MicroEnergy Credits provides clean energy to XacBank’s microfinance clients
Mongolia’s microfinance institution XacBank in collaboration with MicroEnergy Credits is offering clean energy to its clients. “We are privileged to be the first microfinance institution to provide carbon emissions reductions to offset the Global Microcredit Summit 2011”, said XacBank’s VP of Retail Banking Delgerjargal Bayanjargal.The emissions reductions have been generated by over 400 insulation coverings used by gers, traditional felt homes in Ulaanbaatar, Mongolia. This carbon funding will enable microfinance households to access improved home insulation, which significantly reduces the amount of coal burned for home heating.
Bayanjargal and April Allderdice, CEO of MicroEnergy Credits (MEC) will participate as panellists in the session Accessing Carbon Finance through Clean Energy Lending Programs at the 2011 Global Microcredit Summit in Valladolid, Spain. The session will detail how microfinance institutions can scale clean energy programs.
To date, XacBank has distributed over 20,000 energy efficient stoves and over 7,000 ger blankets, resulting in total reduction of over 42,100 tons of carbon dioxide emissions. In December 2009, with the purchase of emissions reductions by MicroEnergy Credits, XacBank became the first microfinance institution in the northern hemisphere to receive carbon revenues.
XacBank and MicroEnergy Credits launched a clean energy program in 2009 to address pollution by providing access to affordable energy efficient products, including ger blankets and improved cooking stoves, which can each family’s fuel use in half.
Bayanjargal and April Allderdice, CEO of MicroEnergy Credits (MEC) will participate as panellists in the session Accessing Carbon Finance through Clean Energy Lending Programs at the 2011 Global Microcredit Summit in Valladolid, Spain. The session will detail how microfinance institutions can scale clean energy programs.
To date, XacBank has distributed over 20,000 energy efficient stoves and over 7,000 ger blankets, resulting in total reduction of over 42,100 tons of carbon dioxide emissions. In December 2009, with the purchase of emissions reductions by MicroEnergy Credits, XacBank became the first microfinance institution in the northern hemisphere to receive carbon revenues.
XacBank and MicroEnergy Credits launched a clean energy program in 2009 to address pollution by providing access to affordable energy efficient products, including ger blankets and improved cooking stoves, which can each family’s fuel use in half.
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