In November 2011, XacBank’s VP of Retail Banking Delgerjargal Bayanjargal, announced that XacBank became the first microfinance institution to provide carbon emission reductions to offset the Global Microcredit Summit 2011. The emission reductions had been generated by over 400 insulation coverings used by gers, traditional felt homes in Ulaanbaatar, Mongolia. This carbon funding enabled microfinance households to access improved home insulation, which significantly reduced the amount of coal burned for home heating.
Bayanjargal and April Allderdice, CEO of MicroEnergy Credits (MEC) participated as panellists in the session Accessing Carbon Finance through Clean Energy Lending Programs at the 2011 Global Microcredit Summit in Valladolid, Spain. The session detailed how microfinance institutions can scale clean energy programs.
Till November 2011, XacBank has distributed over 20,000 energy efficient stoves and over 7,000 ger blankets, resulting in total reduction of over 42,100 tons of carbon dioxide emissions. In December 2009, with the purchase of emissions reductions by MicroEnergy Credits, XacBank became the first microfinance institution in the northern hemisphere to receive carbon revenues.
XacBank and MicroEnergy Credits launched a clean energy program in 2009 to address pollution by providing access to affordable energy efficient products, including ger blankets and improved cooking stoves, which can each family’s fuel use in half.
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