Matrix Renewables and ALLCOT partner to assess Greenhouse Gas emissions avoidance in Colombia and Chile
Matrix Renewables PV plants will generate carbon credits representing more than 486,000 tons of CO2 equivalent per year avoided between the two countries under the Waste Activities Program for Latin America, registered by ALLCOT.
Colombia, February 07, 2022. Matrix Renewables, the TPG Rise-backed renewable energy platform, and ALLCOT Group, a leader in greenhouse gas (GHG) emissions management tools and strategies for businesses of all sizes, today announced a partnership to drive significant carbon emissions equivalent avoidance through photovoltaic solar energy plants in Chile and Colombia.
The project includes the construction, development, execution and operation of Matrix Renewables solar plants in both countries, under the Waste Activities Program for Latin America registered by ALLCOT on August 20th, 2020. The two projects, one in each country, have the cumulative potential to generate Certified Emission Reductions equivalent to 486,000 tons of CO2-eq per year (86,000 TnCO2-eq in Colombia and 400,000 TnCO2-eq in Chile). ALLCOT is responsible for the assessment, registration, monitoring, and issuance of the credits generated from the projects.
This milestone, which promotes the implementation of emission reduction projects associated with renewable energy, will have as its main achievements the avoidance of CO2 emissions, the compliance with the Nationally Determined Contributions (NDC) of Colombia and Chile and will demonstrate the ongoing commitment by both multinational companies to lead climate change mitigation projects and initiatives.
About Matrix Renewables
Matrix Renewables is a renewable energy platform created and backed by global alternative asset manager TPG and its $13 billion impact investing platform TPG Rise. Matrix Renewables’ current portfolio is comprised of 2.1 GW of operational, under construction, or near ready-to-build solar PV projects and a further 2.7 GW pipeline of renewable energy projects under development, across Europe, US, and Latin America. For more information, visit matrixrenewables.com or send an email to email@example.com.
ALLCOT Group, founded in 2009, offers knowledge, experience and management to initiatives to reduce the emission of Greenhouse Gases (GHG) to actively combat the climate crisis under Article 6 of the Paris Agreement and aligning with the 2030 Agenda and its 17 Sustainable Development Goals (SDGs).
ALLCOT will participate in two projects under Article 6.2 of the Paris Agreement for the generation of ITMOs.
ALLCOT has signed two consulting contracts for projects in Senegal and the Dominican Republic aiming to provide ITMOs to Switzerland and Sweden, respectively
An important difference between the approaches of Article 6 of the Paris Agreement and the market mechanisms of the Kyoto Protocol (CDM) is that, under the Paris Agreement, all countries have emission reduction targets in the form of Nationally Determined Contributions (NDCs). Article 6 of the Paris Agreement provides countries with a framework for cooperation in their efforts to limit climate change through the use of carbon units, called International Transfer Mitigation Results (ITMOs) to achieve their NDCs. The generation of ITMOs contribute to increasing the global ambition committed by countries under Article 6.2 of the Paris Agreement by promoting low-carbon technologies and accelerating the implementation of projects and programs. Cooperative approaches are a fundamental tool to achieve the Greenhouse Gas (GHG) emission reduction goals established by each country in its NDC. All projects and programs that voluntarily participate in these cooperative approaches must promote sustainable development and ensure environmental integrity as well as transparency.
At the end of last year, ALLCOT Group signed two contracts for ITMOS generation projects from two different countries:
- Senegal: project for sustainable waste management in Africa funded by the Foundation for Climate Protection and Carbon Offset KLIK (KLIK Foundation). ALLCOT Group will provide its consultancy services for the elaboration of technical documentation (Mitigation Activity Description Document – MADD) that will serve as the basis for the subsequent governmental approval and commercialization of ITMOs to comply with the Swiss NDC.
- Dominican Republic: it is a mitigation project managed by a Norwegian company, AMMADOL BIO, which consists of reducing greenhouse gases generated by the Agricultural and Farming Sector in the Dominican Republic through the implementation and transfer of Dutch technology to capture biogas and provide ITMOs to Sweden. Like with the Senegal project, ALLCOT Group will provide its consultancy services for the MADD elaboration.
Since its inception, ALLCOT Group has been committed to guaranteeing environmental integrity, transparency, and promoting sustainable development aligned with the 2030 Agenda and its 17 Sustainable Development Goals (SDGs) allowing for solid governance agreements.
With more than ten years of experience, the ALLCOT Group technical team is specialized in the market mechanisms of the Kyoto Protocol and, with the signing of these two new contracts, reaffirms and strengthens the trajectory to be one of the main players in the implementation of Article 6 of the Paris Agreement.