NEW YORK - (Business Wire) In the last bullet point, the first sentence should read: A project funded through The Conservation Fund ... (sted ... The Conversation Fund...)
The corrected release reads:
AIG COMPLETES FUNDING OF CARBON OFFSET PROJECTS IN CHINA AND THE UNITED STATES
Projects Will Generate More Than 620,000 Metric Tons of CO2 Offset Credits To Be Retired As Part of Environmental Strategy
American International Group, Inc. (AIG) announced today that it has completed funding for projects in China and the United States that will reduce or sequester greenhouse gas (GHG) emissions. Total funding of the projects is approximately $4 million.
Completing the projects will generate more than 620,000 metric tons of CO2 offset credits, an amount that represents all of the GHG emissions attributable to AIG’s global operations in 2006 as determined by its global greenhouse gas emissions inventory. The credits will then be retired as part of the company’s ongoing environmental strategy.
“These projects reaffirm our commitment to an environmental plan that includes mitigating the greenhouse gas impact of our global business operations through energy efficiency and internal measures, the purchase of renewable energy, and the funding of offset projects,” said AIG President and Chief Executive Officer Martin J. Sullivan. “We’re extremely proud that these efforts are based in both China, the country of AIG’s origin, and the United States, where we are headquartered today.”
The portfolio of agricultural projects in China, which were originally announced in October 2007, are located in the Xinjiang and Sichuan provinces. The China projects are being developed by U.S.-based Environmental Defense Fund and will be supported and assessed by Boston-based nonprofit EcoLogic. The offsets will be registered and retired in the China Beijing Equity Exchange.
Among the most notable benefits, the China projects will:
- Allow crops to be grown with lower consumption of water and fossil fuels
- Promote more efficient use of nitrogen fertilizers
- Produce biogas from human and agricultural wastes that will be used for cooking and lighting
- Improve water management in rice farming and production
- Help retain water, control dust and reduce soil erosion through trees planted in desert lands
“The Xinjiang and Sichuan projects contribute to sustainable solutions that will benefit the people of China,” said Daniel Dudek, Chief Economist for Environmental Defense Fund. “We’re extremely pleased to be partnering with AIG on efforts focused on improving the quality of life in rural parts of the country.”
In the U.S., a portfolio of three projects will focus on reforestation and ecosystem enhancement. Specifically:
- A project funded through Equator Environmental, LLC, will result in marginal farmlands in North Dakota, South Dakota and Montana being converted back to native grasslands. This effort will be registered and offsets retired in the Environmental Resources Trust, Inc. (ERT)/Winrock GHG Registry®.
- A project funded through Trust for Public Land will result in the reforestation of marginal cropland in the Mississippi River delta region of Louisiana. This effort will also be registered and retired in the GHG Registry.
- A project funded through The Conservation Fund will result in improved management of California harvested timberlands designed to produce increased standing volume of biomass fuel. This effort will be registered in the California Climate Change Action Registry and retired in the GHG Registry.
“The U.S. projects will help mitigate three of the more serious environmental issues our country is facing,” said Wiley Barbour, Director of the ERT Business Unit of Winrock International. “From the West Coast, to the Great Plains, right through to the center of Bayou Country, the positive agricultural and reforestation impacts will be felt for generations to come.”
American International Group, Inc. (AIG), a world leader in insurance and financial services, is the leading international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In addition, AIG companies are leading providers of retirement services, financial services and asset management around the world. AIG's common stock is listed on the New York Stock Exchange, as well as the stock exchanges in Ireland and Tokyo.
American International Group, Inc.
Michael Arcaro, 212-770-7684
Media Relations
