Gore, others try to 'offset' their carbon diets

Business experience
In the case of Swiss Re, the reinsurance company, taking steps to reduce carbon emissions has a direct impact on the bottom line, said Ivo Menzinger, head of sustainability and emerging risk management.

Swiss Re backs up big insurance companies that can be left with huge bills to rebuild areas hit by hurricanes, tornadoes and other atmospheric disasters that are associated with global warming, so setting an example on reducing carbon emissions actually saves money, Menzinger said.

Finding reliable, sustainable and credible ways to offset carbon emissions has proved to be a challenge for many.

Francis Sullivan, adviser on the environment at HSBC Holdings plc, said there was a “steep learning curve” in finding ways to reduce and offset the bank’s carbon emissions. HSBC wound up paying $750,000 last year to various environmental projects, including a clean energy project in India.

Swiss Re went with the Community Development Carbon Fund at the World Bank, a fund that invests in offsetting projects in developing countries, while Gore and others have worked with Native Energy, a program to build wind-generated power.

Chris Walker, who also works at Swiss Re in environmental and sustainability issues, says there is more attention being paid to accredit or otherwise affirm the credibility of projects that say they reduce carbon emissions.

Even Gore advised caution in finding worthy projects while speaking at a recent reception for his new book.

“It’s like anything in life,” Gore said. “You have to do it with integrity.”

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