Jun 16 2011
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Hope Racing submits Le Mans 24 Hours race data to UAE-based brokerage to become the world's first carbon-neutral race team
Where the big manufacturers may have battled it out at the Le Mans 24 Hours race last weekend, with Audi overcoming two crashes and holding off Peugeot to win, history of a different sort was made as Hope Racing became the first team to compete at this level of motorsport using a hybrid car.
The technologically advanced car may have spun out of the competition only 13 hours into the elite endurance race, but the Hope Racing team see it as a victory for the environment and the evolution of motorsport.
And, the Swiss race team will make history again when it becomes the world's first carbon neutral race team with help from the Middle East headquarters of carbon trading outfit Advanced Global Trading (AGT).
Hope Racing today submitted the race data to the AGT's Dubai office for the carbon trading organisation to calculate the number of carbon credits the race team will need to acquire and permanently remove - or retire - from the market to ensure their innovative team will have completed the race with no adverse effect on the environment.
Despite every aspect of Hope Racing's car being designed to reduce carbon emissions, the substantial CO2 the team still generates will now be offset by the team 'retiring' carbon credits thanks to the agreement with AGT.
The total CO2 emissions produced will be analysed using data such as fuel burn, vehicle transportation, travel and on-site generators. The Hope Racing team will then buy the required amount of carbon credits - one credit per tonne of carbon dioxide produced - needed to plough enough money back into projects designed to help the environment.
Hope Racing's Jean-Marie Brulhart, says: "We are proudly going to become the first team to compete at such an event without damaging planet earth and despite not finishing the race we're still very happy with the progress we've made in such short time. We completed more than half the race and will come back stronger next year to be top the grid and give the other teams a good fight for their positions.
"Being eco-responsible is to search for sustainable solutions, which will consider the environment for our future generations. The various classes of motorsports are vast producers of C02 and, as such, we see no other option for professional motorsport bodies to consider offsetting their carbon emissions that cannot be prevented through innovation."
AGT partner, Charles Stephenson, explains the trading organisation's motivation to broker the agreement: "We're delighted this highly significant development for motorsport is finally happening and proud as a relatively young company to be part of it and associated with the truly forward-thinking Hope Racing team.
"It's always been AGT's dream to help make these important steps, and we believe the emission-offsetting measures will one day span all CO2 producing motorsports across the world. We believe this is a significant step towards helping global motorsport, which generates a huge carbon footprint internationally, to become more environmentally friendly and we're in discussions with all divisions, from F1 to power boating, with most being highly receptive. We hope one day every sport, stadium and circuit will be carbon neutral, ensuring the environment isn't suffering from our enjoyment."
Carbon credits are similar to certificates that represent a reduction of greenhouse gasses in the atmosphere. Projects that prevent the generation of greenhouse gasses or remove these gasses from the atmosphere earn these credits, which can then be sold to other businesses and individuals to offset the emissions they generate.
AGT is an industry-leader in sourcing and trading carbon credits, specialising in the trading of Voluntary Emissions Reductions (VERs) in the dynamic over-the-counter green market. With offices in London and now Dubai and further offices opening in Zurich, Salt Lake City, Miami, New York and Los Angeles, AGT currently employs over 40 traders.
For media information, please contact Ian Hainey at Custard Communications for AGT on +971 50 466 1368, firstname.lastname@example.org
Carbon trading facts
· AGT only procure and sell carbon credits that can be verified with the Verified Carbon Standard and works only with VCS verified projects
· Carbon credits, such as Certified Emission Reductions (CERs), have risen by 23% and European Union Allowances (EUAs) by 22% respectively since January 2010
· The European Union (EU), governments, and the world's largest financial institutions all agree carbon credits are one of the solutions in the reduction of global greenhouse gas emissions (GHG's)
· The global carbon emission level is predicted to get stricter, and there will be fewer easy sources of carbon credits creating demand and pushing up prices
· Barclays Capital has said carbon could be the world's largest commodity market
· Carbon credits have increased 22.5% during 2010 alone
· Carbon credits fund the environmental projects designed to reduce CO2 emissions including:
- The removal of CO2 from the atmosphere and the storage of it in a "sink" e.g. forestry
- The reduction of CO2 emissions by replacing fossil fuels with renewable energy sources e.g. wind and solar energy
- The capture of greenhouse gases and alternative use or destruction of them e.g. methane capture at landfills
- The reduction of emissions through energy efficiency, e.g., reduce the amount of fuel or electricity needed
- Who buys carbon credits?
o There are two markets for carbon offsets
§ In the compliance market, companies, governments, or other entities buy carbon offsets in order to comply with regulations on the total amount of carbon dioxide they are allowed to emit
§ In the voluntary market, individuals, companies, or governments purchase carbon offsets to mitigate their own greenhouse gas emissions from transportation, electricity use, and other sources
§ Those buying voluntary credits to offset their emissions are generally buying for PR/ branding and Corporate Social Responsibility reasons
§ The next most common reason for purchases in this market is as a "pre compliance buy" (those buying in anticipation of regulation)
o Individuals can purchase carbon credits to hold for the inherent anticipated appreciation in price, which is being fuelled by demand
o Other buyers are purchasing offsets for branding and competitive advantage reasons and taking action on greenhouse gas emissions to address the threat of climate change
o Some companies or individuals can reduce their emissions a little or a lot, and for others it can be extremely difficult, impossible or not economically viable to reduce their emissions
o Purchasing credits earned from a verified emission reduction project can help to offset such emissions and in turn, the revenue earned from the sale of those credits helps to fund that emission reduction project
· Project Types & Standards
o There are many different types of projects to help reduce or emit carbon emissions including:
- Agricultural Methane Collection
- Renewable Energy
- Industrial Gas
- Energy Efficiency
- Fuel Switching
- Geological Sequestion
- Fugitive Emissions
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