Richmond Hill (ON) March 4, 2009 – WireIE Holdings International Inc. is proud to label themselves a carbon neutral company for 2008 through the purchase of carbon offsets. WireIE offsets the carbon emissions used for office space, fuel for business travel, and flights.

A carbon offset is a financial instrument representing a reduction in greenhouse gas emissions and are measured in metric tonnes of carbon dioxide-equivalent (CO2e). One carbon offset represents the reduction of one metric tonne of carbon dioxide, or other greenhouse gases.

WireIE purchased offsets from Toronto-based offset broker Carbonzero in order to contribute to positive environmental projects such as wind farms and solar installations.

“Establishing our company as 100% carbon neutral is not only important to WireIE as a leader in corporate responsibility, but also reflects our corporate culture and alternative energy products and CarbonVIX solutions”, said Robert Barlow, President & CEO of WireIE Holdings International Inc.

Offsetting corporate carbon emissions is very important because it allows companies to take personal responsibility and manage greenhouse gas emissions before regulations are introduced. Carbon offsets fund environmentally progressive projects around the globe such as wind farms, biomass energy, or hydroelectric dams, which therefore “subtract” the polluting emissions from the net climate impact. Offsets also help support the transition to sustainable technologies and provide extra revenue for these types of projects.

“Carbonzero looks forward to working with WireIE on continuing initiatives, increasing WireIE’s carbon IQ […] thus enabling the quantification of emissions reductions associated with implemented and proposed measures”, said Howie Chong, President and Founder of Carbonzero.

Special items included in the periods presented include the following:

  • Costs to achieve mergers and International impairment represent charges that result from potential or completed strategic acquisitions and divestitures that do not reflect ongoing costs.
  • Cost savings initiatives represents severance charges related to company-wide initiatives to standardize processes and systems, leverage technology and workforce optimization, which are not representative of ongoing costs.
  • Commercial Renewables Impairment represents an other-than-temporary impairment of certain equity method investments. Management believes the impairment does not reflect an ongoing cost.
  • Edwardsport settlement and Ash basin settlement represent charges related to settlement agreements with regulators and other governmental entities and do not represent ongoing costs.

Climate change is a global problem and emission reductions made elsewhere have the same positive effects as those that are made locally.
While reducing energy use should always be the first priority, voluntarily purchasing carbon offsets is one way to encourage the transition from fossil fuels to clean, renewable energy, and shows true support for action on climate change.

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