5 million in contracts to projects that offset carbon dioxide emissions while Seattle's municipal utility will accept projects that offset all greenhouse gases. Seattle's goal is to offset the equivalent of 247,000 metric tons of carbon dioxide. "By working through this process together, The Trust and Seattle will benefit by sharing the costs of a more efficient solicitation," said Mike Burnett, The Trust's executive director. "We may share ownership of projects, too," he added. Short form offset proposals are due to The Trust by April 10, 2001. Following review, The Trust and Seattle will invite selected projects to submit more detailed proposals. Final selection of projects is planned for the fall, with contract awards anticipated for early next year.

The Climate Trust, formerly known as Oregon Climate Trust, is a nonprofit organization formed in 1997 in response to landmark Oregon legislation requiring new power plants to meet a carbon dioxide (CO2) emission standard. This innovative legislation allows power plant developers to meet the standard by making a payment to The Trust. The Trust's first million dollars came from the Klamath Cogeneration Project, a 500-megawatt, combined-cycle, gas-fired power plant now completing construction near Klamath Falls, Oregon.

"Our experience demonstrates that The Trust is an efficient and effective mechanism for acquiring carbon offsets," said Peter van Alderwerelt of PacifiCorp Power Marketing, the developers of the Klamath Cogeneration Project. The Trust is in the final stages of contracting for offsets from five projects with this funding. These projects include renewable energy, transportation efficiency, and forest sequestration. "We are quite pleased with the portfolio of projects The Trust has assembled," said van Alderwerelt.

In its current solicitation, The Trust seeks a variety of projects that avoid, displace, or sequester carbon dioxide emissions: renewable energy, energy conservation, energy supply efficiency, and sequestration projects. "Examples of projects we might fund include wind, solar, biomass, energy efficiency in homes, businesses, and transportation, forest protection, and reforestation," Bodtker said.

This offset solicitation combines funds from Calpine's 450 megawatt Hermiston Power Project and Avista Corporation's 260 megawatt Coyote Springs Unit 2 Power Plant, both located in eastern Oregon. "The Oregon legislation allows us to focus on what we do best – developing power plants – while building The Trust's expertise to acquire offsets," said Sam McIntosh, project manager for the Hermiston Power Project.

"By observing The Trust in action, we gain valuable experience in mitigating carbon dioxide production, which is an important issue emerging for the industry," said Alan Meyers, vice president for asset development for Avista Power. The Climate Trust will hold a Bidders Conference for project proponents to ask questions about the RFP and the selection and contracting process. It will be held on February 22 in Portland; bidders can participate in person or by conference call. Registration is required on The Trust's Web site.

"We're looking for projects that offer reliable emission reductions that will be implemented in the future," said Susan Anderson, The Climate Trust's past chair. While The Trust prefers to acquire some offsets in Oregon, it welcomes proposals from any state or country. "This is a global problem, and we're looking for the best projects we can find regardless of location," Anderson said.

The Trust's partnership with Seattle City Light is a first in its Offset Partners Program. Under this program, organizations can team with The Trust to acquire offsets that help them to reach their goals to reduce greenhouse gases. Several businesses, from an international apparel manufacturer to a Portland restaurant, and a government agency have approached The Trust to offset their organizations' CO2 emissions. They are likely to contract for an excess portion of The Trust's offset portfolio.

Information about the request for proposals is posted on The Trust's Web site, www.climatetrust.org.

Oregon Climate Trust

Mike Burnett (503) 238-1915

http://www.climatetrust.org

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