| Green light bulbs for India |
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02/02/2012 06:27 (111 Day 08:00 minutes ago) | |||||
 The FINANCIAL -- Allianz is helping to replace about 8.5 million light bulbs in Indian households as part of a project for energy efficient lighting. According to Allianz the project makes an important contribution to reducing overall electricity consumption and greenhouse gas emissions and results in significant cost savings.
It also helps Allianz to fulfill its own carbon reduction and neutralization ambitions. Given its fast population growth and surging economy, India is experiencing a significant increase in energy demand. Electricity costs are comparably high and currently more than half of the electricity is generated in coal power stations.
Power blackouts are quite common because the infrastructure is not strong enough to meet the demand. The lighting efficiency projects by C-Quest Capital LLC that Allianz is co-financing can reduce that demand significantly.
While most of the certificates will be sold on international carbon markets to generate financial returns, Allianz will purchase and withdraw parts of them in order to neutralize the company's internal emissions as a part of its voluntary carbon reduction and neutralization strategy. The Allianz Group has committed itself on a voluntary basis to reduce the company's internal emissions by 20 percent between 2006 and 2012, which already in 2010 was overachieved by seven percent.
From 2012 onwards, the remaining emissions, which could not be avoided yet, will be neutralized through credits received from a portfolio of investments into various carbon projects, such as those developed by CQC.
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