Standard Bank will kick off an energy efficient lighting programme aimed at replacing the estimated 40-million inefficient lamps in office buildings across South Africa, by early 2012.
The Clean Development Mechanism (CDM) project would benefit the South African economy through the creation of new jobs, improved energy efficiency and international inflows from carbon credits, Standard Bank carbon sales and trading head Geoff Sinclairsaid on Monday.
“CDM offers a lot of revenue potential for South Africa to fund greening, including energy efficiency. The bank wants to ensure that South Africans benefit as much as possible, while helping to prevent dangerous climate change and build a new, sustainable and profitable energy efficiency industry.”
Sinclair said Standard Bank hoped to register the programme at the United Nations by early 2012.
The bank would administer the programme, oversee monitoring and offer participants trading services. “We are also preparing a loan product to fund energy efficiency measures,” he said.
Currently, Standard Bank is undertaking a public consultation process, with the first meeting scheduled at the Sandton Sun Hotel on June 22.
“This programme will reduce the cost to commercial building owners and occupiers of replacing and upgrading old lamps to energy efficient models. This will save end users money, release capacity off the national electricity network and reduce greenhouse-gas emissions,” said Sinclair.
Standard Bank would lead by example by implementing its efficient lighting programme first.