Zurich (ots) - The World Bank Group announced on World Environment
Day 2006 that it has offset 100 percent of its Greenhouse Gas
emissions produced by its Washington, D.C. operations and business
transportation tracked from its headquarters in fiscal year 2006.
Emission credits purchased through the Chicago Climate Exchange (CCX)
contributed to reaching this goal. The World Bank Group becomes the
first multi-lateral organization to become a member of the Chicago
CCX Carbon Financial Instruments equivalent to 22,000 metric tons
of the World Bank Group's emissions were acquired and retired. These
verified and registered credits originate from a reforestation
project in Costa Rica realized by the Precious Woods Group, a
sustainable forest management company based in Switzerland with
operations in South and Central America.
Precious Woods is involved in reforesting approximately 4,600
hectares of degraded pasture land in compliance with the strict
environmental and social criteria of the Forest Stewardship Council
(FSC) and the forestry offset protocols of CCX. The Precious Woods
project is the world's first registered forest offset project in a
major operational GHG trading system.
Richard L. Sandor, Chairman and CEO of CCX said "We are delighted
that the World Bank is setting the pace in the climate change issue
for other multilateral bodies by offsetting its GHG emissions. The
CCX is proud and welcomes the Bank to the CCX family. This is further
validation that CCX provides high quality, credible credits from
offset projects from around the globe. We look forward to active
participation by the World Bank in CCX."
About Precious Woods:
Precious Woods is active in the reforestation and sustainable
management of tropical forests; downstream wood processing and
trading of FSC certified timber and non timber forest products. The
shares of Precious Woods have been listed on the SWX Swiss Exchange
since March 2002. See www.preciouswoods.com.
About The World Bank Group:
The World Bank Group is a vital source of financial and technical
assistance to developing countries around the world. It is made up
of five development institutions owned by 184 member countries - the
International Bank for Reconstruction and Development (IBRD) and the
International Development Association (IDA), the International
Finance Corporation (IFC), the Multilateral Investment Guarantee
Agency (MIGA), and the International Centre for Settlement of
Investment Disputes (ICSID). Each institution plays a different but
supportive role in the Group's mission of global poverty reduction
and the improvement of living standards. For information about the
World Bank Group, and its work on sustainable development, please see
About Chicago Climate Exchange (CCX):
Chicago Climate Exchange is North America's only, and the world's
first, legally binding multi-sector, rule-based and integrated
greenhouse gas emissions registry, reduction and trading system. CCX
is the only available mechanism through which US based entities may
engage in the integrated carbon market with a linked reduction and
trading system and is a vital tool for understanding the price of
carbon in all operations. CCX members range from large industrial
concerns such as DuPont, International Paper, Baxter Health and
Temple-Inland, to utilities such as American Electric Power, Tampa
Electric and Green Mountain Power, to universities such as Iowa and
Minnesota, to non-governmental organizations such as World Resources
Institute and Rocky Mountain Institute, to cities such as Portland,
OR, Oakland, CA and Chicago, IL, to farmers in Iowa and Nebraska and
the Iowa Farm Bureau, to the State of New Mexico, the first U.S.
state to join CCX. Eligible emission Offset projects include
agricultural soil carbon sequestration, reforestation, landfill and
agricultural methane combustion and switching to lower-emitting such
as biomass-based fuels. See www.chicagoclimateexchange.com.
ots Originaltext: Precious Woods Holding AG
Precious Woods Holding Ltd.
Chicago Climate Exchange