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CSR Press Release

Goldman Sachs Forms Alliance With E+Co

Submitted by: E+Co

Categories: Finance, Renewable & Alternative Energy

Posted: Nov 11, 2008 – 08:00 AM EST

 

Supporting Clean Energy Through Carbon Finance

NEW YORK, NY – November 11, 2008 - E+Co announced today that The Goldman Sachs Group (NYSE: GS) has agreed to purchase the majority of its carbon offset portfolio. Through the multi-year alliance, Goldman Sachs will help promote E+Co’s goal of providing investment capital and support services to small, clean energy business ventures in developing countries.

Small-scale clean energy projects, while supporting important social and environmental benefits, can struggle to attract sufficient funding to assure success. The financial backing and business development services provided by E+Co assists small businesses in Africa, Asia and Latin America to supply clean and affordable energy to those regions, efforts that simultaneously increase employment opportunities and reduce greenhouse gas (GHG) emissions.

E+Co also assists clean energy businesses with the aggregation, validation, verification and creation of high quality GHG offsets including those that will be sold to Goldman Sachs. The carbon financing related to the off-take of the GHG reductions provides the enterprises with additional capital that supports, sustains and helps grow the clean energy ventures.

"Our alliance with Goldman Sachs is a testament to the importance and potential of the global carbon markets," said E+Co Carbon Finance Manager Erik Wurster. "This represents the growing demand for high quality carbon assets that promote sustainable development and poverty reduction in some of the world’s poorest nations."

"We are excited to work with E+Co and support the advancement of clean energy and the important social and environmental benefits associated with these efforts," said Gerrit Nicholas, head of the North American Environmental Commodities Sales Team at Goldman Sachs. "The development of cleaner, more secure energy sources is an international issue that we can help to address through purchasing E+Co's offsets and participating in the global carbon market."

E+Co's projects are located in 28 developing countries and meet various carbon standards including the Gold Standard and the Clean Development Mechanism. While all projects focus on clean energy, they vary widely in type. “We have installed solar panels in Guatemala and are working in Africa to distribute efficient cook stoves. The stove projects not only reduce carbon emissions, but also mitigate hazardous air pollutants, provide employment opportunities, and reduce household fuel costs. This triple bottom line impact – people, planet and profit – is fundamental to what we hope to achieve," said Wurster.

About Goldman Sachs

The Goldman Sachs Group, Inc. is a bank holding company and a leading global investment banking, securities and investment management firm. Goldman Sachs provides a wide range of services worldwide to a substantial and diversified client base that includes corporations, financial institutions, governments and high net worth individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in London, Frankfurt, Tokyo, Hong Kong and other major financial centers around the world.

About E+Co

E+Co is a non-profit investment company that provides business support services and capital to clean energy businesses in Africa, Asia and Latin America. With almost 15 years of experience and offices in Bolivia, Brazil, China, Costa Rica, Ghana, the Netherlands, South Africa, Tanzania, Thailand and the United States, E+Co’s innovative business model provides lasting solutions to climate change and poverty. For more information visit www.EandCo.net.

For more information, please contact:

Phone: 973.680.9100
Michael Duvally Goldman Sachs
Phone: 212.902.2605

 

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