The Carbon Trust is a not for dividend company limited by guarantee created by the UK government to help businesses and public organisations to reduce their emissions of carbon dioxide into the atmosphere, through improved energy efficiency and developing commercial low carbon technology. Its stated mission is to accelerate the move to a low carbon economy.
The Carbon Trust's core activity consists of helping companies and organisations reduce carbon emissions through providing help, support and advice. The Trust estimates in its annual report 2008 that it saves UK business £1 million a day through the cost savings reducing carbon emissions brings.
Funds and financing
The Carbon Trust also funds the development and deployment of low carbon technologies and is actively engaged in the fuel cell, wave energy, wind energy, solar energy, biomass and biofuels sectors. Unusually for a government sponsored organisation it operates venture capital funds - in this case in the early-stage low carbon technology sector.
It finances a number of loan funds - including an interest-free loan for small and medium sized enterprises for energy-efficient equipment, and a similar scheme for the public sector. In the year ending March 2007, the trust received grant income of £87 million from the Department for Environment, Food and Rural Affairs, the Scottish Government, the National Assembly for Wales, and Invest Northern Ireland. In the Budget 2009 it was awarded a further £165 million for its two loans schemes.
It is partly funded from the Climate Change Levy, a tax on electricity, gas, and coal.[1]
Partnership for Renewables
It also has created a number of subsidiary companies such as Partnership for Renewables which develops renewable energy on public sector land.
Carbon Label and Carbon Trust Standard
Carbon Label
The Carbon Label Company is the subsidiary company that labels products with their carbon footprint embodied in a product in bringing it to the shelf, as well as acknowledging a commitment to reduce that footprint over a specified period. The carbon label was introduced for the first time, in the UK in March 2007.
Examples of products featuring their carbon footprint in the UK are Walkers Crisps, a range of own brand products in Tesco supermarkets, Halifax (HBOS) bank accounts & Continental clothing. Walkers recently became the first organisation to successfully reduce their carbon footprint and regain certification by the Carbon Label Company. They achieved a 7% reduction in their product footprint.
The standards behind carbon labelling are now formally recognised through the PAS2050 developed by the Carbon Trust in conjunction with BSI and Defra. This methodology is now gaining international acceptance following its launch in October 2008.
Carbon Trust Standard
In June 2008 the Carbon Trust introduced the Carbon Trust Standard to address what it describes as business greenwash. The carbon standard is only awarded to companies and organisations who measure and reduce their carbon emissions year on year. The Standard will also play a part in the introduction of the government's Carbon Reduction Commitment which is due to be introduced in 2010. Achievement of the Standard will help companies demonstrate robust early action in the scheme.
Twelve organisations received the standard in the first round - these included Morrisons supermarkets, B&Q, Dfid, University of Central Lancashire, Thames Water and Trinity Mirror. As of May 2009 seventy organisations had achieved the Standard, including Kyocera, Hewlett Packard, University of Manchester, Citrica, Ricoh, Diageo and O2.
Staff
The current Chief Executive is Tom Delay, who came to the trust after a career with energy company Shell and management consultancies McKinsey and A.T. Kearney.
The current Chairman is Sir Ian McAllister, who was also Chairman of Network Rail.
Challenges
The Carbon Trust has created a number of renewable funding challenges e.g. in the marine and biomass areas, and most recently, the Algae Biofuels Challenge [2].
See also
References
- ^ "The climate change levy package" (PDF). HM Treasury. March 2006. http://www.hm-treasury.gov.uk/media/1E1/03/bud06_climate_169.pdf.
- ^ http://www.carbontrust.co.uk/technology/directedresearch/algae.htm
External links
Video clips
