AES said it will invest in the commercial development of projects and
technologies that directly reduce greenhouse gas (GHG) emissions or create
emission offsets under the Clean Development Mechanism of the Kyoto
Protocol. Since October 2005, according to the company, it has already
committed to $100 million in investments, which will generate carbon
reduction credits totaling more than 17 million tons through 2012.
AES's strategic partnerships with Los Alamos National Laboratory and XL
TechGroup -- an architect and builder of high value new businesses,
primarily in the ecotech, biotech and medtech fields - give AES the
opportunity to develop and commercialize proprietary renewable
energy-related technologies developed by these entities.
AES said it is evaluating future investments in other sources of renewable
energy such as solar power and wave technologies. It is also evaluating
future investments in non-electric business lines such as ethanol,
biodiesel, methane capture and conversion projects, synthetic fuels and
new technologies to reduce greenhouse gas emissions.
"AES is committed to meeting a developing market need for new energy
resources and technologies that will lead to a secure and sustainable
energy future," said AES President and Chief Executive Officer Paul
Hanrahan. "With 25 years of experience in energy and a presence in
virtually every region of the world, AES will play a leading role in this
rapidly growing segment of the energy industry."
William Luraschi, AES Executive Vice President, Business Development, will
lead AES's alternative energy group. "Global energy consumption is
expected to more than double by 2025," Luraschi said.
"We believe that traditional ways of producing energy alone will not meet
this demand, due to rising production and transportation costs, energy
security issues and the growing recognition of environmental impacts. That
leaves an enormous opportunity for alternative sources of energy to
fulfill a large part of this growing demand," Luraschi said.