Drury to start carbon exchange fund

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With a $20,000 grant from the Community Foundation of the Ozarks, Drury University will establish Ozarks Carbon Exchange Fund. This locally operated fund will allow individuals or businesses to give a donation to offset some or all of the carbon dioxide that they produce.

Those funds are then used to promote local activities that reduce carbon pollution such as energy efficiency projects or reforestation.

Drury University’s Students in Free Enterprise (SIFE) team will administer the Ozarks Carbon Exchange Fund by accepting donations and then giving money to individuals or businesses that are investing in carbon offsetting projects.

“Initially, recipients will be lower-income households and smaller local businesses that would otherwise not be able to afford the capital expenditures of energy-efficient upgrades like efficient lighting, weather stripping and upgrading heating, ventilation and air-conditioning systems,” said Wendy Anderson, Drury’s director of sustainability.

The funds will be handed out using both a micro-lending and grant-making model. All monies are loaned to individuals or businesses to fund their energy efficiency projects, and recipients will pay off the principle of their project based on realized utility savings without interest. The Fund will choose the most economically and environmentally efficient projects first.

“Drury SIFE is excited to bring ideas and energy to this innovative project,” said Josh Jones, Drury’s SIFE director. “We’re fortunate to be partnering with other Drury faculty and students to make this project as successful as possible. One of SIFE’s central objectives is to help people make environmentally sustainable decisions, and we’re confident OCEF will provide the funding and support to help area businesses and households move more rapidly toward sustainability,” said Jones.

Typically, offset contributions are about $10 per ton of carbon dioxide produced.

A typical sport utility vehicle will produce a ton of carbon dioxide in less than 1,300 miles of driving. Following that model, a family taking a 1,300-mile trip in an SUV could donate $10 to the Ozarks Carbon Exchange Fund to offset its carbon footprint.

Changing out one 60-watt incandescent light bulb to a 13-watt compact fluorescent light bulb can eliminate the emission of more than a quarter of a ton of carbon dioxide over the course of its useful life.

“We believe the demand for carbon offsetting projects is growing and we’re excited to be offering a local solution which keeps area dollars cycling through the community,” added Jones.

Drury SIFE is currently working on a Web site and online calculator to help determine a carbon footprint and how much to donate.

Drury plans to give out the first loans from the Ozarks Carbon Exchange Fund in the first part of 2009.