US electric provider funding carbon offset projects
Last Friday Entergy, a major electric utility based in southern US, sent out a Request for Proposals (RFP) to fund carbon offset projects.
The RFP specified that applying carbon offset projects should be located within Entergy’s service area, which includes Texas, Louisiana, Arkansas and Mississippi.
Entergy also emphasized interest in carbon offset projects that adhere to the American Carbon Registry’s recently approved Wetland Restoration protocol, since LA and MS are currently at risk of losing wetland habitat to climate change.
According to its RFP, Entergy provides electricity to nearly 3 million customers, employs roughly 15,000 employees, and posts annual revenues over $10 billion.
The Entergy Environmental Initiatives Fund (EEIF) has supported carbon offset projects since 2001 and will offer up to $500,000 for applying projects.
The EEIF demonstrates a rising trend as more and more US companies exercise responsible business practices, offsetting their emissions by storing carbon in other ecosystems like forests and wetlands.
In California, Pacific Gas & Electric, one of the state’s largest energy providers, and the Sacramento Municipal Utilities Department have issued Requests for Offers for carbon offset projects that will generate credits eligible for use in the mandatory California compliance market.
Funding proposals for potential carbon offset projects must be submitted to Entergy by March 29.