Major Milestone Achieved for Secure Ethical Investment in East Africa

TAUNTON, England, July 19, 2011 /PRNewswire/ --

UK based carbon management company co2balance has secured the crucial Letter of Approval (LOA) from the Kenyan government's environmental department, endorsing its highly acclaimed energy efficient stoves project.  The LOA is the last step prior to official registration of the CDM (Clean Development Mechanism) project with the United Nations under their Framework Convention on Climate Change or UNFCCC. This follows a stringent scientific assessment of the projects which prove that the methodologies employed to deliver carbon savings together with social, health and welfare benefits for some of the poorest communities in Africa, work in practice on the ground and not just as a theoretical good idea.  This is the first stove based CDM project ever to receive this level of approval and  recognition from the Kenyan Government and follows  several years of painstaking  research and development from co2balance working on the ground in Sub Saharan Africa.

The project will now move forward to full registration and begin implementation in the autumn with the stoves being installed in many areas across the country. During the project installation phase at least 300,000 of the poorest families will receive the energy efficient stoves free of charge, reducing their household fuel burden by 50% saving time and money whilst protecting endangered forestry regions from over exploitation.  In addition to the reduction in fuel the families experience an added health benefit as the stoves reduce the indoor smoke pollution by over 70%. As pneumonia kills more people in Kenya than Malaria this is a massive contribution to the health of the community, for many years to come.

The project will be financed initially by global investors who are being sought now , with the return coming from carbon funding raised in developed countries from business or individuals who offset unavoidable carbon emissions from their activities.  This project alone has the potential to reduce global carbon emissions by 18.9 Million tonnes over the life of the project from the reduction in wood fuel consumed.

Mark Simpson founder and Managing Director of co2balance said in a statement "The delivery of the LOA adds considerably to investor confidence. We knew what we were attempting was problematic given the challenges of working in some of the least developed and poorest parts of the world.  However this endorsement from the Kenyan Government is a great achievement for our teams of professionals who have set the standard now for others to follow".

co2balance expect to be able to announce further CDM project milestones in the coming months and expect the success of these projects to mirror their already enviable position as a leader in the development and implementation of  premium voluntary Gold Standard carbon reduction projects across Africa.

About co2balance UK Ltd

Established in 2003, co2balance UK Ltd is a leading, UK based, carbon management provider offering carbon calculation, management and reduction services to leading blue chip companies including, BSkyB, Toshiba Europe, Gaz De France, Fiat and Flybe. As a project developer co2balance UK Ltd creates African Gold Standard and CDM projects that focus on social, health and community benefits to the families within the project area, in addition to carbon savings.

Further details of investment opportunities, case studies or videos of the projects are available from the co2balance website http://www.co2balance.com or by contacting co2balance directly at [email protected] , +44(0)845-094-2620; [email protected]

SOURCE Co2balance UK Ltd