3.02.2007 - 10:30am ET

(CSRwire) WASHINGTON, D.C.- March 2, 2007 -Grameen Foundation, a leading global microfinance organization, announced today that it has purchased carbon offsets for the air travel undertaken by its employees and contractors globally during 2006. The purchase of offsets from The Climate Trust will go directly to The Climate Trust’s high quality offset portfolio of projects which range from reducing diesel emissions at truck stops and harnessing wind-generated power in rural communities to restoring rainforests and denuded river banks.

“We believe that the harm posed by climate change is real and that it will impact everyone, and ultimately hit the poorest the hardest," said Susan Davis, chair of Grameen Foundation’s board and a longtime supporter of renewable energy initiatives. ”This is an important step in our efforts to support long term sustainable development, and I hope it will encourage other microfinance and development organizations to become involved.”

Air travel is the largest contributor to Grameen Foundation’s "carbon footprint," and it has given The Climate Trust a check for $11,067, the amount required to offset the carbon dioxide generated by four million miles of air travel. Employees, contractors and volunteers of the Foundation, which has offices in Washington D.C. and Seattle, travel extensively to support microfinance counterparts in countries including the Dominican Republic, India, Morocco, and Nigeria.

The carbon footprint refers to how much carbon dioxide (CO2), or CO2 equivalent, is being put into the atmosphere and is a measure of the impact of normal business activities. Offsets and carbon trading markets are stipulated under the Kyoto Protocol, which went into effect in February 2005.

“It is a privilege to be selected by Grameen Foundation as their offset provider,” said Sean Clark, The Climate Trust’s Director of Offset Programs. The Climate Trust, an Oregon-based non-profit organization, is one of the leading providers of regulatory-quality carbon offsets.

The Grameen Global Network has been advancing the cause of renewable energy in many areas. Bangladesh-based Grameen Shakti (Rural Energy) is a world leader in promoting solar and biogas-based energy alternatives in rural Bangladesh in a market-based manner.

“Microfinance is more than a product; it is a platform that can be used to address multiple dimensions of poverty and environmental decay. Grameen Shakti in Bangladesh has been a leader in putting renewable energy technologies to work for some of the poorest villages in the world. This action on the part of Grameen Foundation is another small effort to advance the cause of sustainability within microfinance, building on the shining example of Grameen Shakti in Bangladesh,” said Alex Counts, president of Grameen Foundation. In a typical month, Grameen Shakti sells 1,500 solar home systems, and has sold 87,000 since inception. It is profitable and led by Dipal Chandra Barua, one of Professor Muhammad Yunus’ original students who is the Deputy Managing Director of Grameen Bank.

About Grameen Foundation

Grameen Foundation is a global non-profit organization that combines microfinance, technology, and innovation to empower the world's poorest people to escape poverty. It has established a global network of 52 partners in 22 countries that has impacted an estimated 13.5 million lives in Asia, Africa, the Americas, and the Middle East. Grameen Foundation was founded by Alex Counts, who began his work in microfinance with Grameen Bank founder, and recent Nobel Peace Prize recipient, Dr. Muhammad Yunus. Dr. Yunus is a founding and current member of Grameen Foundation’s board of directors. For more information on Grameen Foundation, please visit www.grameenfoundation.org.

About Climate Trust

The Climate Trust is a non-profit organization dedicated to promoting climate change solutions by providing high quality greenhouse gas offset projects and advancing sound offset policy. The Climate Trust offsets an estimated 2.7 million metric tons of carbon dioxide from over $8.9 million invested into offset projects – making it one of the largest and most experienced offset buyers in the U.S. and world markets. It provides offsets to power plants, regulators, businesses and entities of all sizes and individuals. Our service includes an online application tool (www.CarbonCounter.org) that easily calculates individual emissions from a range of sources.

For more information please visit: www.climatetrust.org.

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