C-Quest Backs Nebraska Carbon Finance Co.

(Reuters) – C-Quest Capital has invested an undisclosed sum in Nebraska-based carbon offset company SunOne Solutions, the U.S. carbon finance company said on Friday.

“This growth capital will enable SunOne to expand to a national presence, building on its existing operations in the Midwest and Southeast United States,” Ken Newcombe, chief executive of C-Quest Capital, said in a statement.

The investment is aimed at enhancing SunOne Solutions’ operations, which include projects to remove carbon dioxide from the air in the agricultural and forestry sectors in the United States and developing countries.

C-Quest Capital also hopes the investment will give it more access to emerging sectors in the United States, which is edging towards introducing a federal cap-and-trade scheme.

The scheme sets a limit on the amount of greenhouse gases which can be emitted and issues a certain amount of permits to companies in the scheme, which can then be traded.

The U.S. Senate is due to vote on climate legislation in October. If passed, the bill would allow a total of up to 2 billion tonnes of offsets a year to be used in a cap-and-trade scheme from domestic and international sources.

Offsets allow companies to invest in projects that aim to cut greenhouse gases. Projects could include capturing the potent greenhouse gas methane, storing carbon in soil and plants through methods such as no-till farming or planting trees.

(Reporting by Nina Chestney; Editing by Peter Blackburn)