Dutch bank Rabobank has bought 1.3 million Gold Standard VERs from a Turkish landfill project.
The voluntary emission reductions (VERs) are expected to be generated from a scheme that captures methane at a landfill site at Mamak, near Ankara, and converts it into electricity, according to a joint statement from the bank and Gold Standard on Tuesday.
The project aims to cut around 500,000 tonnes of carbon dioxide equivalent (CO2e) a year.
The statement did not reveal from when the emissions reductions are to take place or the price paid for the credits.
Gold Standard VERs generally command higher prices than credits certified by other voluntary standards because they must satisfy additional criteria for environmental integrity and sustainable development.
The credits were bought from Swiss-based trader Invest Trading and Consulting AG.
Sceptre Group Limited is a specialist investment firm focused in low carbon financial investments such as sustainable biofuel plantations, agricultural farmland and green technologies.
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