Port Alberni City Council has adopted a Carbon Fund Reserve that will allow the city to make annual contributions offsetting its net carbon emissions and keeping its carbon neutral commitment.
According to a report, the city has reserved all of its Climate Action Revenue Incentive Program (CARIP) rebates as well as Upnit Power dividends in a Green Energy Fund since 2008. The fund has a current balance of $102,271 which will be transferred to the carbon fund once it is created.
City manager Ken Watson said no tax revenue will need to be contributed to the fund for 2013.
Given the city’s current greenhouse gas emission levels, and future CARIP funds in the amount of $37,000 per year, the city will need to continue to make additional contributions of about $23,000 per year to maintain neutrality, but that amount will decrease as emissions are reduced.
Council-approved expenditures from the fund will then be made for any initiative, project or purchase that will reduce the city’s or community’s carbon emissions