Drury University has received a grant to establish the Ozarks Carbon Exchange Fund, which will accept donations to offset carbon footprints and put that money toward reducing carbon pollution.
Community Foundation of the Ozarks awarded Drury a $20,000 grant for the project. Drury's Students in Free Enterprise team will administer the fund.
Individuals and businesses will be able to give donations to offset their carbon footprints, according to a news release. Typical contributions to the fund will be about $10 per ton of carbon dioxide produced. For instance, a sport-utility vehicle generally produces one ton of carbon dioxide in about 1,300 miles of driving, so a family taking a 1,300-mile trip in an SUV could donate $10 to offset its carbon footprint.
"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," Drury SIFE Director Josh Jones said in the release.
The fund will be used to promote local activities that reduce carbon pollution, such as energy-efficient projects or reforestation. Money will be dispersed using a micro-lending and grant-making model, and recipients will pay off the principal of their projects based on realized utility savings without interest.
"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, in the release.
The SIFE team is developing a Web site and online calculator for determining a carbon footprint and how much to donate. The fund's first loans should be handed out in early 2009.
Springfield event venue Belamour LLC gained new ownership; The Wok on West Bypass opened; and Hawk Barber & Shop closed on a business purchase that expanded its footprint to Ozark.
