ClimateCare is delighted that the Carbon for Water project has today been recognised through the 2012 Environmental Finance awards, winning Carbon Finance Transaction of the Year. ClimateCare lead authored the methodology for this project, helped to structure the finance and is now providing recurrent financing through the sale of carbon credits. A world first, the Carbon for Water project – formally known as the ‘Sustainable Deployment of the LifeStraw Family in rural Kenya’ project – supports provision of safe water through carbon finance and is generating substantial health and socio-economic benefits.
A partnership between carbon market specialists ClimateCare and public health company Vestergaard Frandsen, Carbon for Water is unique in its field. Delivering 4.8 billion litres of safe drinking water annually to 4.5 million people in Western Kenya it also prevents 2.9 million tonnes of CO2 being emitted each year.
“Working with ClimateCare made it possible for us to distribute water filters on a significant scale,” explains project partner Mikkel Vestergaard Frandsen, CEO of Vestergaard Frandsen. ”Without their support to unlock revenue through carbon finance, we would have been unable to realize such significant emissions reductions or improve the lives of millions of people in Western Kenya.”
Importantly, the Carbon for Water project also generates substantial health and socio-economic benefits, including a lower incidence of waterborne disease, a better quality of life for women and children and employment among local communities.
“The project shows that, despite low carbon prices, carbon finance can be applied to deliver real sustainable development objectives at scale,” said Mark Nicholls, editor of Environmental Finance magazine. “Furthermore, the project developers are laying the foundations for new sources of revenue for climate change projects – using monitoring, reporting and verification techniques from the carbon markets to demonstrate projects’ health and societal co-benefits.”
“ClimateCare pioneered the use of carbon finance to support safe water projects and we are delighted that the impact of this has been recognised, paving the way to sustainable finance for similar projects.” said ClimateCare director, Edward Hanrahan. “ClimateCare specialises in ‘Climate and Development’ projects, those that tackle climate change and improve lives for people in the world’s poorest communities. The Carbon for Water project places as much emphasis on monitoring health outcomes as verifying emissions reductions and serves as a blueprint for our future projects, which will derive income from both market-based emission reductions and results-based health outcomes.”
Today’s award complements a host of recent wins for the Carbon for Water project, including Best Social Investment Strategy and the Global Business Coalition Health award. This independent endorsement of the project’s achievements, across a broad spectrum of categories, is not only driving demand for carbon credits from businesses wishing to offset their own carbon footprint, it is also spurring international interest from Governments, NGOs and businesses interested in partnering with ClimateCare to create new Climate and Development projects.
The project is featured in the July-August awards issue of Environmental Finance magazine, and on www.environmental-finance.com
To find out about Carbon for Water or other Climate and Development projects, contact the ClimateCare team on +44 (0) 1865 591000.