The Japan Bank for International Cooperation (JBIC) has acquired 7,376 tonnes of CO2 equivalent of greenhouse gas emissions reductions, otherwise known as carbon credits, from the Japan greenhouse gas reduction fund (JGRF), a fund to which JBIC has provided an injection of capital.
The credits were generated by a project implemented under the Clean Development Mechanism, one of the Kyoto Mechanisms. It is the second time JBIC has acquired carbon credits.
JGRF is a fund set up to purchase credits generated by emission reduction projects in developing countries. These carbon credits were generated from a wind power project in Patagonia.
The project was able to reduce emissions by supplying wind power-produced electricity to the region's power grid, therefore reducing the area's dependence of more polluting power sources by 80%.
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