i

Calendar Year 2020

Greenhouse Gas Emissions Inventory Report

Prepared for:

The U.S. International Development Finance Corporation 

(formerly the U.S. Overseas Private Investment Corporation)

Prepared by:

FINAL REPORT

June 2022

SC&A, Inc.

2200 Wilson Blvd., Suite 300

Arlington, VA 22201

(703) 893-6600 

www.scainc.com
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TABLE OF CONTENTS

EXECUTIVE SUMMARY................................................................................................. 1

RECAP OF THE GHG INVENTORY PROGRAM ........................................................... 2

Revisions to the Baseline Inventory............................................................................. 2

CY 2008 - CY 2012 Inventories ................................................................................... 3

CY 2013 Inventory....................................................................................................... 4

CY 2014 Inventory....................................................................................................... 4

CY 2015 Inventory....................................................................................................... 5

CY 2016 Inventory....................................................................................................... 5

CY 2017 Inventory....................................................................................................... 5

CY 2018 Inventory....................................................................................................... 5

CY 2019 Inventory....................................................................................................... 6

CY 2020 Inventory....................................................................................................... 6

CY 2020 METHODOLOGY............................................................................................. 7

Inventory Boundary ..................................................................................................... 7

Inventory Structure ...................................................................................................... 7

Project Screening ........................................................................................................ 7

Development of Emission Estimates ........................................................................... 8

Tier A – Power Generation Sources......................................................................... 9

Tier B – Oil & Gas and Other Large Sources ........................................................... 9

Tier C – Smaller Sources ......................................................................................... 9

Buffer for Additional Sources.................................................................................... 9

RESULTS...................................................................................................................... 13

Appendix A – List of Active Projects.............................................................................. 21

Appendix B – Project Emissions Calculations ............................................................... 38

Appendix C – Common Conversions ............................................................................ 88

Appendix D – Annotated Bibliography........................................................................... 90
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TABLES

Table 1. CY 2020 Short List of Carbon-Intensive Projects ............................................ 11

Table 2. Short List of Past Carbon-Intensive Projects................................................... 12

Table 3. Technical Profile of Carbon-Intensive Projects (CY 2007 – CY 2020)............. 15

Table 4. Tier A Historical Project Emissions (Short Tons CO2e)................................... 17

Table 5. Tier B Historical Project Emissions (Short Tons CO2e)................................... 18

Table 6. Tier C Historical Project Emissions (Short Tons CO2e)................................... 19

Table 7. Summary of OPIC/DFC Historical Portfolio Emissions (Short Tons CO2e) ..... 20
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FIGURES

Figure 1. CY 2020 Project Screening Process ................................................................ 8

Figure 2. OPIC/DFC Active Portfolio GHG Emissions, CY 2007 – CY 2020................. 14
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EXECUTIVE SUMMARY

SC&A, Inc. (SC&A) performed an independent assessment of greenhouse gas (GHG) 

emissions from projects supported by the U.S. International Development Finance 

Corporation (DFC), formerly known as the U.S. Overseas Private Investment Corporation 

(OPIC). GHGs are atmospheric compounds that absorb and emit solar radiation in the 

thermal infrared range of the electromagnetic spectrum. An increase in the atmospheric 

concentration of GHGs, and carbon dioxide (CO2) in particular, has been linked to 

changes in the global climate and adverse impacts on both human and natural systems. 

In response to the challenges posed by climate change, initiatives are being developed 

to assess and abate GHG emissions from anthropogenic sources. 

This report, prepared by SC&A, presents the analysis undertaken to quantify calendar 

year (CY) 20200F

1 GHG emissions from “active” OPIC/DFC-supported projects. “Active” 

projects are defined as all insurance contracts in force and all guaranty and direct loans 

with an outstanding principal balance at the end of OPIC/DFC’s fiscal year (September 

30, 2021 for this CY 2020 Report).

OPIC/DFC is required to undertake a project-specific GHG analysis of all projects that 

emit more than 25,000 short tons of carbon dioxide equivalent (CO2e) per year (STPY).

These projects are hereafter referred to as “carbon-intensive projects”. To account for 

projects that emit less than 25,000 STPY of CO2e, OPIC/DFC adds a “buffer” equal to 

5% of the aggregate emissions from the carbon-intensive projects.

OPIC/DFC’s total CY 2020 GHG inventory is an estimated 9,636,337 short tons of 

CO2e. In CY 2020, one project, Lebanese American University (Tier C), was removed 

from consideration because it was consistently below the 25,000 STPY threshold in 

previous years. In addition, one project, Arish-Ashkelon Pipeline (Tier B), came into 

operation in CY 2020, but fell below the 25,000 STPY threshold. Total portfolio 

emissions increased by 0.9% or 85,901 short tons CO2e relative to CY 2019. 

Based on legislation in place at the time of commitment, three of the projects that 

OPIC/DFC has supported are exempt from counting towards OPIC/DFC’s GHG 

reduction targets1F

2

, with total emissions of 2,315,641 short tons of CO2e. When the 

emissions from these projects are removed from the GHG inventory, along with their 

share of the 5% buffer for additional sources (115,782 tCO2e), OPIC/DFC’s CY 2020

GHG inventory of non-exempt projects is an estimated 7,204,914 short tons of CO2e.

This is OPIC/DFC’s fourteenth annual GHG report, and this is the eighth year that SC&A 

has prepared the report for OPIC/DFC. The first five annual GHG reports, including the 

CY 2007 Baseline Inventory, were prepared by Pace Global.

1 OPIC/DFC’s fiscal year does not match the fiscal years of most of its clients (which are by calendar year). OPIC/DFC requests

GHG data from its clients from the most recently completed calendar year. For this reason, OPIC/DFC’s GHG reporting lags 1 year 

behind.

2 P.L. 111-117 Sec 7079(b)(12/16/2009) statutorily required OPIC/DFC to implement a revised climate change plan to reduce the 

GHG emissions associated with its projects by at least 30% over 10 years and 50% over 15 years.
 Page 2 

RECAP OF THE GHG INVENTORY PROGRAM

To assess the GHG emissions from OPIC/DFC’s portfolio, a Baseline Inventory was 

completed in March 2009 for CY 2007 emissions. In the CY 2007 Baseline Inventory, 

“carbon-intensive projects” were defined as active2F

3 projects having a maximum Potentialto-Emit (PTE) of more than 100,000 STPY of CO2e. Projects exceeding this threshold 

pertained to the energy, oil and gas, transportation, mining, manufacturing, and 

construction sectors.

The Baseline Inventory excluded direct biogenic emissions, accidental chemical releases, 

and project construction emissions. Also excluded were indirect emissions related to 

purchased electricity or heat supply (including steam). For that reason, projects in the 

finance, banking, insurance, and service sectors were excluded from the list of carbonintensive projects, given that their carbon footprint is driven primarily by indirect energy 

purchases. Should direct emissions be generated from projects in the finance, banking, 

insurance, and service sectors, these would be captured in the “buffer”, as described 

below.

To account for non-carbon-intensive projects in the Baseline Inventory (i.e., sources that 

emitted less than 100,000 short tons of CO2e per year), OPIC/DFC added a “buffer” equal 

to 5% of the aggregate emissions from carbon-intensive projects.

The maximum PTE for each carbon-intensive project was estimated based on best 

available project information, which typically included a combination of fuel consumption 

data, the amount of electricity generated, generating capacity, relative project size, and 

an assumed operating capacity of 8,000 hours per year (unless otherwise noted). 

OPIC/DFC solicited feedback from the individual project sponsors on methods,

assumptions, and operational data to corroborate the soundness of its emission

estimates. 

The Baseline Inventory used project sponsor-provided information in cases where 

OPIC/DFC received responses to the requests for data. For projects where project 

sponsor feedback was not received, emission estimates were developed based on a 

project’s maximum PTE. 

REVISIONS TO THE BASELINE INVENTORY

Various Egypt Subsidiaries (Apache)

In the CY 2009 GHG inventory report, the original CY 2007 emissions baseline was 

revised up by 1,566,685 short tons CO2e to account for the additional 51% share of the 

Various Egypt Subsidiaries (Apache) project, which mistakenly reported its emissions in 

3

 For the CY 2007 baseline inventory, “active” projects were defined as all insurance contracts in force and all guaranty and direct 

loans with an outstanding principal balance as of June 30, 2008. For all subsequent inventories, the “active” date was September 

30 of the subsequent year (to coincide with the end of OPIC/DFC’s Fiscal Year). To mirror the EPA’s GHG reporting requirements

(40 CFR Part 98), OPIC/DFC lowered the minimum reporting threshold for “carbon-intensive projects” to 25,000 STPY of CO2e 

starting with the CY 2009 GHG inventory.
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relation to its equity share of the project (49%) for the baseline year. Since OPIC/DFC

requires that 100% of emissions be accounted for, regardless of the project sponsor’s 

equity share, the additional project emissions were added to the inventory. The 

discrepancy was rectified and reported in the CY 2009 GHG inventory report to ensure 

consistency with OPIC/DFC’s GHG accounting methodology. The revised CY 2007 

emission baseline was 51,949,178 short tons of CO2e.

Latin America Power III Fund 

The Latin American Power III Fund (LP III) is a “blind pool” fund, and the downstream 

investments had not been finalized when OPIC/DFC committed to the fund. Therefore, 

OPIC/DFC allocated 2,077,500 short tons of CO2e to the LP III Fund in the CY 2007 

Baseline Inventory (which was equal to the projected PTE from the thermal power 

projects in the LP III pipeline at that time), and subsequent GHG reports. However, in FY 

2014, LP III became fully invested without having invested in any projects that had a PTE

greater than 25,000 STPY of CO2e. Because LP III did not have any projects in its portfolio 

that exceeded OPIC/DFC’s GHG threshold for carbon-intensive projects, OPIC/DFC

removed these allocated emissions from all previous GHG inventories. After accounting 

for the correction from the Apache Project (see above), and removing the LP III emissions 

from the Baseline Inventory, the revised CY 2007 emissions baseline was 49,767,803

short tons of CO2e.

CY 2008 - CY 2012 INVENTORIES

For the CY 2008 GHG inventory, Pace Global followed the same process as during the 

Baseline Inventory development. The CY 2008 emission estimates were eventually 

revised up to account for a misallocation of Apache’s GHG emissions, as discussed 

above. The revised CY 2008 GHG emissions total for projects active as of September 30, 

2009, equaled 32,915,765 short tons of CO2e. The large decrease in emissions was 

primarily the result of a large coal power generation project (Jorf Lastar Energy) becoming

inactive (due to loan repayment). Removal of this project accounted for over 85% of the 

CO2e reductions. 

Starting with the CY 2009 GHG inventory, OPIC/DFC lowered the minimum threshold for 

“carbon-intensive projects” projects from 100,000 to 25,000 STPY of CO2e to match the 

U.S. EPA’s GHG reporting requirements (40 CFR Part 98). Because projects that were 

previously included in the buffer (i.e., projects between 25,000 and 100,000 STPY of 

CO2e) were now being included as carbon-intensive projects, OPIC/DFC defined a new 

buffer to account for projects emitting less than 25,000 STPY of CO2e (see page 4 for a 

detailed explanation). Total CY 2009 GHG emissions for projects active as of September 

30, 2010, equaled 31,824,461 short tons of CO2e.

Subsequent inventories followed the same inventory development process as for the CY 

2009 GHG inventory. CY 2010 GHG emissions for projects active as of September 30, 

2011, totaled 32,480,195. CY 2011 GHG emissions for projects active as of September 

30, 2012 amounted to 32,047,719 short tons of CO2e. CY 2012 GHG emissions for 

projects active as of September 30, 2013, totaled 7,970,993 short tons of CO2e.
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Emissions decreased considerably in CY 2012 because a large number of carbonintensive projects became inactive (due to loan repayment or contract cancellation), while 

only a few carbon-intensive projects became active. 

CY 2013 INVENTORY 

The CY 2013 GHG inventory followed the same inventory development process as in the 

previous year, with one important exemption; namely, the exclusion of estimated 

emissions for the Latin American Power III Fund (see page 3). Total CY 2013 emissions 

were 7,586,646 short tons of CO2e. 

CY 2014 INVENTORY 

For the CY 2014 GHG inventory, SC&A reviewed OPIC/DFC financial reports to screen 

projects likely to meet the “carbon-intensive projects” threshold of 25,000 STPY of CO2e. 

Additional scrutiny was given to projects previously identified as carbon-intensive, as well 

as new projects to OPIC/DFC’s portfolio that were active as of September 30, 2015. The 

outcome of the screening analysis resulted in a short list of thirteen (13) projects having 

a maximum PTE value equal or greater than 25,000 STPY of CO2e. To provide assurance 

of GHG estimates, OPIC/DFC and SC&A solicited additional supporting evidence from 

project sponsors to corroborate GHG assertions and assumptions made by individual 

project sponsors. 

Change in Buffer Calculation

For the CY 2007 and CY 2008 inventories, the buffer for additional sources was calculated 

as 5% of the sum of emissions from projects over 100,000 STPY of CO2e – the threshold 

for “carbon-intensive projects” at the time. After the threshold for a “carbon-intensive 

project” was lowered to 25,000 STPY CO2e for the CY 2009 inventory, the buffer for 

additional sources was defined each year such that the sum of projects emitting between 

25,000 and 100,000 STPY and the buffer would equal 5% of the sum of emissions from 

projects over 100,000 STPY of CO2e. This maintained the proportion of emissions from 

projects above the old “carbon-intensive” threshold of 100,000 STPY of CO2e.

Starting with the CY 2014 inventory, the buffer for additional sources has been calculated 

as 5% of the emissions from all carbon-intensive projects (i.e., projects emitting more 

than 25,000 STPY). In the CY 2014 report, OPIC/DFC applied this calculation 

retroactively to emissions reported in CY 2009 – CY 2013 to have a consistent picture of 

potential additional sources across all inventory years. This change does not have a 

significant impact on past reported emissions and yields a more conservative estimate 

than the previous method.

Additional Corrections to the CY 2014 Inventory

The CY 2014 GHG inventory also corrected the CY 2013 estimates for CGLOB Astarta 

Zhadanivka Kyiv and Qalaa Holdings based on additional communication with the project 

sponsor. The Results section of this report presents the corrected CY 2013 estimates for 

these two projects, as well as the updated buffer for additional sources.
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The estimated CY 2014 GHG emissions for projects active as of September 30, 2015

amounted to 7,772,851 short tons of CO2e.

CY 2015 INVENTORY 

The CY 2015 GHG inventory followed the same inventory development process as the 

previous year. Regarding emission methods, a revision was made to the fugitive and 

combustion emission factors for the West Africa Gas Pipeline (WAGP) project to increase 

traceability with cited method sources. These emission factors were applied retroactively

and had the effect of revising down WAGP’s maximum PTE as well as its CY 2009 and 

CY 2010 emission estimates. The estimated CY 2015 GHG emissions for projects active 

as of September 30, 2016 amounted to 7,689,416 short tons of CO2e.

CY 2016 INVENTORY 

The CY 2016 GHG inventory continued the inventory development process developed in 

previous years. The estimated CY 2016 GHG emissions for projects active as of 

September 30, 2017 amounted to 8,205,063 short tons of CO2e.

CY 2017 INVENTORY 

The CY 2017 GHG inventory continued the inventory development process developed in 

previous years. The estimated CY 2017 GHG emissions for projects active as of 

September 30, 2018 amounted to 7,820,596 short tons of CO2e.

CY 2018 INVENTORY 

The CY 2018 GHG inventory continued the inventory development process developed in 

previous years. One notable change was the removal of the Central Asia University 

project from the Short List because its maximum potential to emit was found to be below 

the reporting threshold when recalculated using project sponsor information. The 

estimated CY 2018 GHG emissions for projects active as of September 30, 2019

amounted to 8,887,542 short tons of CO2e.

Based on legislation in place at the time of commitment, several of the projects that 

OPIC/DFC supported were exempt from counting towards OPIC/DFC’s GHG reduction 

targets3F

4 because they were affordable power projects located in countries that were 

eligible for lending under the International Development Association (IDA). These 

included the Azura-Edo project, Cap-des-Biches project, and the Amandi Energy project. 

When the emissions from these projects were removed from the GHG inventory, 

OPIC/DFC’s CY 2018 GHG inventory of non-exempt projects was an estimated 

7,494,453 short tons of CO2e.

4 P.L. 111-117 Sec 7079(b)(12/16/2009) statutorily required OPIC to implement a revised climate change plan to reduce the GHG 

emissions associated with its projects by at least 30% over 10 years and 50% over 15 years.
 Page 6 

CY 2019 INVENTORY

The CY 2019 GHG inventory continued the inventory development process developed 

in previous years. One project, the West African Gas Pipeline (Tier B), dropped out of 

OPIC/DFC’s portfolio due to the expiration of its insurance contract, and another project, 

Central Asia University (Tier C), was removed from consideration because it was 

consistently below the 25,000 STPY threshold in previous years. In addition, one

project, Negev Energy (Tier C), came into operation in CY 2019, but fell below the 

25,000 STPY threshold. Estimated CY 2019 GHG emissions for projects active as of 

September 30, 2020 amounted to 9,550,437 short tons of CO2e.

Based on legislation in place at the time of commitment, several of the projects that 

OPIC/DFC supported are exempt from counting towards OPIC/DFC’s GHG reduction 

targets5 because they are affordable power projects located in countries that were eligible 

for lending under the IDA. These include the Azura-Edo project, Cap-des-Biches project, 

and the Amandi Energy project. When the emissions from these projects are removed 

from the GHG inventory, OPIC/DFC’s CY 2019 GHG inventory of non-exempt projects is 

an estimated 7,531,694 short tons of CO2e.

CY 2020 INVENTORY

The CY 2020 GHG inventory continued the inventory development process used in 

previous years. One project, Lebanese American University (Tier C), was removed from 

consideration because it was consistently below the 25,000 STPY threshold in previous 

years. In addition, one project, Arish-Ashkelon Pipeline (Tier B), came into operation in 

CY 2020, but fell below the 25,000 STPY threshold. Estimated CY 2020 GHG emission 

for projects active as of September 30, 2021 amounted to 9,636,337 short tons of CO2e.

Based on legislation in place at the time of commitment, several of the projects that 

OPIC/DFC supported are exempt from counting towards OPIC/DFC’s GHG reduction 

targets6 because they are affordable power projects located in countries that were eligible 

for lending under the IDA. These include the Azura-Edo project, Cap des Biches project, 

and the Amandi Energy project (which was not in operation in CY 2020). When the 

emissions from these projects are removed from the GHG inventory, OPIC/DFC’s CY 

2020 GHG inventory of non-exempt projects is an estimated 7,204,914 short tons of 

CO2e.

5 P.L. 111-117 Sec 7079(b)(12/16/2009) statutorily required OPIC to implement a revised climate change plan to reduce the GHG 

emissions associated with its projects by at least 30% over 10 years and 50% over 15 years.

6 P.L. 111-117 Sec 7079(b)(12/16/2009) statutorily required OPIC to implement a revised climate change plan to reduce the GHG 

emissions associated with its projects by at least 30% over 10 years and 50% over 15 years.
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CY 2020 METHODOLOGY

INVENTORY BOUNDARY

The CY 2020 inventory boundary extends to direct emissions from fossil fuel combustion 

associated with “active” projects having a maximum PTE over 25,000 STPY of CO2e. 

“Active” projects are defined as all insurance contracts in force and all guaranty and direct 

loans with an outstanding principal balance at the end of OPIC/DFC’s last fiscal year (i.e., 

September 30, 2021). Excluded from the inventory boundary were direct biogenic

emissions, refrigerant losses, process/chemical releases (e.g., methane from wastewater 

treatment plants), indirect emissions related to purchased electricity or heat supply 

(including steam), and temporary emissions from a project’s construction. 

To maintain the original GHG inventory program objectives while addressing changing 

characteristics of new project sponsors, two criteria have been added to the inventory 

boundary. First, the reporting threshold of 25,000 STPY of CO2e applies to those assets 

or investment platforms specified in the project clearance description as eligible for 

OPIC/DFC funding. Second, for project sponsors with assets located in various countries, 

the reporting threshold of 25,000 STPY of CO2e is assessed for all assets sharing the 

same loan identification number. 

INVENTORY STRUCTURE 

The carbon-intensive projects included in the CY 2020 GHG inventory are organized into 

three tiers. Tier A projects are fossil fuel-fired, power generation projects that emit more 

than 100,000 STPY of CO2e. Tier B projects are defined as projects in the oil and gas, 

mining, transportation, manufacturing, construction, or other sectors that have a PTE 

greater than 100,000 STPY of CO2e. Tier C projects are those that emit between 25,000 

and 100,000 STPY of CO2e. Additionally, the CY 2020 GHG inventory includes an 

estimate of GHG emissions from projects determined to be below the threshold of 25,000 

STPY of CO2e denoted as Buffer for Additional Sources (see page 9). 

PROJECT SCREENING

SC&A evaluated financial and technical documentation provided by OPIC/DFC to identify 

the subset of projects meeting OPIC/DFC’s reporting criteria. The review and analysis of 

this documentation was conducted in several steps, as shown in Figure 1. 

The starting point for the CY 2020 GHG inventory was a set of financial reports that listed 

1,021 projects receiving OPIC/DFC support in the form of direct investment and 

guarantees, insurance, frameworks, or funds. SC&A consolidated information from these 

financial reports by grouping entries sharing a common project identification number 

resulting in 718 entries. Then, SC&A extracted the set of projects that exhibited a financial 

exposure and disbursement status greater than zero. This first step resulted in a set of 

712 entries that reflects the pool of active projects for consideration in the current 

inventory cycle. Active CY 2020 projects are listed in Appendix A. The second step 

consisted of developing a consolidated list of active projects by grouping entries into 

Tier A, Tier B, or “Other” according to their economic sector. Entries classified as “Other” 
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were projects in the agriculture, communications, finance, services, and tourism sectors. 

Third, SC&A developed a priority list of 216 projects by removing entries that were 

determined not to be carbon-intensive in the CY 2020 GHG Inventory based on 

professional judgement and institutional knowledge of a project’s operations, as well as 

excluding projects in the finance, banking, insurance, and service sectors, because their 

emissions are the result of indirect energy purchases (e.g. purchased electricity or steam) 

– activities that fall outside of OPIC/DFC’s inventory scope. Finally, SC&A performed 

project-specific GHG assessments to ascertain which projects emitted or had a maximum 

PTE of at least 25,000 STPY of CO2e. The outcome of this final step was a short list of 

16 entries, which is presented in Table 1. 

Figure 1. CY 2020 Project Screening Process

NOTE: the values in parentheses indicate the number of projects assessed in each step of the 

process for a given category.

DEVELOPMENT OF EMISSION ESTIMATES

SC&A reviewed relevant project-level quantification methodologies adopted in previous 

OPIC/DFC reports and verified that previous methodologies were consistent with 

OPIC/DFC’s GHG reporting policy. SC&A applied emission quantification methodologies 

from prior GHG inventories for projects with a first year of reporting of CY 2011 or earlier.

In other cases, SC&A conferred with OPIC/DFC on suitable emission methodologies that 

maintained continuity with past GHG assessments and could reasonably characterize a 

project’s activities, scale, and complexity. 

Table 1 shows the list of short-listed projects, inclusive of projects that were active in 

FY2021 but not yet operational during CY 2020 (e.g., under construction). This list 

includes a separate section for projects which were initially screened for analysis, but 

found to be below the 25,000 STPY threshold in CY 2020. For the record, a list of past 

short-listed projects is presented in Table 2. 

Active Projects (712)

Consolidated List (Ʃ=712)

• Tier A (106)

• Tier B (68)

• Other (538)

Priority List (Ʃ=216)

• Tier A (19)

• Tier B (52)

• Other (145)

Short List (Ʃ=16)

• Tier A (8)

• Tier B (5)

• Tier C (3)

Financial Reports (1,021)
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Tier A – Power Generation Sources

SC&A and OPIC/DFC identified five (5) Tier A projects that were both active and in 

operation in CY 2020. Three (3) additional projects were screened as active but still under 

construction and thus not subject to reporting in CY 2020. In general, the maximum PTE 

for Tier A projects is based on an operating capacity of 8,000 hours per year (unless 

otherwise noted), fuel consumption data (where available), the projects’ powergenerating capacity in megawatts (MW), and/or specific estimates of GHG emissions 

provided by the project sponsor (when available). The preferred method relied on 

emission estimates derived from fuel consumption data. Project-level activity data, as well 

as reference conversion and emission factors used in the assessments of annual GHG 

emissions, are detailed in Appendix B. CY 2020 Tier A emissions were 4,108,060 short 

tons of CO2e. 

Tier B – Oil & Gas and Other Large Sources

Tier B projects are projects in the oil and gas, mining, transportation, manufacturing, 

construction, or other sectors which have a PTE greater than 100,000 STPY of CO2e. 

SC&A and OPIC/DFC identified four (4) Tier B projects that were both active and in 

operation in CY 2020. One (1) additional project was screened as active but still under 

construction and thus this project was not subject to reporting in CY 2020. Project

emissions were estimated based on production throughput, fuel consumption data, and/or 

GHG emissions data from similar facilities. All maximum PTE estimates assume an 

operating capacity of 8,000 hours per year, unless otherwise noted. Emission factors and 

other industry-relevant metrics were obtained from credible, published information 

sources. Activity data and calculation details are shown in Appendix B. Note that two of 

the four active Tier B project had emissions that were below the 25,000 STPY reporting 

threshold, and therefore those emissions were not aggregated to the CY 2020 Tier B 

emission subtotal of 4,982,597 short tons of CO2e.

Tier C – Smaller Sources

The initial screen for Tier C projects excluded projects already known to exceed 100,000 

STPY of CO2e and projects previously determined to be below the threshold of 25,000 

STPY CO2e. SC&A performed inventory calculations for shortlisted projects based on 

project descriptions and project sponsor-provided information, as well as published data 

and emissions factors. SC&A and OPIC/DFC identified three (3) Tier C projects that were 

both active and in operation in CY 2020. Activity data and calculation details are shown 

in Appendix B. Note that of those three active Tier C projects, one had emissions that

were below the 25,000 STPY reporting threshold, and therefore those emissions were 

not aggregated to the CY 2020 Tier C emission subtotal of 86,807 short tons of CO2e.

Buffer for Additional Sources

The OPIC/DFC GHG inventory directly assesses emissions from projects that exceed 

the threshold of 25,000 STPY of CO2e. It is plausible that several projects do not 

exceed 25,000 STPY of CO2e annually but may still have a sizeable contribution to 

OPIC/DFC’s carbon footprint. To maintain a conservative estimate of emissions from 

non-carbon-intensive projects, OPIC/DFC applies a buffer that is scaled to 5% of the 
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emissions from carbon-intensive projects in a given year. The CY 2020 Buffer for 

Additional Sources was 458,873 short tons of CO2e.
 Page 11 

Table 1. CY 2020 Short List of Carbon-Intensive Projects

Tier Project Country Sector Reporting Year

First Last

Operational, Above 25,000 STPY Threshold

Tier A AES Jordan Jordan Energy – Power CY2008 CY2020

Tier A AES Levant Jordan Energy – Power CY2014 CY2020

Tier A Azura-Edo Power Project – Senior Loan Nigeria Energy – Power CY2017 CY2020

Tier A Contour Global – Cap Des Biches Senegal Energy – Power CY2016 CY2020

Tier A Contour Global – Togo Togo Energy – Power CY2010 CY2020

Tier B Various Egypt Subsidiaries (Apache) Egypt Energy – Oil and Gas CY2007 CY2020

Tier B Compagnie des Bauxites de Guinee Guinea Energy – Power CY2017 CY2020

Tier C Aga Khan Hospital & Medical College Pakistan Health Care CY2014 CY2020

Tier C Qalaa Holdings (aka Citadel) Egypt Manufacturing CY2012 CY2020

Under Construction / Not Operational

Tier A Amandi Energy Limited Ghana Energy – Power CY2017 CY2020

Tier A Tè Power Company SASU Guinea Energy – Power CY2017 CY2020

Tier A Central Termica Mozambique Energy – Power CY2019 CY2020

Tier B Sarsang Production Expansion Iraq Energy – Oil and Gas CY2019 CY2020

Operational, Below 25,000 STPY Threshold

Tier B Açu Petroleo S.A. Brazil Transportation and 

Warehousing CY2016 CY2020

Tier B Arish-Ashkelon Pipeline Egypt Transportation and 

Warehousing CY2019 CY2020

Tier C Negev Energy - Ashalim Thermo-Solar Ltd. Israel Utilities CY2016 CY2020

Source: OPIC/DFC and SC&A, Inc.
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Table 2. Short List of Past Carbon-Intensive Projects

Tier Project Country Sector Reporting Year

First Last

Tier A Adapazari Elektrik Uretim Turkey Energy – Power CY2007 CY2012

Tier A AES Nigeria Nigeria Energy – Power CY2007 CY2012

Tier A Doga Enerji Turkey Energy – Power CY2007 CY2010

Tier A Gaza Private Generating PLC Gaza Energy – Power CY2007 CY2017

Tier A Gebze Elektrik Uretim Turkey Energy – Power CY2007 CY2011

Tier A Grenada Electricity Services (WRB) Grenada Energy – Power CY2007 CY2013

Tier A Habibullah Coastal Power Pakistan Energy – Power CY2007 CY2008

Tier A Izmir Elektrik Uretim Turkey Energy – Power CY2007 CY2011

Tier A Jorf Lasfar Energy Morocco Energy – Power CY2007 CY2007

Tier A NEPC Consortium Power Bangladesh Energy – Power CY2007 CY2011

Tier A Paiton Energy Indonesia Energy – Power CY2007 CY2011

Tier A Pakistan Water & Power Authority Pakistan Energy – Power CY2007 CY2010

Tier A Power Finance Trust Ltd. (aka Isagen SA) Colombia Energy – Power CY2007 CY2016

Tier A Termovalle SCA Colombia Energy – Power CY2007 CY2012

Tier A Trakya Elektrik Uretim Turkey Energy – Power CY2007 CY2007

Tier B Accroven SRL Venezuela Energy – Oil and Gas CY2007 CY2008

Tier B Baku-Tblisi-Ceyhan Pipeline Azerbaijan Energy – Oil and Gas CY2007 CY2012

Tier B E.P. Interoil Papua New Guinea Energy – Oil and Gas CY2007 CY2011

Tier B Equate Petrochemical Kuwait Energy – Oil and Gas CY2007 CY2008

Tier B Foxtrot International Cote d’Ivoire Energy – Oil and Gas CY2007 CY2011

Tier B Lukoil RPK Vysotsk Russia Energy – Oil and Gas CY2007 CY2014

Tier B Natural Gas Liquids II Financing Nigeria Energy – Oil and Gas CY2007 CY2008

Tier B Pannonia Ethanol Hungary Manufacturing CY2007 CY2015

Tier B West African Pipeline Ghana Energy – Oil and Gas CY2007 CY2018

Tier B Wilpro Energy Services (El Furrial) Venezuela Energy – Oil and Gas CY2007 CY2008

Tier B Wilpro Energy Services (Pigap) Venezuela Energy – Oil and Gas CY2007 CY2008

Tier C Central Asia University Tajikistan University CY2017 CY2018

Tier C CGLOB Astarta Zhadanivka Kyiv LLC Ukraine Agro-processing CY2007 CY2015

Tier C Dominica Electricity Services Dominican Republic Energy – Oil and Gas CY2009 CY2011

Tier C Jose Lindley Peru Manufacturing CY2009 CY2010

Tier C Joshi Technologies / Parko Services Colombia Energy – Oil and Gas CY2009 CY2015

Tier C Lebanese American University Lebanon University CY2018 CY2019

Source: OPIC/DFC and SC&A, Inc.
 Page 13 

RESULTS

OPIC/DFC’s CY 2020 GHG inventory is an estimated 9,636,337 short tons of CO2e. In 

CY 2020, three projects, namely, Açu Petroleo (Tier B), Arish-Ashkelon Pipeline (Tier 

B), and Negev Energy (Tier C), were assessed, but their emissions were calculated as 

being under the threshold. In addition, one project - Lebanese American University (Tier 

C), dropped out of OPIC/DFC’s portfolio because it consistently fell below the 25,000 

STPY threshold. Total portfolio emissions increased by 0.9% or 85,901 short tons CO2e 

relative to CY 2019. 

Based on legislation in place at the time of commitment, three of the projects that 

OPIC/DFC has supported are exempt from counting towards OPIC/DFC’s GHG 

reduction targets7 because they are affordable power projects located in countries that 

were eligible for lending under the International Development Association (IDA). These 

include the Azura-Edo project, Cap-des-Biches project, and the Amandi Energy project

(which was not in operation in CY 2020). These projects have total emissions of 

2,315,641 short tons of CO2e in CY2020. When the emissions from these projects are 

removed from the GHG inventory, along with their share of the 5% buffer for additional 

sources (115,782 tCO2e), OPIC/DFC’s CY 2020 GHG inventory of non-exempt projects 

is an estimated to be 7,204,914 short tons of CO2e.

Figure 2 presents the GHG emission and project count trend for OPIC/DFC’s 

inventories from CY 2007 to CY 2020. For the project count, active and operational 

projects were accounted for, with the exclusion of active projects that are still under 

construction.

7 P.L. 111-117 Sec 7079(b)(12/16/2009) statutorily required OPIC to implement a revised climate change plan to reduce the GHG 

emissions associated with its projects by at least 30% over 10 years and 50% over 15 years.
 Page 14 

Figure 2. OPIC/DFC Active Portfolio GHG Emissions, CY 2007 – CY 2020
 Page 15 

The technical profile of projects deemed carbon-intensive since the inception of 

OPIC/DFC’s GHG inventory is represented in Table 3. Emission inventory details starting 

with the CY 2007 Baseline Inventory and culminating with the CY 2020 GHG inventory 

are presented in Tables 4 through 6, which present historical emissions from Tier A, Tier 

B, and Tier C projects respectively. Table 7 summarizes GHG emissions of OPIC/DFC’s 

entire portfolio, including emissions associated with potentially unaccounted sources (i.e., 

Buffer for Additional Sources). Projects which are not yet operational or have never 

exceeded the 25,000 STPY threshold are not included in these tables. 

Table 3. Technical Profile of Carbon-Intensive Projects (CY 2007 – CY 2020)

Project Name Description Capacity / Throughput Fuel Type

Accroven SRL NGL Facility 800 mmscf/day Natural Gas

Adapazari Elektrik Uretim Combined Cycle 777 MW Natural Gas

Açu Petroleo S.A. Oil & Petroleum Terminal 300 MW Natural Gas

AES Jordan Combined Cycle 370 MW Natural Gas & Diesel

AES Levant Engine-Based Power Generation 240 MW Heavy Fuel Oil & Natural Gas

AES Nigeria Engine-Based Power Generation 270 MW Natural Gas

Aga Khan Hospital & Medical College Power Plant, Boilers 4.8 MW Natural Gas

Amandi Energy Limited Combined Cycle 200 MW Fuel Oil & Natural Gas

Arish-Ashkelon Pipeline

Azura-Edo Power Project- Senior Loan Combined Cycle 450 MW Natural Gas

Baku-Tblisi-Ceyhan Pipeline Crude Oil Pipeline 1.2 million barrels/day Natural Gas & Diesel

CGLOB Astarta Zhadanivka Kyiv LLC Agro-processing 5.4 MW Natural Gas & Coal

Compagnie des Bauxites de Guinee Mining 28.3 MW Fuel Oil & Diesel

Contour Global – Cap Des BIches Power Plant 86 MW Fuel Oil

Contour Global - Togo Engine-Based Power Generation 100 MW Fuel Oil & Natural Gas

Doga Enerji Combined Cycle 180 MW Natural Gas

Dominica Electric Services Power Generation 7 MW Diesel

E.P. Interoil Crude Oil Refinery 32,500 barrels/day Crude Oil Refinery

Equate Petrochemical Petrochemical Facility 1540 MMBtu/hour Natural Gas

Foxtrot International Gas Extraction & Pipeline 100 mmscf/day Natural Gas

Gaza Private Generating PLC Combined Cycle 136.4 MW Natural Gas

Gebze Elektrik Uretim Combined Cycle 1554 MW Natural Gas

Grenada Electricity Services (WRB) Engine-Based Power Generation 18 MW Diesel

Habibullah Coastal Power Combined Cycle 140 MW Natural Gas

Izmir Elektrik Uretim Combined Cycle 1554 MW Natural Gas

Jorf Lasfar Energy Steam Boiler 1356 MW Coal

Jose Lindley Manufacturing - Natural Gas

Joshi Technologies / Parko Services Oil & Gas 20 million cubic meters/year Gas & Diesel

Lukoil RPK Vysotsk Oil & Petroleum Export Terminal 6.8 million metric tons/year Fuel Oil

Natural Gas Liquids II Financing NGL Facility 19.5 mmscf/day Natural Gas

Negev Energy Solar Power Generation 110 MW Solar & Natural Gas

NEPC Consortium Power Engine-Based Power Generation 313,105 MMBtu Natural Gas & Fuel Oil

Paiton Energy Steam Boiler 1220 MW Coal
 Page 16 

Project Name Description Capacity / Throughput Fuel Type

Pakistan Water & Power Authority Combined Cycle 150 MW Natural Gas

Pannonia Ethanol Ethanol Production 240 million liters/year Natural Gas

Power Finance Trust (aka Isagen) Combined Cycle 300 MW Natural Gas

Qalaa Holdings (aka Citadel) Manufacturing 24 million cubic meters /year Natural Gas

Tè Power Company SASU Thermal Power Production 50 MW Thermal

Termovalle SCA Combined Cycle 205 MW Natural Gas

Trakya Elektrik Uretim Combined Cycle 478 MW Natural Gas

University of Central Asia Diesel Boiler 230 liters/hour Diesel

Various Egypt Subsidiaries (Apache) Oil & Gas Extraction & Processing 29,934,702 bbl/year

89,910 mmscf/year

Oil & Natural Gas

West Africa Gas Pipeline Gas Compression & Transmission 190 mmscf/day Natural Gas

Wilpro Energy Services (El Furrial) Gas Compression 60 MW Natural Gas

Wilpro Energy Services (Pigap) Gas Compression 100 MW Natural Gas
 Page 17 

Table 4. Tier A Historical Project Emissions (Short Tons CO2e)

Project Name

FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021

CY2007 

Baseline

CY2008 

Emissions

CY2009 

Emissions

CY2010 

Emissions

CY2011 

Emissions

CY2012 

Emissions

CY2013 

Emissions

CY23014 

Emissions

CY2015 

Emissions

CY2016 

Emissions

CY2017 

Emissions

CY2018 

Emissions

CY2019 

Emissions

CY2020 

Emissions

Adapazari Elektrik Uretim 2,106,754 2,106,754 2,441,657 2,426,053 2,309,241 R/C R/C R/C R/C R/C R/C R/C R/C R/C

AES Jordan [1] N/A 590,940 1,318,130 1,434,569 1,184,010 936,400 1,514,054 1,203,945 949,925 1,588,326 1,401,138 1,401,138 1,472,387 1,344,371

AES Levant N/A N/A N/A N/A N/A N/A N/A 467,262 685,110 228,994 345,980 345,980 394,784 189,237

AES Nigeria 1,166,398 1,341,157 988,271 949,754 949,754 949,754 R/C R/C R/C R/C R/C R/C R/C R/C

Azura Edo Power Project [4] N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 919,017 1,557,274 1,949,527

Contour Global Cap Des 

Biches [4] N/A N/A N/A N/A N/A N/A N/A N/A N/A 184,699 407,735 407,735 365,338 366,114

Contour Global - Togo N/A N/A N/A Below 

Threshold 46,561 126,192 161,830 55,467 210,901 496,564 329,875 329,875 215,349 258,811

Doga Enerji 740,762 740,762 672,014 655,981 R/C R/C R/C R/C R/C R/C R/C R/C R/C R/C

Gaza Private Generating 

PLC 293,804 303,535 325,926 228,627 405,262 Below Threshold 161,215 193,406 253,808 246,460 269,253 R/C R/C R/C

Gebze Elektrik Uretim 4,121,923 4,121,923 4,794,979 4,833,330 4,535,511 R/C R/C R/C R/C R/C R/C R/C R/C R/C

Grenada Electricity Services 114,571 121,156 141,127 135,237 134,371 131,206 130,221 R/C R/C R/C R/C R/C R/C R/C

Habibullah Coastal Power 447,880 447,880 R/C R/C R/C R/C R/C R/C R/C R/C R/C R/C R/C R/C

Izmir Elektrik Uretim 4,694,380 4,694,380 4,300,376 4,739,787 4,824,511 R/C R/C R/C R/C R/C R/C R/C R/C R/C

Jorf Lasfar Energy 14,268,496 R/C R/C R/C R/C R/C R/C R/C R/C R/C R/C R/C R/C R/C

NEPC Consortium Power 245,795 343,581 255,734 297,068 297,068 R/C R/C R/C R/C R/C R/C R/C R/C R/C

Paiton Energy 9,553,044 9,553,044 9,624,125 9,854,076 10,045,869 R/C R/C R/C R/C R/C R/C R/C R/C R/C

Pakistan Water & Power 

Authority [2] 522,490 522,490 283,937 283,937 R/C R/C R/C R/C R/C R/C R/C R/C R/C R/C

Power Finance Trust (aka 

Isagen) 203,010 Below Threshold 300,706 305,181 305,181 305,181 775,357 980,011 963,992 963,992 R/C R/C R/C R/C

Termovalle SCA [3] Below 

Threshold

Below 

Threshold 223,983 223,983 Below Threshold R/C R/C R/C R/C R/C R/C R/C R/C R/C

Trakya Elektrik Uretim 1,747,956 R/C R/C R/C R/C R/C R/C R/C R/C R/C R/C R/C R/C R/C

NOTE: “N/A” indicates that a project was not yet active in the OPIC/DFC Portfolio during that year. “R/C” indicates that the project was either repayed (loan or guarantee) or cancelled

(insurance) prior to the cutoff date for that year. Totals may not sum due to rounding. 

[1] Sharp emission increase due to ramped-up energy production from 10,103,603 MMBtu in CY 2007 to 22,536,748 MMBtu in CY 2008.

[2] CY 2009 emissions are significantly lower due to fewer reported operating hours.

[3] CY 2009 emissions are significantly higher due to increased reported operating hours.

[4] These projects are exempt from counting towards OPIC/DFC’s GHG reduction targets because they are affordable power projects located in countries that were eligible for lending 

under the International Development Association (IDA) at the time of commitment.
 Page 18 

Table 5. Tier B Historical Project Emissions (Short Tons CO2e)

Project 

Name

FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021

CY2007 

Baseline

CY2008 

Emissions

CY2009 

Emissions

CY2010 

Emissions

CY2011 

Emissions

CY2012 

Emissions

CY2013 

Emissions

CY2014 

Emissions

CY2015 

Emissions

CY2016 

Emissions

CY2017 

Emissions

CY2018 

Emissions

CY2019 

Emissions

CY2020 

Emissions

Accroven SRL 998,677 445,832 R/C R/C R/C R/C R/C R/C R/C R/C R/C R/C R/C R/C

Açu Petroleo 

S.A. N/A N/A N/A N/A N/A N/A N/A N/A N/A Below Threshold 126,160 Below Threshold

Below 

Threshold

Below 

Threshold

Arish-Ashkelon 

Pipeline N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Below Threshold

Baku-TblisiCeyhan 

Pipeline

707,672 707,672 787,577 723,214 671,605 584,200 R/C R/C R/C R/C R/C R/C R/C R/C

Compagnie Des 

Bauxites N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 386,151 412,131 341,627

E.P. Interoil 392,296 103,247 79,709 75,928 74,985 R/C R/C R/C R/C R/C R/C R/C R/C R/C

Equate 

Petrochemical 720,573 680,311 R/C R/C R/C R/C R/C R/C R/C R/C R/C R/C R/C R/C

Foxtrot 

International [1] 104,484 104,484 104,484 Below Threshold 27,746 R/C R/C R/C R/C R/C R/C R/C R/C R/C

Lukoil RPK 

Vysotsk [2] 70,767 70,767 76,339 97,117 91,143 92,696 95,070 99,423 R/C R/C R/C R/C R/C R/C

Natural Gas 

Liquids II 

Financing

244,048 244,048 R/C R/C R/C R/C R/C R/C R/C R/C R/C R/C R/C R/C

Pannonia 

Ethanol N/A N/A N/A N/A N/A 64,244 93,251 101,474 113,785 R/C R/C R/C R/C R/C

Various Egypt 

Subsidiaries 

(Apache) [3]

3,071,932 3,244,189 3,294,654 3,465,842 4,438,554 4,178,447 4,056,437 4,012,346 3,891,093 4,007,937 4,539,735 4,600,146 4,600,146 4,640,970

West Africa Gas 

Pipeline N/A N/A 189,800 70,925 86,617 86,617 86,617 86,617 68,281 68,281 Below Threshold

Below 

Threshold R/C R/C

Wilpro Energy 

Services 

(El Furrial)

289,106 289,106 R/C R/C R/C R/C R/C R/C R/C R/C R/C R/C R/C R/C

Wilpro Energy 

Services 

(Pigap)

571,090 571,090 R/C R/C R/C R/C R/C R/C R/C R/C R/C R/C R/C R/C

NOTE: “N/A” indicates that a project was not yet active in the OPIC/DFC Portfolio during that year, and “R/C” indicates that the project was either repayed (loan or guarantee) or 

cancelled (insurance) prior to the cutoff date for that year. Totals may not sum due to rounding. 

[1] Foxtrot maximum PTE corresponds to the peak emissions year when the project was active. In 2010, Foxtrot operated for a minimal period of time and thus had corresponding GHG 

emissions below the established threshold.

[2] Lukoil had the Potential-to-Emit over 100,000 tons CO2 annually, although emissions were consistently reported below this level.

[3] In 2007 and 2008, Apache reported their emissions in relation to their equity share of the project (49%). OPIC/DFC accounts 100% of a project’s emissions regardless of equity share. 

As a result, emissions data for 2007 and 2008 were revised up to conform to OPIC/DFC standards. 
 Page 19 

Table 6. Tier C Historical Project Emissions (Short Tons CO2e)

Project Name

FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021

CY2009 

Emissions

CY2010 

Emissions

CY2011

Emissions

CY2012

Emissions

CY2013

Emissions

CY2014

Emissions

CY2015

Emissions

CY2016 

Emissions

CY2017 

Emissions

CY2018 

Emissions

CY2019 

Emissions

CY2020 

Emissions

Aga Khan Hospital & Medical 

College N/A N/A N/A N/A N/A 25,064 28,653 29,093 28,312 28,367 30,632 32,112

CGLOB Astarta Zhadanivka 

Kyiv N/A N/A Below Threshold 36,886 25,470 38,404 32,202 R/C R/C R/C R/C R/C

Dominica Electric Services 50,084 50,084 50,084 R/C R/C R/C R/C R/C R/C R/C R/C R/C

Jose Lindley 25,000 25,000 R/C R/C R/C R/C R/C R/C R/C R/C R/C R/C

Joshi Technologies / Parko 

Services 30,398 57,826 43,564 52,894 73,685 91,861 91,224 R/C R/C R/C R/C R/C

Qalaa Holdings (aka Citadel) N/A N/A N/A 46,707 52,169 47,437 34,279 Below 

Threshold

Below 

Threshold 45,919 47,615 54,695

NOTE: “N/A” indicates that a project was not yet active in the OPIC/DFC Portfolio during that year, and “R/C” indicates that the project was either repayed (loan or guarantee) or 

cancelled (insurance) prior to the cutoff date for that year. Totals may not sum due to rounding. 
 Page 20 

Table 7. Summary of OPIC/DFC Historical Portfolio Emissions (Short Tons CO2e)

FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021

Inventory 

Item

CY2007 

Baseline

CY2008 

Emissions

CY2009 

Emissions

CY2010 

Emissions

CY2011 

Emissions

CY2012 

Emissions

CY2013 

Emissions

CY2014 

Emissions

CY2015 

Emissions

CY2016 

Emissions

CY2017 

Emissions

CY2018 

Emissions

CY2019 

Emissions

CY2020 

Emissions

Tier A 40,227,263 24,887,602 25,670,965 26,367,582 25,037,339 2,448,733 2,742,677 2,900,090 3,063,735 3,709,035 2,753,980 3,403,744 4,005,132 4,108,060

Tier B 7,170,645 6,460,746 4,532,563 4,433,027 5,390,650 5,006,203 4,331,375 4,299,859 4,073,160 4,076,218 4,665,895 4,986,296 5,012,276 4,982,597

Tier C NQ [4] NQ 105,482 132,910 93,648 136,486 151,325 202,766 186,358 29,093 28,312 74,286 78,246 86,807

Tier A, B, C 

Subtotal 47,397,908 31,348,348 30,309,010 30,933,519 30,521,637 7,591,422 7,225,377 7,402,715 7,323,253 7,814,346 7,448,187 8,464,326 9,095,654 9,177,464

Latin 

America 

Power III 

Fund [1] 

0 0 0 0 0 0 0 0 0 0 0 0 0 0

5% Buffer for 

Additional 

Sources [2]

2,369,895 1,567,417 1,515,451 1,546,676 1,526,082 379,571 361,269 370,136 366,163 390,717 372,409 423,216 454,783 458,873

TOTAL: 49,767,803 32,915,765 31,824,461 32,480,195 32,047,719 7,970,993 7,586,646 7,772,851 7,689,416 8,205,063 7,820,596 8,887,542 9,550,437 9,636,337

Emissions 

from Exempt 

Projects [3]

0 0 0 0 0 0 0 0 0 0 0 1,393,089 2,018,743 2,431,423

Total (NonExempt 

Projects)

49,767,803 32,915,765 31,824,461 32,480,195 32,047,719 7,970,993 7,586,646 7,772,851 7,689,416 8,205,063 7,820,573 7,494,453 7,531,694 7,204,914

NOTE: Totals may not sum due to rounding. 

[1] Per agreement between Latin American Power III and OPIC/DFC, the Fund agreed to “not make an investment in a Portfolio Company if, after such investment, the assets and 

operations of all Portfolio Companies then held by the Fund would emit (in the aggregate and on a calendar-year basis) in excess of 2,077,500 STPY CO2e as calculated in 

accordance with the IPCC”. In FY 2014, OPIC/DFC determined that the Fund would not invest in any power-generating projects; therefore, the allocation for the Latin American Power 

III Fund was not included in the FY 2014 inventory and subsequent inventories. To ensure the reported emissions are accurate, OPIC/DFC retroactively removed this allocation from 

the FY 2008-2013 inventories.

[2] For the CY 2007 Baseline and CY 2008 inventories, the buffer was calculated as 5% of all carbon-intensive projects (i.e., those projects that emitted more than 100,000 STPY of 

CO2e). For the original CY 2010, CY 2011, CY 2012, and CY 2013 emissions, (i.e., after the threshold for a carbon-intensive project was reduced from 100,000 tpy to 25,000 tpy 

CO2e), the buffer was calculated so that the buffer plus the Tier C projects that emitted between 25,000 and 100,000 STPY of CO2e was equal to 5% of emissions from projects that 

emitted more than 100,000 STPY of CO2e. Starting with the CY 2014 inventory, the buffer for additional sources was calculated as 5% of all carbon-intensive projects under the new 

threshold of 25,000 STPY CO2e (i.e., Tier A, B and C emissions combined). OPIC/DFC applied this calculation retroactively to the buffer for CY 2009 – CY 2013, which resulted in an 

increase in the buffer, and a subsequent increase in reported emissions of between 0.3% and 2.3%.

[3] Based on legislation in place at the time of commitment, several projects that OPIC/DFC has supported are exempt from counting towards OPIC/DFC’s GHG reduction targets. 

This shows the emissions from those exempted projects, along with their share of the 5% buffer for additional sources.

[4] Not quantified during that year.
Page 21 

APPENDIX A – LIST OF ACTIVE PROJECTS

This table lists projects active as of September 30, 2021 that were screened as part of 

the CY 2020 GHG inventory development process.

PROJECT NAME COUNTRY SECTOR

57 Stars Direct Impact KENYA Finance and Insurance

57 Stars Global Opportunity Fund 4 WORLDWIDE Finance and Insurance

57 Stars Global Opportunity Fund 4, L.P and GOF 4 WORLDWIDE Finance and Insurance

ABI Group Ltd. AFGHANISTAN Manufacturing

Abound Capital Master Fund I Pte. Ltd. ASIA REGIONAL Finance and Insurance

ACCESS AFRICA FUND AFRICA REGIONAL Finance and Insurance

Acercasa SAS COLOMBIA Finance and Insurance

Achill Island Investments Namibia Agriculture, Forestry, Fishing and Hunting

Acleda Bank Cambodia Finance and Insurance

Acord Capital COLOMBIA Real Estate and Rental and Leasing

Acu Petroleo S.A. Brazil Transportation and Warehousing

ADM Capital Somei Lending Platform Ltd. (Senior) ASIA REGIONAL Finance and Insurance

ADM Capital Somei Lending Platform Ltd. (Subordina ASIA REGIONAL Finance and Insurance

Adwa Ma'an Al Aula/Alcazar JORDAN none

Adwa? Ma?an Al Oula Lil Tak PSC JORDAN Utilities

AES JORDAN PSC JORDAN Utilities

AES Levant Holdings B.V/Jordan JORDAN Utilities

AES LEVANT PSC JORDAN Utilities

Africa Data Centres AFRICA REGIONAL Information

Africa Eye Foundation CAMEROON Health Care and Social Assistance

Africa Finance Corporation AFRICA REGIONAL Finance and Insurance

Africa Finance Corporation (Tier II) AFRICA REGIONAL Finance and Insurance

Africa Healthcare Network AFRICA REGIONAL Health Care and Social Assistance

African Banking Corporation of Botswana Limited BOTSWANA Finance and Insurance

African Banking Corporation of Zambia Limited Zambia Finance and Insurance

African Leadership Academy SOUTH AFRICA Educational Services

African Local Currency Bond Fund AFRICA REGIONAL Finance and Insurance

Africell Holding Limited AFRICA REGIONAL Information

AfricInvest Fund IV LLC AFRICA REGIONAL Finance and Insurance

Aga Khan Hospital and Medical College Founda PAKISTAN Health Care and Social Assistance

AKBANK T.A.S. TURKEY Finance and Insurance

Akola PBC Uganda Manufacturing

Al Tamweel Al Saree LLC IRAQ Finance and Insurance

Alistair James Company Ltd TANZANIA Transportation and Warehousing

Alsis Mexico Opportunities Fund MEXICO Finance and Insurance

Alto Maipo SpA CHILE Utilities
Page 22 

AM Solar B.V./Jordan JORDAN Utilities

Amandi GHANA none

Amandi Energy Limited GHANA Utilities

AMANECER SPA CHILE Utilities

American International School of Bamako MALI Educational Services

AMERICAN INTERNATIONAL SCHOOL OF 

MONROVIA IN LIBERIA Educational Services

AMERICAN INTERNATIONAL SCHOOL SYSTEMS, 

INC. PAKISTAN Educational Services

American Intl. School of Bamako MALI Educational Services

American Intl. School-Kingston JAMAICA Educational Services

AMERICAN UNIVERSITY IN BULGARIA BULGARIA Educational Services

American University of Beirut LEBANON Educational Services

Ampersand Rwanda Ltd. and Ampersand E- Mobility Lt Rwanda Finance and Insurance

Apollo Agriculture, Inc. KENYA Finance and Insurance

Apollo Towers BURMA/MYANMAR Construction

Arise Mauritania none

Arish-Ashkelon Pipeline EGYPT Transportation and Warehousing

ARMENIA HOTEL COMPLEX - 2 ARMENIA Accommodation and Food Services

AryaDhan Financial Solutions Pvt Ltd INDIA Finance and Insurance

ASA International WORLDWIDE Finance and Insurance

ASIA DEVELOPMENT PARTNERS III, LP INDIA Finance and Insurance

Asia Foundation AFGHANISTAN Health Care and Social Assistance

Asia Partners I LP ASIA REGIONAL Finance and Insurance

Aspen Finance Proprietary Ltd SOUTH AFRICA Manufacturing

Assurant Seguradora S/A Brazil Finance and Insurance

AST Telecom Solar Private Limited INDIA Utilities

Atlantica Ventures Fund 1 AFRICA REGIONAL Finance and Insurance

AUSTRALIS AQUACULTURE LLC VIETNAM Agriculture, Forestry, Fishing and Hunting

Australis Aquaculture Vietnam Limited VIETNAM Agriculture, Forestry, Fishing and Hunting

AV Ventures Ghana LLC GHANA Finance and Insurance

Avenida Colombia Real Estate Fund II, L.P. COLOMBIA Finance and Insurance

Avenida Colombia Real Estate Fund II, L.P. - B COLOMBIA Finance and Insurance

Aventura Investment Partners LLC SENEGAL Agriculture, Forestry, Fishing and Hunting

Azul Linhas Aereas Brasileiras S.A. Brazil Manufacturing

Azura Power West Africa Ltd NIGERIA none

Azura-Edo Power Project- Junior Loan NIGERIA Utilities

Azura-Edo Power Project- Senior Loan NIGERIA Utilities

AZURE POWER (GUJARAT) PVT LTD - SUNEDISON INDIA Utilities

Azure Source Capital EL SALVADOR Finance and Insurance

Azure Sunlight Private Limited INDIA Utilities

BAC San Jose DPR Funding COSTA RICA Finance and Insurance

Banco BAC San Jose, S.A. COSTA RICA Finance and Insurance

BANCO BAC SAN JOSE, S.A. (TRANCHE A) COSTA RICA Finance and Insurance
Page 23 

Banco BTG Pactual S.A. Brazil Finance and Insurance

Banco Centroamericano de Integración Económica LATIN AMERICA REGION Finance and Insurance

Banco Davivienda S.A. COLOMBIA Finance and Insurance

BANCO DE AMERICA CENTRAL, S.A. (TRANCHE A) NICARAGUA Finance and Insurance

BANCO DE CREDITO CENTROAMERICANO, S.A. NICARAGUA Finance and Insurance

Banco de la Producción S.A. ECUADOR Finance and Insurance

Banco del Pais S.A. HONDURAS Finance and Insurance

Banco D-MIRO S.A. ECUADOR Finance and Insurance

Banco Guayaquil S.A. ECUADOR Finance and Insurance

Banco Improsa, S.A. COSTA RICA Finance and Insurance

Banco Lafise Bancentro, S.A. NICARAGUA Finance and Insurance

BANCO LAFISE HONDURAS, S.A. HONDURAS Finance and Insurance

Banco Pichincha C.A. ECUADOR Finance and Insurance

Banco Pichincha DPR ECUADOR Finance and Insurance

Banco Regional S.A.E.C.A. PARAGUAY Finance and Insurance

Banco Sofisa, S.A. Brazil Finance and Insurance

Bangweulu Power Company Limited Zambia Utilities

Bayport Colombia S.A. LATIN AMERICA REGION Finance and Insurance

Bayport Management Ltd WORLDWIDE Finance and Insurance

Be Well Hospitals Pvt Ltd. INDIA Health Care and Social Assistance

Befesa Desalination Developments Ghana Limited GHANA Utilities

BETSY, LLC GEORGIA Accommodation and Food Services

Beyond the Grid Solar ALL OPIC/DFC COUNTRIES Finance and Insurance

Beyond the Grid Solar Fund (SunFunder) WORLDWIDE Finance and Insurance

BFB -- Blue Star Diamonds Ltd BOTSWANA Manufacturing

BFB -- Eurostar Botswana Ltd. BOTSWANA Manufacturing

BFB -- KGK Diamonds Ltd. BOTSWANA Manufacturing

BFB - M Suresh Botswana (Pty) Ltd BOTSWANA Manufacturing

BFB -- Trau Bros (Pty) Ltd. BOTSWANA Manufacturing

BFB-Pluczenik Botswana (PTY) Ltd. BOTSWANA Manufacturing

Bien Para Bien S.A., S.A.P.I. de C.V. SOFOM ENR MEXICO Finance and Insurance

Big Tree Farms Inc. INDONESIA Manufacturing

Biological E. Limited INDIA Manufacturing

Biovea Energie Biomass Cote d'Ivoire none

BIX Capital B.V. WORLDWIDE Finance and Insurance

Blue Bonds for Marine Conservation Barbados Public Administration

Blue Mountain Renewables Wind Power Project JAMAICA Utilities

BlueOrchard COVID-19 Emerging and Frontier Markets WORLDWIDE Finance and Insurance

BluePeak Private Capital Fund, SCSp AFRICA REGIONAL Finance and Insurance

BMR Jamaica Wind Limited JAMAICA none

Bosforo, Ltda. de C.V. EL SALVADOR Utilities

Boshof Solar Power (RF) (Pty) Ltd SOUTH AFRICA Utilities

BRAC Myanmar BURMA/MYANMAR Finance and Insurance
Page 24 

Bravo Energy Mexico MEXICO Manufacturing

Bridge International Academy KENYA Educational Services

Brighter Life Kenya KENYA Utilities

BTS Torres GmBH ECUADOR Construction

BUILD Fund S.A., SICAV-RAIF WORLDWIDE Finance and Insurance

Bukhara Malikhasi, LLC Uzbekistan Accommodation and Food Services

Butama Hydro Electricity Company Uganda Utilities

CAIRO AMMAN BANK JORDAN Finance and Insurance

Caisse Regionale de Refinancement Hypothecaire AFRICA REGIONAL Finance and Insurance

CAL Bank Limited GHANA Finance and Insurance

CalgroM3 SOUTH AFRICA Construction

Calvert Foundation-Jain Sons Finlease ("Intellegro INDIA Finance and Insurance

Calvert Foundation-Thirumeni Finance ("Varthana") INDIA Finance and Insurance

Capital Alliance Property Investment Company, L.P. NIGERIA Finance and Insurance

Capital Sisters Afghanistan AFGHANISTAN Finance and Insurance

Capital Sisters International, Inc. AFGHANISTAN Finance and Insurance

CapPlus Impact AFRICA REGIONAL Finance and Insurance

Caspian Impact Investments INDIA Finance and Insurance

Caspian Impact Investments II INDIA Finance and Insurance

CECA SL Generation Limited Sierra Leone Utilities

Central Termica de Temane Mozambique Utilities

CGLOB-TSKB TURKEY Finance and Insurance

CHF LEBANON REPLACEMENT FACILITY LEBANON Finance and Insurance

CHF Lebanon Replacement Facility 2 LEBANON Finance and Insurance

CHF-Vitas Lebanon 3 LEBANON Finance and Insurance

Chiratae Ventures International Fund IV LLC ASIA REGIONAL Finance and Insurance

Cholamandalam Investment and Finance Co. Ltd. INDIA Finance and Insurance

CHOUS-BANCO DE LA PRODUCCION S.A. NICARAGUA Finance and Insurance

CHOUS-BANCO FINANCIERA COMMERCIAL 

HONDURENA HONDURAS Finance and Insurance

CHOUS-BANRURAL S.A. GUATEMALA Finance and Insurance

Cinepax Corp. PAKISTAN Information

CITADEL CAPITAL LOAN FACILITY EGYPT Finance and Insurance

Citibank A.S. Turkey TURKEY Finance and Insurance

Citibank Europe Plc (Hungarian Branch Office) Hungary Finance and Insurance

Citibank Europe Plc (Romania branch) ROMANIA Finance and Insurance

Citibank N.A. Pakistan Branch PAKISTAN Finance and Insurance

Citibank NA AFRICA REGIONAL Finance and Insurance

Citibank NA Egypt Branch EGYPT Finance and Insurance

Citibank, N.A. Jordan JORDAN Finance and Insurance

CLEB2A-BANK AUDI SAL-AUDI SARADAR GROUP LEBANON Finance and Insurance

CLEB2A-BANKMED S.A.L. LEBANON Finance and Insurance

CLEB2A-BYBLOS BANK SAL LEBANON Finance and Insurance

CLEB2-BANK AUDI SAL-AUDI SARADAR GROUP LEBANON Finance and Insurance
Page 25 

CLEB-BANKMED S.A.L. LEBANON Finance and Insurance

CLEB-BANQUE LIBANO-FRANCAISE S.A.L. LEBANON Finance and Insurance

CLEB-BYBLOS BANK S.A.L. LEBANON Finance and Insurance

CMFI-2-Accion Microfinance Bank Nigeria NIGERIA Finance and Insurance

Compagnie des Bauxites de Guinee GUINEA Mining, Quarrying, and Oil and Gas Extraction

Concesionaria Vial Union del Sur S.A.S. COLOMBIA Construction

Construction Investment Company TM LLC UKRAINE Accommodation and Food Services

Content Solar Limited JAMAICA Utilities

ContourGlobal Cap des Biches SENEGAL Utilities

ContourGlobal Cap des Biches Plant SENEGAL none

ContourGlobal Cap des Biches Senegal SENEGAL Utilities

CONTOURGLOBAL TOGO S.A. TOGO Utilities

Convergence Partners Digital Infrastructure Fund AFRICA REGIONAL Finance and Insurance

Copia Global (loan) AFRICA REGIONAL Retail Trade

Copia Global Inc AFRICA REGIONAL Wholesale Trade

CRECERA (LATIN AMERICA EXPORT FINANCE 

FUND) LATIN AMERICA REGION Finance and Insurance

Credijusto (APJusto, S.A.P.I. de C.V., SOFOM E.N.R MEXICO Finance and Insurance

CrediQ IV EL SALVADOR Finance and Insurance

CrediQ, S.A. de C.V. LATIN AMERICA REGION Finance and Insurance

CreditAccess Grameen Limited INDIA Finance and Insurance

Credito Real, S.A.B. de C.V., SOFOM, E.N.R. MEXICO Finance and Insurance

DAI Global, LLC AFGHANISTAN Professional, Scientific, and Technical Services

DARBY-PROBANCO HOLDINGS, L.P. LATIN AMERICA REGION Finance and Insurance

DATASPACE PARTNERS, LLC RUSSIA Information

Destino Desarrollos Inmobilarios Compania Limitada GUATEMALA Construction

Destino Desarrollos Inmobiliarios, Compania Limita GUATEMALA Construction

Dev Equity, LP LATIN AMERICA REGION Finance and Insurance

Development Alternatives Inc. (DAI) DRC Professional, Scientific, and Technical Services

DFCC Bank Plc Sri Lanka Finance and Insurance

DFC-MASSIF COVID-19 Response Co-Financing 

Facility WORLDWIDE Finance and Insurance

Dimagi, Inc WORLDWIDE Information

DISI WATER PSC JORDAN Utilities

Dolma Impact Fund II Nepal Finance and Insurance

Dolphinus Gas Supply Agreement EGYPT Transportation and Warehousing

Dragon Capital New Ukraine Fund, LP UKRAINE Finance and Insurance

EALGF - I & M Bank KENYA Finance and Insurance

EALGF -EcoBank Malawi MALAWI Finance and Insurance

Early Dawn Microfinance Company Ltd. BURMA/MYANMAR Finance and Insurance

ECP Africa Fund IV A LLC AFRICA REGIONAL Finance and Insurance

EDPYME ACCESO CREDITICIO SOCIEDAD ANONIMA PERU Finance and Insurance

EGYPT-AL WATANY BANK EGYPT Finance and Insurance

EGYPT-COMMERCIAL INTERNATIONAL BANK EGYPT Finance and Insurance
Page 26 

Energética Argentina S.A ARGENTINA Utilities

Energia del Pacifico CV EL SALVADOR Utilities

Energy Access Relief Fund B.V. WORLDWIDE Finance and Insurance

Envirofit WORLDWIDE Manufacturing

ERU Trading OOO UKRAINE Transportation and Warehousing

ESP Urja Private Limited INDIA Utilities

ETG Mozambique Professional, Scientific, and Technical Services

EuroCape Ukraine I Limited UKRAINE Utilities

ExxonMobil Mozambique Limitada Mozambique Mining, Quarrying, and Oil and Gas Extraction

Financia Credit LATIN AMERICA REGION Finance and Insurance

FINCA INTERNATIONAL WORLDWIDE Finance and Insurance

Finlux ELLEN Sarl Chad Utilities

First Finance Plc Cambodia Finance and Insurance

First Mortgage Company ARMENIA Finance and Insurance

First Mortgage Company II ARMENIA Finance and Insurance

First Mortgage Company III ARMENIA Finance and Insurance

FIXED RATE FUNDING & LIQUIDITY LTD (HWD SPA) ALGERIA Utilities

Forest First Colombia S.A.S. COLOMBIA Agriculture, Forestry, Fishing and Hunting

Four Rivers Real Estate LTD. BURMA/MYANMAR Real Estate and Rental and Leasing

Franchise Impact Solutions Facility AFRICA REGIONAL Finance and Insurance

FreshtoHome INDIA Wholesale Trade

Frontiir Co. Ltd. BURMA/MYANMAR Information

Fulbright University Vietnam Corporation VIETNAM Educational Services

Gamma Knife Center Ecuador ECUADOR Health Care and Social Assistance

GARANTI DIVERSIFIED PAYMENT RIGHTS 

COMPANY TURKEY Finance and Insurance

GAVI Alliance Albania Health Care and Social Assistance

Gavi Alliance COVAX Facility (Albania) Albania Health Care and Social Assistance

Gavi Alliance COVAX Facility (Argentina) ARGENTINA Health Care and Social Assistance

Gavi Alliance COVAX Facility (Armenia) ARMENIA Health Care and Social Assistance

Gavi Alliance COVAX Facility (Brazil) Brazil Health Care and Social Assistance

Gavi Alliance COVAX Facility (Guatemala) GUATEMALA Health Care and Social Assistance

Gavi Alliance COVAX Facility (Jameica) JAMAICA Health Care and Social Assistance

Gavi Alliance COVAX Facility (Jordan) JORDAN Health Care and Social Assistance

Gavi Alliance COVAX Facility (Montenegro) Montenegro Health Care and Social Assistance

Gavi Alliance COVAX Facility (Suriname) Suriname Health Care and Social Assistance

Gazelle Fund L.P. EUROPE REGIONAL Finance and Insurance

Generacion Solar SpA CHILE Utilities

Geotermica Platanares, S.A. de C.V. HONDURAS Utilities

GESZ Mineral Port Gabon none

GHF/EVERCARE HEALTH FUND AFRICA REGIONAL Finance and Insurance

GIFF-INCL-One Acre Fund KENYA Finance and Insurance

GIFF-INCL-Victoria Foods Pvt Ltd. INDIA Manufacturing

GIFF-MFI-Arohan Micro Finance Pvt. LTD - 2 INDIA Finance and Insurance
Page 27 

GIFF-MFI-Banco Compartamos S.A. MEXICO Finance and Insurance

GIFF-MFI-Banco de Ahorro y Credito Adopem DOMINICAN REPUBLIC Finance and Insurance

GIFF-MFI-BRAC Uganda Bank Limited Uganda Finance and Insurance

GIFF-MFI-Consejo de Asistencia al Microemprendedor MEXICO Finance and Insurance

GIFF-MFI-Enda Tamweel SA TUNISIA Finance and Insurance

GIFF-MFI-Microfund for Women JORDAN Finance and Insurance

GIFF-MFI-Opportunity Bank Uganda Finance and Insurance

GIFF-MFI-Tamweelcom JORDAN Finance and Insurance

Gigawatt Global Burundi S.A. Burundi none

Global Partnerships Impact First Growth Fund (IFGF WORLDWIDE Finance and Insurance

Global Partnerships Impact-First Development Fund WORLDWIDE Finance and Insurance

Global Partnerships Social Investment Fund 5.0 LATIN AMERICA REGION Finance and Insurance

Global Partnerships Social Investment Fund 6.0 LATIN AMERICA REGION Finance and Insurance

GLOBAL PARTNERSHIPS SOCIAL INVMT FUND 5.0 LATIN AMERICA REGION Finance and Insurance

GMT Hotels 3 GEORGIA Accommodation and Food Services

GMT HOTELS, LLC GEORGIA Accommodation and Food Services

GMT MTATSMINDA, LLC GEORGIA Accommodation and Food Services

Gobi Finance Non-Bank Finance Institution MONGOLIA Finance and Insurance

GoSolar Energy Efficiency COSTA RICA Utilities

GoSolar Energy Efficiency S.R.L. COSTA RICA Utilities

Goyol Cashmere, LLC MONGOLIA Manufacturing

Grameen Impact Investments India INDIA Finance and Insurance

GRASSROOTS BUSINESS FUND WORLDWIDE Finance and Insurance

Greater Pacific Capital Partners II, LP INDIA Finance and Insurance

Green Agrevolution Private Limited (DeHaat) INDIA Wholesale Trade

GTS MAJES S.A.C. AND GTS REPARTICION S.A.C. PERU Utilities

Habitation Jouissant - Marriott Autograph Collecti HAITI Accommodation and Food Services

Hattha Bank Plc. Cambodia Finance and Insurance

Hawa Energy PAKISTAN Utilities

HCT Sun INDIA Utilities

Healthvista India Private Limited (Portea Medical) INDIA Health Care and Social Assistance

Heaven Holdings LTD Rwanda Accommodation and Food Services

Hospifuturo S.A. ECUADOR Health Care and Social Assistance

Husk Power Services INDIA Utilities

i-Finance Leasing Plc. Cambodia Finance and Insurance

IHS FUND II SA PVE SOUTH AFRICA Finance and Insurance

Ilu Investments LP LATIN AMERICA REGION Finance and Insurance

Imperative Investment I MEXICO Finance and Insurance

IMS Ecuadorian Mortgage Backed Securities (2019-1) ECUADOR Finance and Insurance

India 2020 II Investors, Limited INDIA Finance and Insurance

India Shelter Finance corporation limited INDIA Finance and Insurance

IndusInd - Riviera Investors Pvt. Ltd. (Indifi Tec INDIA Finance and Insurance

IndusInd Bank - Kinara Capital INDIA Finance and Insurance
Page 28 

IndusInd Bank Limited INDIA Finance and Insurance

IndusInd-Aviom India Housing Finance Private Ltd. INDIA Finance and Insurance

INDUSTRIAL DPR FUNDING LTD. GUATEMALA Finance and Insurance

Infraestructura Energetica Nova SAB de CV (IEnova) MEXICO Utilities

InsuResilience Investment Fund WORLDWIDE Finance and Insurance

Integra Partners Fund II L.P. ASIA REGIONAL Finance and Insurance

Inter-Mac International, Inc. HONDURAS Construction

International Bank (Liberia) Limited LIBERIA Finance and Insurance

International College LEBANON Educational Services

International Rescue Committee AFGHANISTAN Health Care and Social Assistance

International School of Kenya Limited KENYA Educational Services

International School of Ulaanbaatar MONGOLIA Educational Services

IRAQ MIDDLE MARKET DEVELOPMENT 

FOUNDATION IRAQ Finance and Insurance

Iron Pillar Fund I Ltd. INDIA Finance and Insurance

ISQ-OPIC Asia Fund L.P. ASIA REGIONAL Finance and Insurance

ISRAEL ELECTRIC CORPORATION LTD. ISRAEL Transportation and Warehousing

Itaú Unibanco S.A. Brazil Finance and Insurance

Iungo Capital B.V. AFRICA REGIONAL Finance and Insurance

Izmir Bayrakli Hastane Yatirim ve Saglik Hizmetler TURKEY Health Care and Social Assistance

Jamaica Public Service Company Limited JAMAICA Utilities

Jhimpir Power (Private) Limited PAKISTAN Utilities

JORDAN-ARAB BANK JORDAN Finance and Insurance

JORDAN-BANK AL ETIHAD JORDAN Finance and Insurance

JORDAN-CAIRO AMMAN BANK JORDAN Finance and Insurance

JORDAN-Capital Bank 2 JORDAN Finance and Insurance

JORDAN-Capital Bank 3 JORDAN Finance and Insurance

JORDAN-CAPITAL BANK OF JORDAN JORDAN Finance and Insurance

JORDAN-HOUSING BANK FOR TRADE AND FINANCE JORDAN Finance and Insurance

JORDAN-JORDAN AHLI BANK JORDAN Finance and Insurance

JORDAN-JORDAN KUWAIT BANK JORDAN Finance and Insurance

Joshi Technologies International, Inc. COLOMBIA Mining, Quarrying, and Oil and Gas Extraction

JSC Bank of Georgia GEORGIA Finance and Insurance

JSC D&B Georgia GEORGIA Accommodation and Food Services

JSC Liberty Bank GEORGIA Finance and Insurance

Kasha Global Inc KENYA Retail Trade

Kashf Foundation PAKISTAN Finance and Insurance

Kilombero Plantations Limited TANZANIA Agriculture, Forestry, Fishing and Hunting

Kipeto Wind Farm KENYA none

Kipeto Wind Power Project KENYA Utilities

Kiva Refugee Investment Fund WORLDWIDE Finance and Insurance

Kocaeli Hastane Yatirim ve Saglik Hizmetleri A.S. TURKEY Health Care and Social Assistance

KORET ISRAEL ECONOMIC DEVELOPMENT FUNDS ISRAEL Finance and Insurance

Kwaplah International (Liberia) Inc. LIBERIA Wholesale Trade
Page 29 

La Hipotecaria 14th Mortgage Trust 2018-1 PANAMA Finance and Insurance

La Hipotecaria 15th Mortgage Trust 2018-1 EL SALVADOR Finance and Insurance

La Hipotecaria El Salvador EL SALVADOR Finance and Insurance

La Hipotecaria El Salvadorian Mortgage Trust 2016- EL SALVADOR Finance and Insurance

LA HIPOTECARIA PANAMANIAN MORTGAGE TRUST 

10 PANAMA Finance and Insurance

La Hipotecaria Panamanian Mortgage Trust 201 PANAMA Finance and Insurance

La Hipotecaria, S.A. de C.V. EL SALVADOR Finance and Insurance

LAAD Americas NV COLOMBIA Finance and Insurance

Lafise Group Panama - Tranche A Loan LATIN AMERICA REGION Finance and Insurance

Lafise Group Panama - Tranche B Loan LATIN AMERICA REGION Finance and Insurance

LAFISE GROUP PANAMA, INC. PANAMA Finance and Insurance

Latam V LATIN AMERICA REGION Finance and Insurance

Leapfrog Emerging Consumer Fund III WORLDWIDE Finance and Insurance

Lebanese American University LEBANON Educational Services

Lekela Egypt Wind Power BOO S.A.E. EGYPT Utilities

Lendable Inc. AFRICA REGIONAL Finance and Insurance

Lending for Education in Africa Partnership (Leap KENYA Finance and Insurance

Levered Alsis Mexico Housing Opportunities, L.P. MEXICO Finance and Insurance

Levered Alsis Mexico Opportunities Fund Offshore, MEXICO Finance and Insurance

LIBERIAN ENTERPRISE DEVELOPMENT FINANCE 

CO. LIBERIA Finance and Insurance

Liberian Enterprise Development Finance Company LIBERIA Finance and Insurance

Livelihood Impact Fund, L.P. ASIA REGIONAL Finance and Insurance

Locfund Next L.P. LATIN AMERICA REGION Finance and Insurance

LOLC (Cambodia) Plc. Cambodia Finance and Insurance

Lome Thermal Power plant TOGO none

Los Santos Solar I, S.A.P.I. de C.V. MEXICO Utilities

LuccaHealth Medical Specialty Center Ghana Limited GHANA Health Care and Social Assistance

Luz Verde Costa Rica LLC COSTA RICA Utilities

LVP Health Holding, Ltd. EGYPT Finance and Insurance

Master Wind Energy Limited PAKISTAN Utilities

Materiales Vista Bahia PANAMA Construction

Mawingu Networks KENYA Information

MCE Social Capital III WORLDWIDE Finance and Insurance

MEII 3 - Bank of Jordan WEST BANK Finance and Insurance

MEII 3 - Bank of Jordan 2 WEST BANK Finance and Insurance

MEII 3 - Bank of Palestine WEST BANK Finance and Insurance

MEII 3 - Cairo Amman Bank WEST BANK Finance and Insurance

MEII 3 - FATEN WEST BANK Finance and Insurance

MEII 3 - Jordan Ahli Bank WEST BANK Finance and Insurance

MEII 3 - Jordan Ahli Bank 2 WEST BANK Finance and Insurance

MEII 3 - National Bank WEST BANK Finance and Insurance

MEII 3 - Palestine Investment Bank WEST BANK Finance and Insurance
Page 30 

MEII 3 - Quds Bank WEST BANK Finance and Insurance

MEII 3 - SAFA Bank WEST BANK Finance and Insurance

Meridiam Infrastructure Africa Fund AFRICA REGIONAL Finance and Insurance

Meridiam Senergy 30 MW Solar SENEGAL Utilities

Mexarrend S.A.P.I. de C.V. MEXICO Finance and Insurance

MFX Solutions II WORLDWIDE Finance and Insurance

MFX Solutions III WORLDWIDE Finance and Insurance

MFX SOLUTIONS, INC. WORLDWIDE Finance and Insurance

MicroBuild Fund WORLDWIDE Finance and Insurance

MICROBUILD I, LLC WORLDWIDE Finance and Insurance

MicroVest EDF Master Fund WORLDWIDE Finance and Insurance

Microvest EDF Master Fund Ltd. WORLDWIDE Finance and Insurance

Milk Mantra Dairy Private Limited INDIA Agriculture, Forestry, Fishing and Hunting

Ministry of Health of Ghana GHANA Wholesale Trade

Miranda Falcon Realty Ltd WEST BANK Construction

MISIF LLC WORLDWIDE Finance and Insurance

Mobius Motors Kenya Limited KENYA Manufacturing

Motilal Oswal Home Finance Limited INDIA Finance and Insurance

Mountain Food Products, Inc TAJIKISTAN Manufacturing

MTANGA FARMS LIMITED TANZANIA Manufacturing

N/A UKRAINE Construction

National Development Bank PLC Sri Lanka Finance and Insurance

National Investment and Infrastructure Fund Ltd. INDIA Finance and Insurance

National Investment and Infrastructure Master Fund 

(NIIF) INDIA Finance and Insurance

Navis Asia Fund VIII, L.P. ASIA REGIONAL Finance and Insurance

Ndugutu Power Company Uganda Limited Uganda Utilities

Near East Foundation UK MIDDLE EAST REGIONAL Finance and Insurance

Negev Energy - Ashalim Thermo-Solar Ltd. ISRAEL Utilities

NeoGrowth Credit Private Limited INDIA Finance and Insurance

Nithio FI B.V. AFRICA REGIONAL Finance and Insurance

North Shore Medical Lab Services PAKISTAN Health Care and Social Assistance

Northern Arc Capital Limited INDIA Finance and Insurance

Nouakchott Container Terminal Mauritania Transportation and Warehousing

Olympus Capital Asia Catalyst Fund, L.P. ASIA REGIONAL Finance and Insurance

One Acre Fund AFRICA REGIONAL Finance and Insurance

Openspace Ventures Plus, L.P. (“OSV+”) ASIA REGIONAL Finance and Insurance

Orb Energy INDIA Utilities

Origo Commodities India Pvt Ltd INDIA Finance and Insurance

Orpower 4 Geothermal KENYA Utilities

PACIFIC COLLECTION COMPANY/TRIBAL LOOM AFGHANISTAN Manufacturing

PALADIN REALTY LATIN AMERICA INVESTORS III LATIN AMERICA REGION Finance and Insurance

Paladin Realty Latin America Investors IV-CI, LP LATIN AMERICA REGION Finance and Insurance

Parc Eolien Taiba NDiaye S.A. (Direct Loan) SENEGAL Utilities
Page 31 

Parc Eolien Taiba NDiaye S.A. (Swap IG) SENEGAL Utilities

Parko Services S.A. COLOMBIA Mining, Quarrying, and Oil and Gas Extraction

Parque Solar Fotovoltaico CHILE Utilities

Parque Solar Fotovoltaico Luz Del Norte, SpA CHILE Utilities

Parsyl Syndicate Limited WORLDWIDE Finance and Insurance

Partners for Micro Credit (Vitas Jordan) JORDAN Finance and Insurance

Paryapt Solar Energy Private Limited INDIA Utilities

Patamar II ASIA REGIONAL Finance and Insurance

Pearl Petroleum Company Limited IRAQ Manufacturing

Peninsula III Levered - O LP LATIN AMERICA REGION Finance and Insurance

Peninsula Investments Group IV, L.P. LATIN AMERICA REGION Finance and Insurance

PetroTel Oman Energy Block 17 Oman Mining, Quarrying, and Oil and Gas Extraction

PetroTel Oman LLC Oman Mining, Quarrying, and Oil and Gas Extraction

PG Impact Credit Strategies 2020 S.C.A., SICAV RAIF WORLDWIDE Finance and Insurance

Phanes Energy Renewables Nkhotakota Limited (Phase MALAWI Utilities

Phatisa Food Fund 2 L.L.C. AFRICA REGIONAL Finance and Insurance

Plaza Logistica S.R.L. ARGENTINA Transportation and Warehousing

Poti New Sea Port LLC GEORGIA Transportation and Warehousing

Prodigy Finance Limited WORLDWIDE Finance and Insurance

Prodigy Finance Limited 2020 WORLDWIDE Finance and Insurance

Proficio, Inc. Croatia Information

PROMOTORA DE INFRAESTRUCTURA REGISTRAL, 

S.A. MEXICO Finance and Insurance

Proximity Finance BURMA/MYANMAR Finance and Insurance

Proyecto La Trinidad, Ltda. de C.V. EL SALVADOR Utilities

PT. TUCAN PUMPCO SERVICES INDONESIA INDONESIA Mining, Quarrying, and Oil and Gas Extraction

Public Joint Stock Company "Citibank" UKRAINE Finance and Insurance

Punjab Renewable Energy Systems INDIA Other Services (except Public Administration)

PV Salvador CHILE Utilities

Quadria Capital Fund II L.P. ASIA REGIONAL Finance and Insurance

QuantumID Technologies (Philippines) PHILIPPINES Professional, Scientific, and Technical Services

RBL Bank-NeoGrowth INDIA Finance and Insurance

ReNew Solar Power Private Limited INDIA Utilities

ReNew Wind Energy (TN 2) Private Limited - Karnataka INDIA Utilities

ReNew Wind Energy(TN 2) Private Limited - Telangan INDIA Utilities

RENEW1 - ReNew Sun Waves Private Limited INDIA Utilities

RENEW2 - ReNew Sun Bright Private Limited INDIA Utilities

RENEW2 - ReNew Sun Energy Pvt Ltd (RSEPL) INDIA Utilities

responsAbility Investments AG WORLDWIDE Finance and Insurance

RLJ LIBERIA, LLC LIBERIA Accommodation and Food Services

Root Capital WORLDWIDE Finance and Insurance

Rovuma LNG Phase I Mozambique Mining, Quarrying, and Oil and Gas Extraction

RUSSIA PARTNERS II "O" SERIES, L.P. NIS REGIONAL Finance and Insurance

Rwanda Trading Company, Limited KENYA Agriculture, Forestry, Fishing and Hunting
Page 32 

SA Taxi Impact Fund (RF) Proprietary Limited II (" SOUTH AFRICA Finance and Insurance

SA Taxi Impact Fund RF (Pty) Ltd. SOUTH AFRICA Real Estate and Rental and Leasing

Sabre Partners Fund - SP Fund 2019 INDIA Finance and Insurance

Safi Apparel Corporation II AFGHANISTAN Manufacturing

Samunnati Financial Intermediation & Services Priv INDIA Finance and Insurance

SAN ANDRES SPA CHILE Utilities

Sanasa Development Bank Sri Lanka Finance and Insurance

Sanergy KENYA

Administrative and Support and Waste 

Management and Remediation Services

Sapphire Wind Power PAKISTAN Utilities

SARONA FRONTIER MARKETS FUND II LP WORLDWIDE Finance and Insurance

SARONA GLOBAL GROWTH MARKETS PE FUND 2-B 

LP WORLDWIDE Finance and Insurance

Sarsang Production Expansion IRAQ Mining, Quarrying, and Oil and Gas Extraction

Sayali Ltd GEORGIA Health Care and Social Assistance

SCALE-MSME- Gradian Health Systems, Inc. AFRICA REGIONAL Finance and Insurance

SCALE-MSME-Babban Gona Farmer Services Nigeria 

Lim NIGERIA Finance and Insurance

SCALE-MSME-Fourth Generation Capital Limited KENYA Finance and Insurance

Scale-MSME-mPharma Data Inc. AFRICA REGIONAL Finance and Insurance

SCALE-MSME-Stellapps Technologies Private Limited INDIA Finance and Insurance

SCALE-NonMSME- D. Light Limited KENYA Utilities

Schulze Global Finance Facility Mongolia MONGOLIA Finance and Insurance

SEAF Covid-19 Global Gender Lens Emergency Loan Fi WORLDWIDE Finance and Insurance

SEAF Women¿s Global Finance LLC (SWGF) WORLDWIDE Finance and Insurance

SEKER MORTGAGE FINANSMAN A.S. TURKEY Finance and Insurance

Senergy PV SENEGAL none

SEP Energy India Pvt. Ltd. INDIA Utilities

Sewa Grih Rin Limited INDIA Finance and Insurance

SFC Finance Limited AFRICA REGIONAL Finance and Insurance

SIGMABLEYZER SOUTHEAST EUROPEAN FUND IV UKRAINE Finance and Insurance

SILVERLANDS FUND AFRICA REGIONAL Finance and Insurance

Silverlands Tanzania Limited Namibia Agriculture, Forestry, Fishing and Hunting

Silverlands Zambia Limited Zambia Agriculture, Forestry, Fishing and Hunting

Silversands Ranching Limited Zambia Agriculture, Forestry, Fishing and Hunting

SIMA Off-Grid Solar and Financial Access Senior De WORLDWIDE Finance and Insurance

SIMPA Networks INDIA Wholesale Trade

SIRAJ PALESTINE FUND I WEST BANK Finance and Insurance

Sitara Solar Energy Private Limited INDIA Utilities

Smart RJ Concessionaria Brazil Construction

Sociedad Concesionaria Vial Montes de Maria S.A.S COLOMBIA Construction

Solar Azuero Venture, S.R.L. PANAMA Utilities

Solar Cocle Venture, S.R.L. PANAMA Utilities

Solar Energy Transformation Fund LLC (Senior) WORLDWIDE Finance and Insurance

Solar Energy Transformation Fund LLC (Subordinated WORLDWIDE Finance and Insurance
Page 33 

Solar Panama Venture, S.R.L. PANAMA Utilities

Somerset Indus Healthcare Fund II INDIA Finance and Insurance

Sorwathe S.A.R.L. Rwanda Agriculture, Forestry, Fishing and Hunting

South Asia Growth Fund II, L.P. INDIA Finance and Insurance

Spark+ Africa Fund AFRICA REGIONAL Finance and Insurance

SPE AIF I, LP AFRICA REGIONAL Finance and Insurance

Star Land Enterprises SA PANAMA Construction

State Enterprise National Nuclear Energy Generating 

Company "Energoatom" UKRAINE

Administrative and Support and Waste 

Management and Remediation Services

Stichting Medical Credit Fund AFRICA REGIONAL Finance and Insurance

Sudameris Bank S.A.E.C.A PARAGUAY Finance and Insurance

Sudameris Bank S.A.E.C.A. (COVID-response facility PARAGUAY Finance and Insurance

SUMMIT HOTELS LIMITED/SUMMIT GLOBAL GROUP IRAQ Accommodation and Food Services

SunEdison Italia Construction S.r.l. - Jordan PSC JORDAN Utilities

Sunfinder Solar Energy Transformation Fund JORDAN Utilities

Sunfunder Solar Energy Transformation Fund Central African Republic Utilities

Sunshine Business Plc Ethiopia Accommodation and Food Services

Taiba Wind Senegal SENEGAL none

Tavan Bogd Foods LLC MONGOLIA Accommodation and Food Services

Tè Power Company GUINEA Utilities

Te Power Company SASU GUINEA Utilities

TECHMET LIMITED Brazil Mining, Quarrying, and Oil and Gas Extraction

Ten Merina Ndakhar SUARL SENEGAL none

Tenaga Wind Power Project PAKISTAN Utilities

Tetra4 Proprietary Limited SOUTH AFRICA Mining, Quarrying, and Oil and Gas Extraction

THE ATLANTIC IRAQ Construction

The Moon Land JORDAN Construction

The Nature Conservancy Belize Public Administration

The Standard Bank of South Africa Limited SOUTH AFRICA Finance and Insurance

Thirumeni Finance Private Limited d/b/a Varthana INDIA Finance and Insurance

TIB Diversified Payment Rights Finance Compa TURKEY Finance and Insurance

Touchstone Colombia Gold Mine COLOMBIA Mining, Quarrying, and Oil and Gas Extraction

Touchstone Gold Holdings SA COLOMBIA Mining, Quarrying, and Oil and Gas Extraction

Trans Pacific Networks Cayman Co SINGAPORE Construction

Treetops Capital Agribusiness Facility LLC ROMANIA Finance and Insurance

Tres Mesas MEXICO Utilities

Tres Mesas - 2 MEXICO Utilities

Tugende Limited Uganda Real Estate and Rental and Leasing

TUNISIA-Amen Bank TUNISIA Finance and Insurance

TUNISIA-Arab Tunisia Bank TUNISIA Finance and Insurance

TUNISIA-Attijari Bank TUNISIA Finance and Insurance

TUNISIA-Attijari Bank 2 TUNISIA Finance and Insurance

Twiga Foods Ltd. KENYA Transportation and Warehousing

Txtlight Power Solutions Limited (Lumos) NIGERIA Utilities
Page 34 

Txtlight Power Solutions Limited II NIGERIA Utilities

UC Inclusive Credit Private Limited INDIA Finance and Insurance

Ukrainian Catholic University UKRAINE Educational Services

Union Bank of Nigeria NIGERIA Finance and Insurance

University of Central Asia TAJIKISTAN Educational Services

Unknown ARGENTINA Health Care and Social Assistance

Unknown ARMENIA Health Care and Social Assistance

Unknown Azerbaijan Professional, Scientific, and Technical Services

Unknown Bangladesh Health Care and Social Assistance

Unknown Belize Public Administration

Unknown Brazil Health Care and Social Assistance

Unknown Burundi Health Care and Social Assistance

Unknown Cambodia Health Care and Social Assistance

Unknown Chad Health Care and Social Assistance

Unknown Cote d'Ivoire Health Care and Social Assistance

Unknown

DEM. REPUBLIC OF 

CONGO Health Care and Social Assistance

Unknown DRC Professional, Scientific, and Technical Services

Unknown East Timor Health Care and Social Assistance

Unknown Ethiopia Health Care and Social Assistance

Unknown GUATEMALA Health Care and Social Assistance

Unknown INDONESIA Health Care and Social Assistance

Unknown IRAQ Health Care and Social Assistance

Unknown IRAQ Professional, Scientific, and Technical Services

Unknown JAMAICA Health Care and Social Assistance

Unknown JORDAN Health Care and Social Assistance

Unknown JORDAN Health Care and Social Assistance

Unknown JORDAN Utilities

Unknown KENYA Health Care and Social Assistance

Unknown KENYA Public Administration

Unknown LEBANON Health Care and Social Assistance

Unknown LIBERIA Health Care and Social Assistance

Unknown Moldova Professional, Scientific, and Technical Services

Unknown MONGOLIA Health Care and Social Assistance

Unknown Montenegro Health Care and Social Assistance

Unknown Myanmar Health Care and Social Assistance

Unknown Nepal Health Care and Social Assistance

Unknown Niger Health Care and Social Assistance

Unknown NIGERIA Health Care and Social Assistance

Unknown PAKISTAN Health Care and Social Assistance

Unknown PAKISTAN Health Care and Social Assistance

Unknown PHILIPPINES Health Care and Social Assistance

Unknown Rwanda Agriculture, Forestry, Fishing and Hunting

Unknown Saint Lucia Public Administration
Page 35 

Unknown Sierra Leone Health Care and Social Assistance

Unknown Somalia Health Care and Social Assistance

Unknown South Korea Health Care and Social Assistance

Unknown South Sudan Health Care and Social Assistance

Unknown Sri Lanka Health Care and Social Assistance

Unknown Suriname Health Care and Social Assistance

Unknown TANZANIA Agriculture, Forestry, Fishing and Hunting

Unknown TANZANIA Agriculture, Forestry, Fishing and Hunting

Unknown TANZANIA Finance and Insurance

Unknown TANZANIA Health Care and Social Assistance

Unknown Thailand Health Care and Social Assistance

Unknown Thailand Health Care and Social Assistance

Unknown TUNISIA Health Care and Social Assistance

Unknown Uganda Agriculture, Forestry, Fishing and Hunting

Unknown Uganda Health Care and Social Assistance

Unknown WORLDWIDE Finance and Insurance

Unknown Zambia Professional, Scientific, and Technical Services

Unknown Zambia Professional, Scientific, and Technical Services

Unknown Zimbabwe Health Care and Social Assistance

Unknown Unknown Transportation and Warehousing

Unknown Unknown Utilities

Unreasonable Capital Fund I WORLDWIDE Finance and Insurance

VACAP Hospitality S.A. SENEGAL Accommodation and Food Services

Various EGYPT none

Various Apache Egypt concession subsidiaries EGYPT Mining, Quarrying, and Oil and Gas Extraction

various portfolio companies Multiple Ctr none

Various subsidiaries EGYPT none

VERIDA CREDIT IFN S.A. ROMANIA Finance and Insurance

VERIDA CREDIT IFN S.A. II ROMANIA Finance and Insurance

Vientos Neuquinos I S.A ARGENTINA Utilities

W4-Scotiabank de Costa Rica, S.A. COSTA RICA Finance and Insurance

Wade Rain de Mexico, S. de R.L. de C.V. MEXICO Manufacturing

WANANCHI GROUP HOLDINGS LTD AFRICA REGIONAL Information

Water Credit Investment Fund 3 ASIA REGIONAL Finance and Insurance

Water Equity - Global Access Fund WORLDWIDE Finance and Insurance

WaterHealth India Private Limited INDIA Manufacturing

Waycool Foods and Products Private Limited INDIA Agriculture, Forestry, Fishing and Hunting

WBC-Akme Fintrade India Limited INDIA Finance and Insurance

WBC-Alternativa 19 Del Sur S.A. de C.V. SOFOM E. MEXICO Finance and Insurance

WBC-Asirvad Microfinance Limited INDIA Finance and Insurance

WBC-ATLANTIC GROUP LIMITED UKRAINE Professional, Scientific, and Technical Services

WBC-ATLANTIC GROUP LIMITED ("AGL") UKRAINE Professional, Scientific, and Technical Services

WBC-Avanse Financial Services Limited INDIA Finance and Insurance
Page 36 

WBC-Banco Improsa COSTA RICA Finance and Insurance

WBC-Banco Solidario ECUADOR Finance and Insurance

WBC-Bank Vostok UKRAINE Finance and Insurance

WBC-Capri Global Capital Limited INDIA Finance and Insurance

WBC-COMERCIAL LAEISZ, S.A. DE C.V. HONDURAS Real Estate and Rental and Leasing

WBC-Cooperativa de Ahorro y Credito Jardin Azuayo ECUADOR Finance and Insurance

WBC-Cooperativa de Ahorro y Crédito Pacífico PERU Finance and Insurance

WBC-Corporacion Financiera de Occidente MEXICO Finance and Insurance

WBC-Ess Kay Fincorp Private Limited INDIA Finance and Insurance

WBC-Exitus Capital MEXICO Finance and Insurance

WBC-Fedecredito EL SALVADOR Finance and Insurance

WBC-Financiamiento Progresemos SA de CV SOFO MEXICO Finance and Insurance

WBC-Financiamiento Progresemos, S.A. de C.V. MEXICO Finance and Insurance

WBC-Financiera Desyfin S.A. II COSTA RICA Finance and Insurance

WBC-Financiera Fama, S.A. NICARAGUA Finance and Insurance

WBC-Financiera Realidad, S.A. de C.V., SOFOM, E. MEXICO Finance and Insurance

WBC-Finsocial, S.A.S. COLOMBIA Finance and Insurance

WBC-Golomt Bank LLC MONGOLIA Finance and Insurance

WBC-ION Financiera MEXICO Finance and Insurance

WBC-KapitalMujer, S.A. de C.V. MEXICO Finance and Insurance

WBC-LOLC Micro Credit Limited Sri Lanka Finance and Insurance

WBC-Mercader Financial, S.A. de C.V., SOFOM, E.R. MEXICO Finance and Insurance

WBC-Nurolbank (Subordinated) TURKEY Finance and Insurance

WBC-OCN Microinvest S.R.L Moldova Finance and Insurance

WBC-Operadora de Servicios Mega, S.A. de C.V. SO MEXICO Finance and Insurance

WBC-PJSC Bank Vostok UKRAINE Finance and Insurance

WBC-Satin Creditcare Network Limited (Seni INDIA Finance and Insurance

WBC-Satin Creditcare Network Limited (Subo INDIA Finance and Insurance

WBC-Siempre Creciendo, S.A. de C.V., SOFOM, ENR MEXICO Finance and Insurance

WBC-Sociedad de Ahorro y Credito Apoyo Integral, EL SALVADOR Finance and Insurance

WBC-Sociedad Financiera Equipate, S.A. de C.V. S MEXICO Finance and Insurance

WBC-Sonata Finance Private Limited INDIA Finance and Insurance

WBC-Sterling Bank Plc. NIGERIA Finance and Insurance

WBC-VALLARTA VISION Y MISION A.C. MEXICO Educational Services

WBC-Victoria Commercial Bank Ltd KENYA Finance and Insurance

Wendy's Georgia GEORGIA Accommodation and Food Services

WEOF Acleda Bank Cambodia Finance and Insurance

WFUSBF -- Andrew and Williamson Sales, Co. MEXICO Agriculture, Forestry, Fishing and Hunting

WRB Serra Partners Fund I LATIN AMERICA REGION Finance and Insurance

WWB Capital Partners II (Non-SSA) WORLDWIDE Finance and Insurance

WWB Capital Partners II (SSA) WORLDWIDE Finance and Insurance

YES Bank INDIA Finance and Insurance

Yes Bank II INDIA Finance and Insurance
Page 37 

Zambia Seed Company Limited Zambia Agriculture, Forestry, Fishing and Hunting

Zamuka Future of Work Fund PLC AFRICA REGIONAL Finance and Insurance

ZAO STAR NETWORKS RUSSIA Information

Zaporizhia Wind Farm UKRAINE none
Page 38 

APPENDIX B – PROJECT EMISSIONS CALCULATIONS

This appendix contains the inputs, data sources, and calculations used to estimate the 

emissions for each of the projects in OPIC/DFC’s CY 2020 GHG inventory. If project 

sponsor feedback was submitted in the years from 2007–2019, emissions estimates from 

those years are also presented.

TIER A PROJECTS 

AES Jordan 

Maximum Potential-to-Emit Estimate

AES Jordan’s initial maximum PTE estimate of 1,545,173 STPY of CO2e was calculated 

using the information below. However, in 2016 the emissions exceeded the maximum 

PTE estimate. Therefore, in this inventory and subsequent inventories, the maximum PTE 

was set to the peak emissions year. For AES Jordan, emissions peaked at 1,588,326

short tons of CO2e in CY 2016.

Data Value Source

Fuel Type Natural Gas Project Description

Capacity 370 MW Project Description

Emission Factor 390 g CO2/kWh IFC 2006

Load Adjustment Factor 85/70 Engineering adjustment to align 

maximum PTE with operational data 

supplied by project sponsor for 

inventory years 2009 through 2012.

Maximum Potential-to-Emit = 1,545,173 STPY of CO2e =

370MW * 1000kW * 8000hr * 85 * 390 g CO2 * 0.0000011023 short tons

 MW yr 70 kWh g

2007 Emissions Estimate 

AES Jordan was under construction and not operational during 2007. Since emissions 

from construction would be below the 100,000 short ton threshold, this project was 

omitted from the 2007 inventory.

2008 Emissions Estimate 

AES Jordan’s emissions estimate of 590,940 short tons of CO2e for 2008 was calculated 

using the following information: 

Data Value Source

Fuel Type Natural Gas Project Sponsor

Net Energy Generated 10,103,603 MMBtu Project Sponsor

Emission Factor 53.06 kg CO2/MMBtu TCR, Table 12.1
Page 39 

Emissions = 590,940 short tons of CO2e =

10,103,603 MMBtu * 53.06 kg CO2 * 0.0011023 short tons

 MMBtu kg

2009 Emissions Estimate 

AES Jordan’s emissions estimate of 1,318,130 short tons of CO2e for 2009 was 

calculated using the following information: 

Data Value Source

Fuel Type Natural Gas Project Sponsor

Net Energy Generated 22,536,748 MMBtu Project Sponsor

Emission Factor 53.06 kg CO2/MMBtu TCR, Table 12.1

Emissions = 1,318,130 short tons CO2e =

22,536,748 MMBtu * 53.06 kg CO2 * 0.0011023 short tons

 MMBtu kg

2010 Emissions Estimate 

AES Jordan’s emissions estimate of 1,434,569 short tons of CO2e for 2010 was 

calculated using the following information: 

Data Value Source

Unit 1 Emissions 678,706,541 kg CO2 Project Sponsor

Unit 2 Emissions 622,726,311 kg CO2 Project Sponsor

Emissions = 1,434,569 short tons of CO2e = 

(678,706,541 kg CO2 + 622,726,311 kg CO2) * 0.0011023 short tons

 kg

2011 Emissions Estimate 

AES Jordan’s emissions estimate of 1,184,010 short tons of CO2e for 2011 was 

calculated using the following information: 

Data Value Source

Fuel Type Natural Gas & Diesel Project Sponsor

Total Natural Gas Consumption 11,618,556 MMBtu Project Sponsor

Total Diesel Consumption 6,256,271 MMBtu Project Sponsor

Emission Factor Natural Gas 53.06 kg CO2/MMBtu TCR, Table 12.1

Emissions Factor Diesel 73.15 kg CO2/MMBtu The Climate Registry, 

Table 12-1
Page 40 

Emissions = 1,184,010 short tons CO2e = 

11,618,556 MMBtu * 53.06 kg CO2 * 0.0011023 short tons + 

 MMBtu kg

 

6,256,271 MMBtu * 73.15 kg CO2 * 0.0011023 short tons

 MMBtu kg

2012 Emissions Estimate 

AES Jordan’s emissions estimate of 936,400 short tons of CO2e for 2012 was calculated 

using the following information: 

Data Value Source

Fuel Type Natural Gas & Diesel Project Sponsor

Total Natural Gas Consumption 5,069,853 MMBtu Project Sponsor

Total Diesel Consumption 7,851,448 MMBtu Project Sponsor

Emission Factor Natural Gas 53.02 kg CO2/MMBtu TCR 2013

Emissions Factor Diesel 73.96 kg CO2/MMBtu TCR 2013

Emissions = 936,400 short tons CO2e =

5,069,853 MMBtu * 53.02 kg CO2 * 0.0011023 short tons + 

 MMBtu kg

 

7,851,448 MMBtu * 73.96 kg CO2 * 0.0011023 short tons

 MMBtu kg

2013 Emissions Estimate 

AES Jordan’s emissions estimate of 1,514,054 short tons of CO2e for 2013 was 

calculated using the following information: 

Data Value Source

Fuel Type Natural Gas & Diesel Project Sponsor

Natural Gas Consumption (Lower

Heating Value) 

12,225,754.91 MMBtu Project Sponsor

Diesel Consumption

(Lower Heating Value)

8,284,455.54 MMBtu Project Sponsor

Natural Gas - Conversion Factor to 

Higher Heating Value

1.10786 GREET

Diesel - Conversion Factor to Higher 

Heating Value

1.069685 GREET

Emission Factor Natural Gas 53.02 kg CO2/MMBtu TCR 2013

Emissions Factor Diesel 73.96 kg CO2/MMBtu TCR 2013
Page 41 

Emissions = 1,514,054 short tons CO2e =

12,225,754.91 MMBtu * 53.02 kg CO2 * 0.0011023 short tons * 1.10786 + 

 MMBtu kg

 

8,284,455.54 MMBtu * 73.96 kg CO2 * 0.0011023 short tons * 1.069685

 MMBtu kg

2014 Emissions Estimate 

AES Jordan’s emissions estimate of 1,203,945 short tons of CO2e for 2014 was 

calculated using the following information: 

Data Value Source

Fuel Type Natural Gas & Diesel Project Sponsor

Natural Gas Consumption (Lower 

Heating Value) 

4,415,255.552 MMBtu Project Sponsor

Diesel Consumption

(Lower Heating Value)

10,527,411.68 MMBtu Project Sponsor

Natural Gas - Conversion Factor to 

Higher Heating Value

1.1079 GREET

Diesel - Conversion Factor to Higher 

Heating Value

1.069685 GREET

Emission Factor Natural Gas 53.02 kg CO2/MMBtu TCR 2014

Emissions Factor Diesel 73.96 kg CO2/MMBtu TCR 2014

Emissions = 1,203,945 short tons CO2e =

4,415,255.552 MMBtu * 53.02 kg CO2 * 0.0011023 short tons * 1.1079 + 

 MMBtu kg

 

10,527,411.68 MMBtu * 73.96 kg CO2 * 0.0011023 short tons * 1.069685

 MMBtu kg

2015 Emissions Estimate

AES Jordan’s emissions estimate of 949,925 short tons of CO2e for 2015 was calculated 

using the following information: 
Page 42 

Data Value Source

Fuel Type Natural Gas & Diesel Project Sponsor

Natural Gas Consumption (Lower 

Heating Value) 

13,065,796 MMBtu Project Sponsor

Diesel Consumption

(Lower Heating Value)

1,184,608 MMBtu Project Sponsor

Natural Gas - Conversion Factor to 

Higher Heating Value

1.10786 GREET

Diesel - Conversion Factor to Higher 

Heating Value

1.069685 GREET

Emission Factor Natural Gas 53.06 kg CO2/MMBtu TCR 2015

Emissions Factor Diesel 73.96 kg CO2/MMBtu TCR 2014

Emissions = 949,925 short tons CO2e =

13,065,796 MMBtu * 53.06 kg CO2 * 0.0011023 short tons * 1.10786 + 

 MMBtu kg

 

1,184,608 MMBtu * 73.96 kg CO2 * 0.0011023 short tons * 1.069685

 MMBtu kg

2016 Emissions Estimate 

AES Jordan’s emissions estimate of 1,588,326 short tons of CO2e for 2016 was 

calculated using the following information: 

Data Value Source

Fuel Type Natural Gas & Diesel Project Sponsor

Natural Gas Consumption (Lower 

Heating Value) 

24,509,059.97 MMBtu Project Sponsor

Diesel Consumption

(Lower Heating Value)

2,555.967 MMBtu Project Sponsor

Natural Gas - Conversion Factor to 

Higher Heating Value

1.10786 GREET

Diesel - Conversion Factor to Higher 

Heating Value

1.069685 GREET

Emission Factor Natural Gas 53.06 kg CO2/MMBtu TCR 2017

Emissions Factor Diesel 73.96 kg CO2/MMBtu TCR 2017

Emissions = 1,588,326 short tons CO2e =

24,509,059.97 MMBtu * 53.06 kg CO2 * 0.0011023 short tons * 1.10786 + 

 MMBtu kg

2,555.967 MMBtu * 73.96 kg CO2 * 0.0011023 short tons * 1.069685

 MMBtu kg
Page 43 

2017 Emissions Estimate 

AES Jordan’s emissions estimate of 1,401,138 short tons of CO2e for 2017 was 

calculated using the following information: 

Data Value Source

Fuel Type Natural Gas & Diesel Project Sponsor

Natural Gas Consumption (Lower 

Heating Value) 

21,623,642.74 MMBtu Project Sponsor

Natural Gas - Conversion Factor to 

Higher Heating Value

1.10786 GREET

Emission Factor Natural Gas 53.06 kg CO2/MMBtu TCR 2017

Emissions = 1,401,138 short tons CO2e =

21,623,642.74 MMBtu * 53.06 kg CO2 * 0.0011023 short tons * 1.10786 

 MMBtu kg

Note: Due to significant operational changes, there was no diesel fuel consumption at 

AES Jordan in 2017. 

2018 Emissions Estimate 

AES Jordan’s emissions estimate of 1,401,138 short tons of CO2e for 2017 was 

calculated using the following information: 

Data Value Source

Fuel Type Natural Gas & Diesel Project Sponsor

Natural Gas Consumption (Lower 

Heating Value) 

21,623,642.74 MMBtu Project Sponsor

Natural Gas – Conversion Factor to 

Higher Heating Value

1.10786 GREET

Emission Factor Natural Gas 53.06 kg CO2/MMBtu TCR 2017

Emissions = 1,401,138 short tons CO2e =

21,623,642.74 MMBtu * 53.06 kg CO2 * 0.0011023 short tons * 1.10786 

 MMBtu kg

Note: The project sponsor provided the same data as was provided for CY 2018. 
Page 44 

2019 Emissions Estimate

AES Jordan’s emissions estimate of 1,472,387 short tons of CO2e for 2019 was 

calculated using the following information:

Data Value Source

Fuel Type Natural Gas & Diesel Project Sponsor

Natural Gas Consumption (Lower 

Heating Value) 

22,723,223 MMBtu Project Sponsor

Natural Gas - Conversion Factor to 

Higher Heating Value

1.10786 GREET

Emission Factor Natural Gas 53.06 kg CO2/MMBtu TCR 2020

Emissions = 1,472,387 short tons CO2e =

22,723,223 MMBtu * 53.06 kg CO2 * 0.0011023 short tons * 1.10786 

 MMBtu kg

2020 Emissions Estimate

AES Jordan’s emissions estimate of 1,344,371 short tons of CO2e for 2020 was 

calculated using the following information:

Data Value Source

Fuel Type Natural Gas & Diesel Project Sponsor

Natural Gas Consumption (Lower 

Heating Value) 

20,747,569 MMBtu Project Sponsor

Natural Gas - Conversion Factor to 

Higher Heating Value

1.10786 GREET

Emission Factor Natural Gas 53.06 kg CO2/MMBtu TCR 2020

Emissions = 1,344,371 short tons CO2e =

20,747,569 MMBtu * 53.06 kg CO2 * 0.0011023 short tons * 1.10786 

 MMBtu kg

 
Page 45 

AES Levant 

Maximum Potential-to-Emit Estimate

AES Levant’s maximum PTE estimate of 1,409,533 STPY of CO2e was calculated using 

the following information: 

Data Value Source

Fuel Type Heavy Fuel Oil Project Description

Capacity 240 MW Project Description

Emission Factor 666 gCO2/kWh IFC 2012

Conversion Factor 1000 kWh/MWh

Conservative Operating Assumption 8000 hr/yr EIA Form 923 data, 2007

Maximum Potential-to-Emit = 1,409,533 STPY of CO2e =

240MW * 666 g CO2 * 1000 kWh * 8000 hr * 1.1023 x 10-6 short tons

 kWh MWh yr g

2014 Emissions Estimate

AES Levant’s 2014 emissions estimate of 467,262 short tons CO2e was calculated using 

the following information:

Data Value Source

Consumption Heavy Fuel Oil 5,600,812.08MMBtu Project Sponsor 

Residual Fuel Oil Emission Factor 75.1 kg CO2/MMBtu TCR 2014

Consumption Distillate Fuel 44,293.51 MMBtu Project Sponsor

Distillate Fuel Oil Emission Factor 73.96 kg CO2/MMBtu TCR 2014

Conversion Factor 0.0011023 short tons/kg TCR 2008

Emissions = 467,262 short tons of CO2e =

5,600,812.08 MMBtu * 75.1 kg CO2 * 0.0011023 short tons +

 MMBtu kg

44,293.51 MMBtu * 73.96 kg CO2 * 0.0011023 short tons

 MMBtu kg

2015 Emissions Estimate

AES Levant’s 2015 emissions estimate of 685,110 short tons CO2e was calculated using 

the following information:
Page 46 

Data Value Source

Consumption Heavy Fuel Oil 7,738,256.34 MMBtu Project Sponsor 

Residual Fuel Oil Emission Factor 75.1 kg CO2/MMBtu TCR 2014

Consumption Distillate Fuel 48,223.72 MMBtu Project Sponsor

Distillate Fuel Oil Emission Factor 73.96 kg CO2/MMBtu TCR 2014

Consumption Natural Gas 693,890 MMBtu Project Sponsor

Natural Gas Emission Factor 53.06 kg CO2/MMBtu TCR 2015

Conversion Factor 0.0011023 short tons/kg TCR 2008

Emissions = 685,110 short tons of CO2e =

7,738,256.34 MMBtu * 75.1 kg CO2 * 0.0011023 short tons +

 MMBtu kg

48,223.72 MMBtu * 73.96 kg CO2 * 0.0011023 short tons + 

 MMBtu kg

693,890 MMBtu * 53.06 kg CO2 * 0.0011023 short tons

 MMBtu kg 

2016 Emissions Estimate

AES Levant’s 2016 emissions estimate of 228,994 short tons CO2e was calculated using 

the following information:

Data Value Source

Consumption Heavy Fuel Oil 1,082.91 MMBtu Project Sponsor 

Residual Fuel Oil Emission Factor 75.1 kg CO2/MMBtu TCR 2017

Consumption Distillate Fuel 45,507.53 MMBtu Project Sponsor

Distillate Fuel Oil Emission Factor 73.96 kg CO2/MMBtu TCR 2017

Consumption Natural Gas 3,850,261 MMBtu Project Sponsor

Natural Gas Emission Factor 53.06 kg CO2/MMBtu TCR 2017

Conversion Factor 0.0011023 short tons/kg TCR 2017

Emissions = 228,994 short tons of CO2e =

1,082.91 MMBtu * 75.1 kg CO2 * 0.0011023 short tons +

 MMBtu kg

45,507.53 MMBtu * 73.96 kg CO2 * 0.0011023 short tons + 

 MMBtu kg

3,850,261 MMBtu * 53.06 kg CO2 * 0.0011023 short tons

 MMBtu kg 
Page 47 

2017 Emissions Estimate

AES Levant’s 2017 emissions estimate of 345,980 short tons CO2e was calculated using 

the following information:

Data Value Source

Consumption Heavy Fuel Oil 37,782.79 MMBtu Project Sponsor 

Residual Fuel Oil Emission Factor 75.1 kg CO2/MMBtu TCR 2017

Consumption Distillate Fuel 73,912.50 MMBtu Project Sponsor

Distillate Fuel Oil Emission Factor 73.96 kg CO2/MMBtu TCR 2017

Consumption Natural Gas 5,758,890.06 MMBtu Project Sponsor

Natural Gas Emission Factor 53.06 kg CO2/MMBtu TCR 2017

Conversion Factor 0.0011023 short tons/kg TCR 2017

Emissions = 345,980 short tons of CO2e =

37,782.79 MMBtu * 75.1 kg CO2 * 0.0011023 short tons +

 MMBtu kg

73,912.50 MMBtu * 73.96 kg CO2 * 0.0011023 short tons + 

 MMBtu kg

5,758,890.06 MMBtu * 53.06 kg CO2 * 0.0011023 short tons

 MMBtu kg 

2018 Emissions Estimate

AES Levant’s 2018 emissions estimate of 345,980 short tons CO2e was calculated using 

the following information:

Data Value Source

Consumption Heavy Fuel Oil 37,782.79 MMBtu Project Sponsor 

Residual Fuel Oil Emission Factor 75.1 kg CO2/MMBtu TCR 2017

Consumption Distillate Fuel 73,912.50 MMBtu Project Sponsor

Distillate Fuel Oil Emission Factor 73.96 kg CO2/MMBtu TCR 2017

Consumption Natural Gas 5,758,890.06 MMBtu Project Sponsor

Natural Gas Emission Factor 53.06 kg CO2/MMBtu TCR 2017

Conversion Factor 0.0011023 short tons/kg TCR 2017

Emissions = 345,980 short tons of CO2e =

37,782.79 MMBtu * 75.1 kg CO2 * 0.0011023 short tons +

 MMBtu kg

73,912.50 MMBtu * 73.96 kg CO2 * 0.0011023 short tons + 

 MMBtu kg
Page 48 

5,758,890.06 MMBtu * 53.06 kg CO2 * 0.0011023 short tons

 MMBtu kg 

2019 Emissions Estimate

AES Levant’s 2019 emissions estimate of 394,784 short tons CO2e was calculated using 

the following information:

Data Value Source

Consumption Heavy Fuel Oil 4,768,922.356 MMBtu Project Sponsor 

Residual Fuel Oil Emission Factor 75.1 kg CO2/MMBtu TCR 2020

Consumption Distillate Fuel 0 MMBtu Project Sponsor

Distillate Fuel Oil Emission Factor 73.96 kg CO2/MMBtu TCR 2020

Consumption Natural Gas 0 MMBtu Project Sponsor

Natural Gas Emission Factor 53.06 kg CO2/MMBtu TCR 2020

Conversion Factor 0.0011023 short tons/kg TCR 2020

Emissions = 394,784 short tons of CO2e =

4,768,922.356 * 75.1 kg CO2 * 0.0011023 short tons

 MMBtu kg

2020 Emissions Estimate

AES Levant’s 2020 emissions estimate of 189,237 short tons CO2e was calculated using 

the following information:

Data Value Source

Consumption Heavy Fuel Oil 1,149.83 MMBtu Project Sponsor 

Residual Fuel Oil Emission Factor 75.1 kg CO2/MMBtu TCR 2020

Consumption Distillate Fuel 60,545.98 MMBtu Project Sponsor

Distillate Fuel Oil Emission Factor 73.96 kg CO2/MMBtu TCR 2020

Consumption Natural Gas 3,149,454 MMBtu Project Sponsor

Natural Gas Emission Factor 53.06 kg CO2/MMBtu TCR 2020

Conversion Factor 0.0011023 short tons/kg TCR 2020

Emissions = 189,237 short tons of CO2e =

1,149.83 * 75.1 kg CO2 * 0.0011023 short tons +

MMBtu kg

60,545.98 * 73.96 kg CO2 * 0.0011023 short tons +

 MMBtu kg

3,149,454 * 53.06 kg CO2 * 0.0011023 short tons

 MMBtu kg
Page 49 

Azura Edo Power Project

Maximum Potential-to-Emit Estimate

Azura Edo Power Project’s maximum PTE estimate of 2,695,732 STPY of CO2e was 

calculated using the following information: 

Data Value Source

Capacity 459 MW Project Description

Emission Factor 666 gCO2/kWh IFC 2012

Conversion Factor 1000 kWh/MWh

Conservative Operating Assumption 8000 hr/yr EIA Form 923 data, 2007

Maximum Potential-to-Emit = 2,695,732 STPY of CO2e =

459 MW * 666 g CO2 * 1000 kWh * 8000 hr * 1.1023 x 10-6 short tons

 kWh MWh yr g

2018 Emissions Estimate

Azura Edo Power Project’s 2018 emissions estimate of 919,017 short tons CO2e was 

calculated using the following information:

Data Value Source

Consumption Natural Gas 15,712,906 MMBtu Project Sponsor 

Natural Gas Emission Factor 53.06 kg CO2/MMBtu TCR 2017

Conversion Factor 0.0011023 short tons/kg TCR 2017

Emissions = 919,017 short tons of CO2e =

15,712,906 MMBtu * 53.06 kg CO2 * 0.0011023 short tons

 MMBtu kg

2019 Emissions Estimate

Azura Edo Power Project’s 2019 emissions estimate of 1,557,274 short tons CO2e was 

calculated using the following information:

Data Value Source

Consumption Natural Gas 26,625,510 MMBtu Project Sponsor 

Natural Gas Emission Factor 53.06 kg CO2/MMBtu TCR 2020

Conversion Factor 0.0011023 short tons/kg TCR 2020

Emissions = 1,557,274 short tons of CO2e =

26,625,510 MMBtu * 53.06 kg CO2 * 0.0011023 short tons

 MMBtu kg
Page 50 

2020 Emissions Estimate

Azura Edo Power Project’s 2020 emissions estimate of 1,949,527 short tons CO2e was 

calculated using the following information:

Data Value Source

Natural Gas Consumption 33,329,984.66 MMBtu Project Sponsor 

Natural Gas Emission Factor 53.06 kg CO2/MMBtu TCR 2020

Conversion Factor 0.0011023 short tons/kg TCR 2020

Diesel Consumption 41,000 liters Project Sponsor

Conversion Factor 0.264 gallons per liter

Conversion Factor 0.0238 barrels per gallon TCR 2020

Conversion Factor 5.8 MMBtu per barrel TCR 2020

Diesel Emission Factor 73.96 kg CO2/MMBtu TCR 2020

Emissions = 1,949,527 short tons of CO2e =

33,329,984.66 MMBtu * 53.06 kg CO2 * 0.0011023 short tons +

 MMBtu kg

41,000 L * 0.264 gal * 0.0238 barrels * 5.8 MMBtu * 73.96 kg CO2 * 0.0011023 short tons

 L gal barrel MMBtu kg
Page 51 

Contour Global – Togo

Maximum Potential-to-Emit Estimate

Contour Global Togo’s maximum PTE estimate of 587,305 STPY of CO2e was calculated 

using the following information: 

Data Value Source

Fuel Type Fuel Oil Project Description

Capacity 100 MW Project Description

Emission Factor for Electricity 

Generation from Fuel Oil Combustion

666 g CO2/kWh IFC 2012

Maximum Potential-to-Emit = 587,305 STPY of CO2e =

100MW * 1000kW * 8000 hr * 666 gCO2 * 0.0000011023 short tons

 MW yr kWh g

2011 Emissions Estimate 

Contour Global Togo’s 2011 emissions estimate of 46,561 short tons CO2e was 

calculated using the following information:

Data Value Source

2011 Emissions 42,239,975 kg Project Sponsor

Conversion Factor 0.0011023 short tons/kg TCR 2008

Emissions = 46,561 short tons of CO2e =

42,239,975 kg * 0.0011023 short tons.

 kg

2012 Emissions Estimate 

Contour Global Togo’s 2012 emissions estimate of 126,192 short tons CO2e was 

calculated using the following information:
Page 52 

Data Value Source

Natural Gas Consumption 16,746,179 m3 Project Sponsor

Conversion Factor 35.314 scf/m3

Natural Gas Calorific Value 1,028 MMBtu/mmscf TCR 2013

Natural Gas Emission Factor 53.02 kg CO2/MMBtu TCR 2013

Heavy Fuel Oil (HFO) 

Consumption

25,417,990 kg Project Sponsor

HFO Net Calorific Value 40.4 TJ/Gg IPCC 2006. Vol. 2, Chap. 1

HFO Emission Factor 77,400 kg CO2/TJ IPCC 2006. Vol. 2, Chap. 1

Light Fuel Oil (LFO) 

Consumption

868,358 kg Project Sponsor

LFO Net Calorific Value 43.0 TJ/Gg IPCC 2006. Vol. 2, Chap. 1

LFO Emissions Factor 74,100 kg CO2/TJ IPCC 2006. Vol. 2, Chap. 1

Conversion Factor 0.0011023 short 

tons/kg

Emissions = 126,192 short tons of CO2e = 

16,746,179 m3* 35.314 ft3* 10-6 mmscf * 1,028 MMBtu * 53.02 kg CO2 * 0.0011023 short tons + 

m3 scf mmscf MMBtu kg

25,417,990 kg * 10-6 Gg * 40.4 TJ * 77,400 kg CO2 * 0.0011023 short tons +

 kg Gg TJ kg

868,358 kg * 10-6 Gg * 43.0 TJ * 74,100 kg CO2 * 0.0011023 short tons

 kg Gg TJ kg

2013 Emissions Estimate 

Contour Global Togo’s 2013 emissions estimate of 161,830 short tons CO2e was 

calculated using the following information:
Page 53 

Data Value Source

Natural Gas Consumption 16,370,416 m3 Project Sponsor

Natural Gas Higher Heating 

Value

1,028 MMBtu/mmscf

TCR 2013

Natural Gas Emission Factor 53.02 kg CO2/MMBtu TCR 2013

Heavy Fuel Oil (HFO) 

Consumption

34,190,245 kg Project Sponsor

HFO Gross Calorific Value 43 TJ/Gg National Physical 

Laboratory, 2015

HFO Emission Factor 77,400 kg CO2/TJ IPCC 2006. Vol. 2, Chap. 1

Light Fuel Oil (LFO) 

Consumption

463,096 kg Project Sponsor

LFO Gross Calorific Value 44 TJ/Gg National Physical 

Laboratory, 2015

LFO Emissions Factor 74,100 kg CO2/TJ IPCC 2006. Vol. 2, Chap. 1

Conversion Factor 35.314 scf/m3

Conversion Factor 0.0011023 short 

tons/kg

Emissions = 161,830 short tons of CO2e = 

16,370,416 m3* 35.314 ft3* 10-6 mmscf * 1,028 MMBtu * 53.02 kg CO2 * 0.0011023 short tons + 

m3 scf mmscf MMBtu kg

34,190,245 kg * 10-6 Gg * 43 TJ * 77,400 kg CO2 * 0.0011023 short tons +

 kg Gg TJ kg

463,096 kg * 10-6 Gg * 44 TJ * 74,100 kg CO2 * 0.0011023 short tons

 kg Gg TJ kg

2014 Emissions Estimate 

Contour Global Togo’s 2014 emissions estimate of 55,467 short tons CO2e was 

calculated using the following information:
Page 54 

Data Value Source

Natural Gas Consumption 383,164 m3 Project Sponsor

Natural Gas Higher Heating 

Value

1,028 MMBtu/mmscf

TCR 2014

Natural Gas Emission Factor 53.02 kg CO2/MMBtu TCR 2014

Heavy Fuel Oil (HFO) 

Consumption

14,827,389 kg Project Sponsor

HFO Gross Calorific Value 43 TJ/Gg National Physical 

Laboratory, 2015

HFO Emission Factor 77,400 kg CO2/TJ IPCC 2006. Vol. 2, Chap. 1

Light Fuel Oil (LFO) 

Consumption

71,442 kg Project Sponsor

LFO Gross Calorific Value 44 TJ/Gg National Physical 

Laboratory, 2015

LFO Emissions Factor 74,100 kg CO2/TJ IPCC 2006. Vol. 2, Chap. 1

Conversion Factor 0.0011023 short 

tons/kg

Conversion Factor 35.314 scf/m3

Emissions = 55,467 short tons of CO2e = 

383,164 m3* 35.314 ft3* 10

-6 mmscf * 1,028 MMBtu * 53.02 kg CO2 * 0.0011023 short tons + 

 m3 scf mmscf MMBtu kg

14,827,389 kg * 10

-6 Gg * 43 TJ * 77,400 kg CO2 * 0.0011023 short tons +

 kg Gg TJ kg

71,442 kg * 10-6 Gg * 44 TJ * 74,100 kg CO2 * 0.0011023 short tons +

 kg Gg TJ kg

2015 Emissions Estimate 

Contour Global Togo’s 2015 emissions estimate of 210,901 short tons CO2e was 

calculated using the following information:
Page 55 

Data Value Source

Natural Gas Consumption 37,671,209 m3 Project Sponsor

Natural Gas Higher Heating 

Value

1,028 MMBtu/mmscf

TCR 2014

Natural Gas Emission Factor 53.06 kg CO2/MMBtu TCR 2015

Heavy Fuel Oil (HFO) 

Consumption

34,704,085 kg Project Sponsor

HFO Gross Calorific Value 43 TJ/Gg National Physical 

Laboratory, 2015

HFO Emission Factor 77,400 kg CO2/TJ IPCC 2006. Vol. 2, Chap. 1

Light Fuel Oil (LFO) 

Consumption

1,000,688 kg Project Sponsor

LFO Gross Calorific Value 44 TJ/Gg National Physical 

Laboratory, 2015

LFO Emissions Factor 74,100 kg CO2/TJ IPCC 2006. Vol. 2, Chap. 1

Conversion Factor 0.0011023 short tons/kg

Conversion Factor 35.314 scf/m3

Emissions = 210,901 short tons of CO2e = 

37,671,209 m3* 35.314 ft3* 10-6 mmscf * 1,028 MMBtu * 53.06 kg CO2 * 0.0011023 short tons + 

 m3 scf mmscf MMBtu kg

34,704,085 kg * 10

-6 Gg * 43 TJ * 77,400 kg CO2 * 0.0011023 short tons +

 kg Gg TJ kg

1,000,688 kg * 10

-6 Gg * 44 TJ * 74,100 kg CO2 * 0.0011023 short tons +

 kg Gg TJ kg

2016 Emissions Estimate 

Contour Global Togo’s 2016 emissions estimate of 496,564 short tons CO2e was 

calculated using the following information:
Page 56 

Data Value Source

Natural Gas Consumption 6,772,234 m3 Project Sponsor

Natural Gas Higher Heating 

Value

1,028 MMBtu/mmscf

TCR 2017

Natural Gas Emission Factor 53.06 kg CO2/MMBtu TCR 2017

Heavy Fuel Oil (HFO) 

Consumption

130,571,129 kg Project Sponsor

HFO Gross Calorific Value 43 TJ/Gg National Physical 

Laboratory, 2015

HFO Emission Factor 77,400 kg CO2/TJ IPCC 2006. Vol. 2, Chap. 1

Light Fuel Oil (LFO) 

Consumption

879,764 kg Project Sponsor

LFO Gross Calorific Value 44 TJ/Gg National Physical 

Laboratory, 2015

LFO Emissions Factor 74,100 kg CO2/TJ IPCC 2006. Vol. 2, Chap. 1

Conversion Factor 0.0011023 short tons/kg

Conversion Factor 35.314 scf/m3

Emissions = 496,564 short tons of CO2e = 

6,772,234 m3* 35.314 ft3* 10-6 mmscf * 1,028 MMBtu * 53.06 kg CO2 * 0.0011023 short tons + 

 m3 scf mmscf MMBtu kg

130,571,129 kg * 10-6 Gg * 43 TJ * 77,400 kg CO2 * 0.0011023 short tons +

 kg Gg TJ kg

879,764 kg * 10-6 Gg * 44 TJ * 74,100 kg CO2 * 0.0011023 short tons

 kg Gg TJ kg

2017 Emissions Estimate 

Contour Global Togo’s 2017 emissions estimate of 329,875 short tons CO2e was 

calculated using the following information:

Data Value Source

Heavy Fuel Oil (HFO) 

Consumption

89,643,850 kg Project Sponsor

HFO Gross Calorific Value 43 TJ/Gg National Physical 

Laboratory, 2015

HFO Emission Factor 77,400 kg CO2/TJ IPCC 2006. Vol. 2, Chap. 1

Light Fuel Oil (LFO) 

Consumption

278,480 kg Project Sponsor

LFO Gross Calorific Value 44 TJ/Gg National Physical 

Laboratory, 2015

LFO Emissions Factor 74,100 kg CO2/TJ IPCC 2006. Vol. 2, Chap. 1

Conversion Factor 0.0011023 short tons/kg
Page 57 

Emissions = 329,875 short tons of CO2e = 

89,643,850 kg * 10-6 Gg * 43 TJ * 77,400 kg CO2 * 0.0011023 short tons +

 kg Gg TJ kg

278,480 kg * 10-6 Gg * 44 TJ * 74,100 kg CO2 * 0.0011023 short tons

 kg Gg TJ kg

2018 Emissions Estimate 

No additional data were available for 2018; therefore, emissions estimate defaulted to the 

2017 emissions estimate of 329,875 short tons CO2e.

2019 Emissions Estimate 

Contour Global Togo’s 2019 emissions estimate of 215,349 short tons CO2e was 

calculated using the following information:

Data Value Source

Natural Gas Consumption 99,335,859 m3 Project Sponsor

Conversion Factor 0.02832 m3/scf

Heat Content 1028 Btu/scf TCR 2020

Natural Gas Emission 

Factor

53.06 kg CO2/MMBtu TCR 2020

Heavy Fuel Oil (HFO) 

Consumption

351,392 kg Project Sponsor

HFO Gross Calorific Value 43 TJ/Gg National Physical 

Laboratory, 2015

HFO Emission Factor 77,400 kg CO2/TJ IPCC 2006. Vol. 2, Chap. 1

Light Fuel Oil (LFO) 

Consumption

879,961 kg Project Sponsor

LFO Gross Calorific Value 44 TJ/Gg National Physical 

Laboratory, 2015

LFO Emissions Factor 74,100 kg CO2/TJ IPCC 2006. Vol. 2, Chap. 1

Conversion Factor 0.0011023 short tons/kg

Emissions = 215,349 short tons of CO2e = 

99,335,859 m3* _ 1 scf _ * 1028 Btu * 1 MMBtu * 53.06 kg CO2 * 0.0011023 short tons +

 0.02832 m3 scf 106 Btu MMBtu kg

351,392 kg * 10-6 Gg * 43 TJ * 77,400 kg CO2 * 0.0011023 short tons +

 kg Gg TJ kg

879,961 kg * 10-6 Gg * 44 TJ * 74,100 kg CO2 * 0.0011023 short tons

 kg Gg TJ kg
Page 58 

2020 Emissions Estimate 

Contour Global Togo’s 2020 emissions estimate of 258,811 short tons CO2e was 

calculated using the following information:

Data Value Source

Natural Gas Consumption 100,486,387 m3 Project Sponsor

Conversion Factor 0.02832 m3/scf

Heat Content 1028 Btu/scf TCR 2020

Natural Gas Emission 

Factor

53.06 kg CO2/MMBtu TCR 2020

Heavy Fuel Oil (HFO) 

Consumption

10,875,948 kg Project Sponsor

HFO Gross Calorific Value 43 TJ/Gg National Physical 

Laboratory, 2015

HFO Emission Factor 77,400 kg CO2/TJ IPCC 2006. Vol. 2, Chap. 1

Light Fuel Oil (LFO) 

Consumption

1,549,819 kg Project Sponsor

LFO Gross Calorific Value 44 TJ/Gg National Physical 

Laboratory, 2015

LFO Emissions Factor 74,100 kg CO2/TJ IPCC 2006. Vol. 2, Chap. 1

Conversion Factor 0.0011023 short tons/kg

Emissions = 258,811 short tons of CO2e = 

100,486,387 m3* ___1 scf___ * 1028 Btu * 1 MMBtu * 53.06 kg CO2 * 0.0011023 short tons +

 0.02832 m3 scf 106 Btu MMBtu kg

10,875,948 kg * 1 Gg_ * 43 TJ * 77,400 kg CO2 * 0.0011023 short tons +

106 kg Gg TJ kg

1,549,819 kg * 1 Gg_ * 44 TJ * 74,100 kg CO2 * 0.0011023 short tons

 106 kg Gg TJ kg
Page 59 

Contour Global – Cap Des Biches

Maximum Potential-to-Emit Estimate

Contour Global Cap Des Biches’s maximum PTE estimate of 505,083 STPY of CO2e was 

calculated using the following information: 

Data Value Source

Fuel Type Fuel Oil Project Description

Capacity 86 MW Project Description

Emission Factor for Electricity 

Generation from Fuel Oil Combustion

666 g CO2/kWh IFC 2012

Maximum Potential-to-Emit = 505,083 STPY of CO2e =

86MW * 1000kW * 8000hr * 666 gCO2 * 0.0000011023 short tons

 MW yr kWh g

2016 Emissions Estimate 

Contour Global Cap Des Biches’s 2016 emissions estimate of 184,699 short tons CO2e 

was calculated using the following information:

Data Value Source

Heavy Fuel Oil (HFO) 

Consumption

50,309,812 kg Project Sponsor

HFO Gross Calorific Value 43 TJ/Gg National Physical 

Laboratory, 2015

HFO Emission Factor 77,400 kg CO2/TJ IPCC 2006. Vol. 2, Chap. 1

Light Fuel Oil (LFO) 

Consumption

35,743 kg Project Sponsor

LFO Gross Calorific Value 44 TJ/Gg National Physical 

Laboratory, 2015

LFO Emissions Factor 74,100 kg CO2/TJ IPCC 2006. Vol. 2, Chap. 1

Conversion Factor 0.0011023 short tons/kg

Emissions = 184,699 short tons of CO2e = 

50,309,812 kg * 10-6 Gg * 43 TJ * 77,400 kg CO2 * 0.0011023 short tons +

 kg Gg TJ kg

35,743 kg * 10-6 Gg * 44 TJ * 74,100 kg CO2 * 0.0011023 short tons

 kg Gg TJ kg

2017 Emissions Estimate 

Contour Global Cap Des Biches’s 2017 emissions estimate of 407,735 short tons CO2e 

was calculated using the following information:
Page 60 

Data Value Source

Heavy Fuel Oil (HFO) 

Consumption

110,983,151 kg Project Sponsor

HFO Gross Calorific Value 43 TJ/Gg National Physical 

Laboratory, 2015

HFO Emission Factor 77,400 kg CO2/TJ IPCC 2006. Vol. 2, Chap. 1

Light Fuel Oil (LFO) 

Consumption

159,573 kg Project Sponsor

LFO Gross Calorific Value 44 TJ/Gg National Physical 

Laboratory, 2015

LFO Emissions Factor 74,100 kg CO2/TJ IPCC 2006. Vol. 2, Chap. 1

Conversion Factor 0.0011023 short tons/kg

Emissions = 407,735 short tons of CO2e = 

110,983,151 kg * 10-6 Gg * 43 TJ * 77,400 kg CO2 * 0.0011023 short tons +

 kg Gg TJ kg

159,573 kg * 10-6 Gg * 44 TJ * 74,100 kg CO2 * 0.0011023 short tons

 kg Gg TJ kg

2018 Emissions Estimate 

No additional data were available for 2018; therefore, emissions estimate defaulted to the 

2017 emissions estimate of 407,735 short tons CO2e.

2019 Emissions Estimate 

Contour Global Cap Des Biches’s 2019 emissions estimate of 365,338 short tons CO2e 

was calculated using the following information:

Data Value Source

Heavy Fuel Oil (HFO) 

Consumption

99,422,866 kg Project Sponsor

HFO Gross Calorific Value 43 TJ/Gg National Physical 

Laboratory, 2015

HFO Emission Factor 77,400 kg CO2/TJ IPCC 2006. Vol. 2, Chap. 1

Light Fuel Oil (LFO) 

Consumption

163,648 kg Project Sponsor

LFO Gross Calorific Value 44 TJ/Gg National Physical 

Laboratory, 2015

LFO Emissions Factor 74,100 kg CO2/TJ IPCC 2006. Vol. 2, Chap. 1

Conversion Factor 0.0011023 short tons/kg
Page 61 

Emissions = 365,338 short tons of CO2e = 

99,422,866 kg * 10-6 Gg * 43 TJ * 77,400 kg CO2 * 0.0011023 short tons +

 kg Gg TJ kg

163,648 kg * 10-6 Gg * 44 TJ * 74,100 kg CO2 * 0.0011023 short tons

 kg Gg TJ kg

2020 Emissions Estimate 

Contour Global Cap Des Biches’s 2020 emissions estimate of 366,114 short tons CO2e 

was calculated using the following information:

Data Value Source

Heavy Fuel Oil (HFO) 

Consumption

99,662,648 kg Project Sponsor

HFO Gross Calorific Value 43 TJ/Gg National Physical 

Laboratory, 2015

HFO Emission Factor 77,400 kg CO2/TJ IPCC 2006. Vol. 2, Chap. 1

Light Fuel Oil (LFO) 

Consumption

134,695 kg Project Sponsor

LFO Gross Calorific Value 44 TJ/Gg National Physical 

Laboratory, 2015

LFO Emissions Factor 74,100 kg CO2/TJ IPCC 2006. Vol. 2, Chap. 1

Conversion Factor 0.0011023 short tons/kg

Emissions = 366,114 short tons of CO2e = 

99,662,648 kg * 10-6 Gg * 43 TJ * 77,400 kg CO2 * 0.0011023 short tons +

 kg Gg TJ kg

134,695 kg * 10-6 Gg * 44 TJ * 74,100 kg CO2 * 0.0011023 short tons

 kg Gg TJ kg
Page 62 

TIER B PROJECTS

Açu Petroleo S.A.

Maximum Potential-to-Emit Estimate

Açu Petroleo S.A.’s project description states that the project is expected to emit up to 

200,000 tons of CO2e per year from vapor combustion during ship to ship operations. An 

additional 150,000 tons of CO2e per year may occur from fuel combustion in dredging 

activities. Therefore, the maximum PTE is the sum of vapor combustion and dredging 

activity emissions in the amount of 350,000 STPY of CO2e. 

2016 Emissions Estimate

Açu Petroleo’s 2016 emissions estimate of 378.6 short tons of CO2e was calculated 

using the following information:

Data Value Source

Diesel Consumption 125,641 Liters Project Sponsor

Liter to Gallons Conversion 0.264 Conversion 

Conversion Factor (Diesel, low 

sulfur)

0.14 MMBtu/gallon TCR, 2017

Emissions Factor (Diesel, low 

sulfur)

73.96 kg CO2/MMBtu TCR, 2017

Expected tCO2 per year from 

Vapor combustion

200,000 tCO2 Project Sponsor

Vapor Combustion Unit Utilization 0% Project Sponsor

Conversion Factor 0.0011023 short tons/kg

Conversion Factor 1.1023 short tons/metric ton

Emissions = 378.6 short tons CO2e = Stationary Combustion Emissions + Vapor 

Combustion Emissions

Stationary Combustion Emissions = 378.6 tons CO2e =

125,641 liters * 0.264 gallons * 0.14 MMBtu * 73.96 kg CO2 * 0.0011023 short tons

 Liter gallon MMBtu kg

 

Vapor Combustion Emissions = 0 tons CO2e =

200,000 tCO2 * 0% * 1.1023 short tons

Year metric ton

2017 Emissions Estimate

Açu Petroleo confirmed there were ship-to-ship oil transfer operations in CY 2017;

however, these operations were conducted using a vapor balance system, thus avoiding 

the need for vapor combustion. For that reason, vapor combustion emissions were 

assessed as null. Additionally, Açu Petroleo reported the occurrence of dredging 

activities.
Page 63 

Based on best available information, Açu Petroleo’s 2017 emissions were estimated at

126,160 short tons of CO2e and were assessed as follows:

Data Value Source

Stationary Diesel Consumption 384,932 Liters Project Sponsor

Liter to Gallons Conversion 0.264 Conversion 

Conversion Factor (Diesel, low 

sulfur)

0.14 MMBtu/gallon TCR, 2017

Emissions Factor (Diesel, low 

sulfur)

73.96 kg CO2/MMBtu TCR, 2017

Expected tCO2 per year from 

Vapor Combustion

0 tCO2 Project Sponsor

Expected tCO2 per year from 

Dredging

150,000 tCO2e Project 

Description

Months of the year with Dredging 10 months of dredging Project Sponsor

Conversion Factor 0.0011023 short tons/kg

Conversion Factor 1.1023 short tons/metric ton

Emissions = 126,160 short tons CO2e 

= Stationary Combustion Emissions + Vapor Combustion Emissions + Dredging 

Emissions

Stationary Combustion Emissions = 1,160 tons CO2e =

384,932 liters * 0.264 gallons * 0.14 MMBtu * 73.96 kg CO2 * 0.0011023 short tons

 Liter gallon MMBtu kg

 

Vapor Combustion Emissions = 0 tons CO2e 

Dredging Activity Emissions = 125,000 short tons CO2e = 

150,000 tCO2 * 10 months of dredging

Year 12 months per year
Page 64 

2018 Emissions Estimate

Açu Petroleo confirmed there were ship-to-ship oil transfer operations in CY 2018; 

however, these operations were conducted using a vapor balance system, thus avoiding 

the need for vapor combustion. For that reason, vapor combustion emissions were 

assessed as null. In addition, dredging activity was completed in 2017, so there were no 

additional dredging emissions this year. 

Based on best available information, Açu Petroleo’s 2018 emissions were estimated at

5,112 short tons of CO2e and were assessed as follows:

Data Value Source

Stationary Diesel 

Consumption

344,577 liters Project Sponsor

Conversion 0.264 gallons per liter Conversion 

Conversion Factor (Diesel, low 

sulfur)

0.14 MMBtu/gallon TCR, 2017

Emissions Factor (Diesel, low 

sulfur)

73.96 kg CO2/MMBtu TCR, 2017

Expected tCO2 per year from 

Vapor Combustion

0 tCO2 Project Sponsor

Expected tCO2 per year from 

Dredging

0 tCO2e Project Sponsor

Oil processed between 2016 

and 2018

61 million barrels (bbl) Port of Açu 2019

Conversion Factor 0.15899 m3/bbl

Emission Factor for Rail/Truck 

Loading Splash Loading –

Vapor Balance Service

0.4 tons VOC/1000-m3 API 2009, Table 5-12

Average CH4 Content in VOC 0.15 API 2009, Section 5.5

CH4 Global Warming Potential 21 SAR

Short ton per kg 0.0011023 Conversion Factor

Short Tons per Metric Ton 1.1023 Conversion Factor

Emissions = 5,112 short tons CO2e 

= Stationary Combustion Emissions + Vapor Combustion Emissions + Dredging 

Emissions + Vapor Fugitive Emissions

Stationary Combustion Emissions = 1,038.3 tons CO2e =

344,577 liters * 0.264 gallons * 0.14 MMBtu * 73.96 kg CO2 * 0.0011023 short tons

 liter gallon MMBtu kg

 

Vapor Combustion Emissions = 0 tons CO2e 

Dredging Activity Emissions = 0 short tons CO2e 
Page 65 

Vapor Fugitive Emissions = 4,073.3 tons CO2e =

61,000,000 bbl * 1 * 0.15899 m3* 1 thousand-m3* 0.4 tons VOC * 0.15 CH4 * 21

 3 bbl 1000 m3  thousand-m3  VOC 

2019 Emissions Estimate

Based on best available information, Açu Petroleo’s 2019 emissions were estimated at

14,825 short tons of CO2e and were assessed as follows:

Data Value Source

Stationary Diesel 

Consumption

337,405 liters Project Sponsor

Conversion 0.264 gallons per liter Conversion 

Conversion Factor (Diesel, low 

sulfur)

0.138 MMBtu/gallon TCR, 2020

Emissions Factor (Diesel, low 

sulfur)

73.96 kg CO2/MMBtu TCR, 2020

Expected tCO2 per year from 

Vapor Combustion

0 tCO2 Project Sponsor

Expected tCO2 per year from 

Dredging

0 tCO2e Project Sponsor

Estimated oil transferred 

through Açu Petroleo in 2019

69,000,000 barrels (bbl) Project Sponsor

Conversion Factor 0.15899 m3/bbl

Emission Factor for Rail/Truck 

Loading Splash Loading –

Vapor Balance Service

0.4 tons VOC/1000-m3 API 2009, Table 5-12

Average CH4 Content in VOC 0.15 API 2009, Section 5.5

CH4 Global Warming Potential 21 SAR

Short ton per kg 0.0011023 Conversion Factor

Short Tons per Metric Ton 1.1023 Conversion Factor

Emissions = 14,825 short tons CO2e 

= Stationary Combustion Emissions + Vapor Combustion Emissions + Dredging 

Emissions + Vapor Fugitive Emissions

Stationary Combustion Emissions = 1,002 short tons CO2e =

337,405 liters * 0.264 gallons * 0.138 MMBtu * 73.96 kg CO2 * 0.0011023 short tons

 liter gallon MMBtu kg

 

Vapor Combustion Emissions = 0 short tons CO2e 

Dredging Activity Emissions = 0 short tons CO2e 
Page 66 

Vapor Fugitive Emissions = 13,823 short tons CO2e =

69,000,000 bbl * 0.15899 m3* * 0.4 tons VOC * 0.15 CH4 * 21 CO2e

 bbl 1000 m3  VOC CH4

2020 Emissions Estimate

Based on best available information, Açu Petroleo’s 2020 emissions were estimated at

21,835 short tons of CO2e and were assessed as follows:

Data Value Source

Stationary Combustion + 

Dredging Diesel Consumption

177,415 liters Project Sponsor

Conversion Factor 0.264 gallons per liter

Conversion Factor (Diesel, low 

sulfur)

0.138 MMBtu/gallon TCR 2020

Emissions Factor (Diesel, low 

sulfur)

73.96 kg CO2/MMBtu TCR 2020

Expected tCO2 per year from 

Vapor Combustion

0 tCO2 Project Sponsor

Estimated oil transferred 

through Açu Petroleo in 2019 

106,370,000 barrels (bbl) Project Sponsor

Conversion Factor 0.158987 m3/bbl

Emission Factor for Rail/Truck 

Loading Splash Loading –

Vapor Balance Service

0.4 tons VOC/1000-m3 API 2009, Table 5-12

Average CH4 Content in VOC 0.15 API 2009, Section 5.5

CH4 Global Warming Potential 21 SAR

Short ton per kg 0.0011023 Conversion Factor

Short Tons per Metric Ton 1.1023 Conversion Factor

Emissions = 21,835 short tons CO2e

= Stationary Combustion Emissions + Dredging Emissions + Vapor Combustion 

Emissions + Vapor Fugitive Emissions

Stationary Combustion and Dredging Emissions = 527 short tons CO2e =

 177,415 liters * 0.264 gallons * 0.138 MMBtu * 73.96 kg CO2 * 0.0011023 short tons

 liter gallon MMBtu kg

 

Vapor Combustion Emissions = 0 short tons CO2e 
Page 67 

Vapor Fugitive Emissions = 21,308 short tons CO2e =

 106,370,000 bbl * 0.158987 m3* 0.4 tons VOC * 0.15 CH4 * 21 CO2e

 bbl 1000 m3  VOC CH4
Page 68 

Various Egypt Subsidiaries (Apache) 

Maximum Potential-to-Emit Estimate

Various Egypt Subsidiaries (Apache)’s initial maximum PTE estimate of 2,429,543 STPY

of CO2e was originally calculated for the CY 2007 GHG inventory using an example from 

API for a similar oil and gas extraction and processing facility. The API example produced 

6,100 barrels of oil per day and 30 mmscf natural gas per day for annual emissions of 

108,000 metric tons of CO2, approximately one-tenth the size of Apache’s estimated 

footprint. In subsequent GHG inventories, it became evident that Apache’s maximum 

potential-to-emit is commensurate to added production capacity, so the maximum PTE 

was set to the peak emissions year. Various Egypt Subsidiaries’ emissions peaked at 

4,600,146 short tons of CO2e in CY 2018.

2007 Emissions Estimate

Various Egypt Subsidiaries (Apache)’s 2007 emissions estimate of 3,071,932 short tons 

of CO2e was calculated using the following information:

Data Value Source

2007 Emissions 1,365,560 metric tons Project Sponsor

Operating Capacity Adjustment 49% Project Sponsor

Emissions = 3,071,932 short tons of CO2e =

1,365,560 metric tons * short ton * 1_ 

 0.9072 metric tons 0.49

2008 Emissions Estimate

Various Egypt Subsidiaries (Apache)’s 2008 emissions estimate of 3,244,189 short tons 

of CO2e was calculated using the following information:

Data Value Source

Net Emissions 1,464,566 metric tons Project Sponsor

Operating Capacity Adjustment 49% Project Sponsor

Emissions = 3,244,189 short tons of CO2e =

1,464,566 metric tons * short tons * 1__ 

 0.9072 metric tons 0.49

2009 Emissions Estimate

Various Egypt Subsidiaries (Apache)’s 2009 operational emissions of 3,294,654 short 

tons of CO2e were calculated using the following information:

Data Value Source

Net Emissions 1,464,566 metric tons Project Sponsor

Operating Capacity Adjustment 49% Project Sponsor
Page 69 

Emissions = 3,294,654 short tons of CO2e =

1,464,566 metric tons * 1 short ton * 1_

 0.9072 metric ton 0.49

2010 Emissions Estimate

Various Egypt Subsidiaries (Apache)’s 2010 emissions estimate of 3,465,842 short tons 

of CO2e was calculated using the following information:

Data Value Source

Net Emissions 1,540,664 metric tons Project Sponsor

Operating Capacity 49% Project Sponsor

Emissions = 3,465,842 short tons of CO2e =

1,540,664 metric tons * 1 short ton * 1__ 

 0.9072 metric ton 0.49

2011 Emissions Estimate

Various Egypt Subsidiaries (Apache)’s 2011 gross emissions estimate of 4,438,554 short 

tons of CO2e was calculated using the following information:

Data Value Source

Gross Emissions 4,026,656 metric tons Project Sponsor

Emissions = 4,438,554 short tons of CO2e =

4,026,656 metric tons * 1 short ton 

 0.9072 metric ton

2012 Emissions Estimate

Various Egypt Subsidiaries (Apache)’s 2012 gross emissions estimate of 4,178,447 short 

tons of CO2e was calculated using the following information:

Data Value Source

Gross Emissions 3,790,687 metric tons Project Sponsor

Emissions = 4,178,447 short tons of CO2e =

3,790,687 metric tons * 1 short ton 

 0.9072 metric ton
Page 70 

2013 Emissions Estimate

Various Egypt Subsidiaries (Apache)’s 2013 gross emissions estimate of 4,056,437 short 

tons of CO2e was calculated using the following information: 

Data Value Source

Gross Emissions 3,680,000 metric tons Project Sponsor

Emissions = 4,056,437 short tons of CO2e =

3,680,000 metric tons * 1 short ton 

 0.9072 metric ton

2014 Emissions Estimate

Various Egypt Subsidiaries (Apache)’s 2014 gross emissions estimate of 4,012,346 short 

tons of CO2e was calculated using the following information: 

Data Value Source

Gross Emissions 3,640,000 metric tons Project Sponsor

Emissions = 4,012,346 short tons of CO2e =

3,640,000 metric tons * 1 short ton 

 0.9072 metric ton

2015 Emissions Estimate

Various Egypt Subsidiaries (Apache)’s 2015 gross emissions estimate of 3,891,093 short 

tons of CO2e was calculated using the following information: 

Data Value Source

Gross Emissions 3,530,000 metric tons Project Sponsor

Emissions = 3,891,093 short tons of CO2e =

3,530,000 metric tons * 1 short ton 

 0.9072 metric ton
Page 71 

2016 Emissions Estimate

Various Egypt Subsidiaries (Apache)’s 2016 gross emissions estimate of 4,007,936.51

short tons of CO2e was calculated using the following information: 

Data Value Source

Gross Emissions 3,636,000 metric tons Project Sponsor

Emissions = 4,007,936.51 short tons of CO2e =

3,636,000 metric tons * 1 short ton 

 0.9072 metric ton

2017 Emissions Estimate

Various Egypt Subsidiaries (Apache)’s 2017 gross emissions estimate of 4,539,735.45 

short tons of CO2e was calculated using the following information: 

Data Value Source

Gross Emissions 4,118,448 metric tons Project Sponsor

Emissions = 4,539,735.45 short tons of CO2e =

4,118,448 metric tons * 1 short ton 

 0.9072 metric ton

2018 Emissions Estimate

Various Egypt Subsidiaries (Apache)’s 2018 gross emissions estimate of 4,600,146 short 

tons of CO2e was calculated using the following information: 

Data Value Source

Gross Emissions 4,173,252 metric tons Project Sponsor

Emissions = 4,600,146 short tons of CO2e =

4,173,252 metric tons * 1 short ton__ 

 0.9072 metric ton

2019 Emissions Estimate

No additional data were available for 2019; therefore, emissions estimate defaulted to the 

2018 emissions estimate of 4,600,146 short tons CO2e.
Page 72 

2020 Emissions Estimate

Various Egypt Subsidiaries (Apache)’s 2020 gross emissions estimate of 4,640,970 short 

tons of CO2e was calculated using the following information: 

Data Value Source

Gross Emissions 4,210,288 metric tons Project Sponsor

Emissions = 4,640,970 short tons of CO2e =

4,210,288 metric tons * 1 short ton__ 

 0.9072 metric ton
Page 73 

Arish-Ashkelon Pipeline

Maximum Potential-to-Emit Estimate

Arish-Ashkelon Pipeline’s project description provided an estimate of the expected 

emissions, which was used to calculate the project’s maximum potential-to-emit in the 

amount of 82,673 short tons of CO2e.

Data Value Source

Gross Emissions 75,000 metric tons Project Sponsor

Conversion Factor 1.1023 short tons/metric ton

Emissions = 82,673 short tons of CO2e =

75,000 metric tons * 1.1023 short tons 

 1 metric ton
Page 74 

Compagnie des Bauxites de Guinee

Maximum Potential-to-Emit Estimate

Compagnie des Bauxites de Guinee’s maximum PTE estimate of 369,279 STPY of 

CO2e comes from the project description. However, emissions for year 2018 exceeded 

that estimate of Max PTE and thus we estimate emissions peaked at 386,151 short 

tons of CO2e in CY 2018.

2018 Emissions Estimate

Compagnie des Bauxites de Guinee’s 2018 emissions estimate of 386,151 short tons 

CO2e was calculated using the following information:

Data Value Source

2018 Production Emissions 284,084 mtCO2e Project Sponsor 

2018 Transportation Emissions 64,148 mtCO2e Project Sponsor

2018 Generator Emissions 2,084 mtCO2e Project Sponsor

Conversion Factor 0.9072 metric tons/short ton

Emissions = 386,151 short tons of CO2e =

(284,084 mtCO2e + 64,148 mtCO2e +2,084 mtCO2e) * 1 short ton 

 0.9072 metric ton

2019 Emissions Estimate

Compagnie des Bauxites de Guinee’s 2019 emissions estimate of 412,131 short tons 

CO2e was calculated using the following information:

Data Value Source

2019 Production Emissions 305,735 mtCO2e Project Sponsor 

2019 Transportation Emissions 66,039 mtCO2e Project Sponsor

2019 Generator Emissions 2,111 mtCO2e Project Sponsor

Conversion Factor 0.9072 metric tons/short ton

Emissions = 412,131 short tons of CO2e =

(305,735 mtCO2e + 66,039 mtCO2e + 2,111 mtCO2e) * 1 short ton___

 0.9072 metric ton
Page 75 

2020 Emissions Estimate

Compagnie des Bauxites de Guinee’s 2020 emissions estimate of 341,627 short tons 

CO2e was calculated using the following information:

Data Value Source

2020 Production Emissions 304,963 mtCO2e Project Sponsor 

2020 Transportation Emissions 4,961 mtCO2e Project Sponsor

2020 Generator Emissions 0 mtCO2e Project Sponsor

Conversion Factor 0.9072 metric tons/short ton

Emissions = 341,627 short tons of CO2e =

(304,963 mtCO2e + 4,961 mtCO2e) * 1 short ton___

 0.9072 metric ton
Page 76 

TIER C PROJECTS

Tier C projects were not included in the 2007 and 2008 inventories. Emissions 

calculations for these projects have been included in all inventories from 2009 to the 

present.

Aga Khan and Medical College Foundation 

Maximum Potential-to-Emit Estimate

Aga Khan’s maximum PTE estimate of 72,965 STPY of CO2e was calculated using the 

following information:

Data Value Source

Small Boiler Rating 1 ton of steam/hr Project Description

Small Boiler Count 2 Project Description

Large Boiler Rating 10 tons of steam/hr Project Description

Large Boiler Count 4 Project Description

Conversion Factor 2,000 lbs/short tons

Boiler Efficiency 0.80 Project Description

Steam Enthalpy at 212  ̊F 

and 0 psig

1,150 Btu/lbs Saturated Steam Table

Conservative Operating 

Assumption

8,000 hr/yr EIA Form 923 data, 2007

Conversion Factor 0.000001 MMBtu/Btu

Electricity Generation 

Nameplate Capacity

4.8 MW Project Description

Emission Factor: 

Generation w/ Natural Gas

390 g CO2/kWh IFC 2012

Emission Factor: 

Combustion of Natural Gas

53.02 kg CO2/MMBtu TCR 2014

Conversion Factor 1,000 kWh/MWh

Conversion Factor 0.000001 metric tons/g

Conversion Factor 1.1023 short tons/metric ton
Page 77 

Maximum Potential-to-Emit = 72,965 STPY of CO2e =

[(1 tons * 2) + (10 tons * 4)] * _1 _ * 8,000 hr * 1,150 Btu * 2,000 lbs * 10

-6 MMBtu 

 hr 0.8 yr lb short ton Btu

* 53.02 kg CO2 * 10

-3 metric ton + 4.8 MW * 8,000 hr * 1,000 kWh * 390 g CO2 

 MMBtu kg yr MWh kWh 

* 10

-6 metric ton * 1.1023 short tons

 g metric ton

2014 Emissions Estimate

Aga Khan’s 2014 emissions estimate of 25,064 short tons of CO2e was calculated using 

the following information:

Data Value Source

Natural Gas Consumption 12,879,049 m3 Project Sponsor

Conversion Factor 35.31 scf/m3

Emission Factor Natural Gas 0.05 kg CO2/scf TCR 2014

Conversion Factor 0.0011023 short tons/kg

Emissions = 25,064 short tons of CO2e =

12,879,000 m3 * 35.31 scf * 0.05444 kg CO2 * 0.0011023 short tons

 m3 scf kg 

2015 Emissions Estimate

Aga Khan’s 2015 emissions estimate of 28,653 short tons of CO2e was calculated using 

the following information:

Data Value Source

Natural Gas Consumption 13,522,367 m3 Project Sponsor

Conversion Factor 35.31 scf/m3

Emission Factor Natural Gas 0.05444 kg CO2/scf TCR 2015

Conversion Factor 0.0011023 short tons/kg

Emissions = 28,653 short tons of CO2e =

13,563,367 m3 * 35.31 scf * 0.05444 kg CO2 * 0.0011023 short tons

 m3 scf kg 
Page 78 

2016 Emissions Estimate

Aga Khan’s 2016 emissions estimate of 29,093 short tons of CO2e was calculated using 

the following information:

Data Value Source

Natural Gas Consumption 13,730,110 m3 Project Sponsor

Conversion Factor 35.31 scf/m3

Emission Factor Natural Gas 0.05444 kg CO2/scf TCR 2017

Conversion Factor 0.0011023 short tons/kg

Emissions = 29,093 short tons of CO2e =

13,730,110 m3 * 35.31 scf * 0.05444 kg CO2 * 0.0011023 short tons

 m3 scf kg 

2017 Emissions Estimate

Aga Khan’s 2017 emissions estimate of 28,312 short tons of CO2e was calculated using 

the following information:

Data Value Source

Natural Gas Consumption 13,146,977 m3 Project Sponsor

Diesel Consumption 150,894 liters Project Sponsor

Emission Factor Natural Gas 0.05444 kg CO2/scf TCR 2017

Emissions Factor Diesel 73.96 kg CO2/MMBtu TCR 2017

Diesel Energy Content 0.14 MMBtu per gallon diesel TCR 2017

Conversion Factor 0.26417 gallons per liter

Conversion Factor 35.31 scf/m3

Conversion Factor 0.0011023 short tons/kg

Emissions = 28,312 short tons of CO2e =

13,146,977 m3 * 35.31 scf * 0.05444 kg CO2 * 0.0011023 short tons +

 m3 scf kg 

150,894 liters * 0.26417 gallons * 0.14 MMBtu * 73.96 kg CO2 * 0.0011023 short tons

 liter gallon MMBtu kg
Page 79 

2018 Emissions Estimate

Aga Khan’s 2018 emissions estimate of 28,367 short tons of CO2e was calculated using 

the following information:

Data Value Source

Natural Gas Consumption 13,156,408 m3 Project Sponsor

Diesel Consumption 162,460 liters Project Sponsor

Emission Factor Natural Gas 0.05444 kg CO2/scf TCR 2017

Emissions Factor Diesel 73.96 kg CO2/MMBtu TCR 2017

Diesel Energy Content 0.14 MMBtu per gallon diesel TCR 2017

Conversion Factor 0.26417 Gallons per liter

Conversion Factor 35.31 scf/m3

Conversion Factor 0.0011023 short tons/kg

Emissions = 28,367 short tons of CO2e =

13,156,408 m3 * 35.31 scf * 0.05444 kg CO2 * 0.0011023 short tons +

 m3 scf kg 

162,460 liters * 0.26417 gallons * 0.14 MMBtu * 73.96 kg CO2 * 0.0011023 short tons

 liter gallon MMBtu kg

2019 Emissions Estimate

Aga Khan’s 2019 emissions estimate of 30,632 short tons of CO2e was calculated using 

the following information:

Data Value Source

Natural Gas Consumption 14,254,793 m3 Project Sponsor

Diesel Consumption 143,629 liters Project Sponsor

Emission Factor Natural Gas 0.05444 kg CO2/scf TCR 2020

Emissions Factor Diesel 73.96 kg CO2/MMBtu TCR 2020

Diesel Energy Content 0.14 MMBtu per gallon diesel TCR 2020

Conversion Factor 0.26417 Gallons per liter

Conversion Factor 35.31 scf/m3

Conversion Factor 0.0011023 short tons/kg

Emissions = 30,632 short tons of CO2e =

14,254,793 m3 * 35.31 scf * 0.05444 kg CO2 * 0.0011023 short tons +

 m3 scf kg 

143,629 liters * 0.26417 gallons * 0.14 MMBtu * 73.96 kg CO2 * 0.0011023 short tons

 liter gallon MMBtu kg
Page 80 

2020 Emissions Estimate

Aga Khan’s 2020 emissions estimate of 32,112 short tons of CO2e was calculated using 

the following information:

Data Value Source

Natural Gas Consumption 14,960,226 m3 Project Sponsor

Diesel Consumption 138,756 liters Project Sponsor

Emission Factor Natural Gas 0.05444 kg CO2/scf TCR 2020

Emissions Factor Diesel 73.96 kg CO2/MMBtu TCR 2020

Diesel Energy Content 0.138 MMBtu per gallon diesel TCR 2020

Conversion Factor 0.264 Gallons per liter

Conversion Factor 35.31 scf/m3

Conversion Factor 0.0011023 short tons/kg

Emissions = 32,112 short tons of CO2e =

14,960,226 m3 * 35.31 scf * 0.05444 kg CO2 * 0.0011023 short tons +

 m3 scf kg 

138,756 liters * 0.264 gallons * 0.138 MMBtu * 73.96 kg CO2 * 0.0011023 short tons

 liter gallon MMBtu kg
Page 81 

Negev Energy

Maximum Potential-to-Emit Estimate

Negev Energy’ project description provided an estimate of the expected emissions from 

the combustion of natural gas, which was used as the project’s maximum potential-toemit in the amount of 66,138 STPY of CO2e.

Data Value Source

Gross Emissions 60,000 metric tons Project Sponsor

Conversion Factor 1.1023 short tons/metric ton

Emissions = 66,138 short tons of CO2e =

60,000 metric tons * 1.1023 short tons 

 1 metric ton

2019 Emissions Estimate

The 2019 emissions estimate of 6,315 short tons of CO2e for Negev Energy was below 

the 25,000 STPY of CO2e threshold and was calculated as follows:

Data Value Source

Natural Gas Consumption 89,103.90 MMBtu Project Sponsor

Diesel Oil Consumption 371.00 m3 Project Sponsor

Natural Gas Emission Factor 53.06 kgCO2/MMBtu

Conversion Factor 6.29 barrels (bbl)/m3

Conversion Factor 5.80 MMBtu/bbl diesel

Diesel Oil Emission Factor 73.96 kgCO2/MMBtu

Conversion Factor 0.0011023 short tons/kg

Total Emissions Estimate = 6,315 short tons of CO2e = 

89,103.90 MMBtu natural gas * 53.06 kg CO2 * 0.0011023 short tons +

 MMBtu kg

371.00 m3* 6.29 bbl * 5.8 MMBtu * 73.96 kg CO2 * 0.0011023 short tons

 m3 bbl MMBtu kg
Page 82 

2020 Emissions Estimate

The 2020 emissions estimate of 13,361 short tons of CO2e for Negev Energy was below 

the 25,000 STPY of CO2e threshold and was calculated as follows:

Data Value Source

Natural Gas Consumption 222,002 MMBtu Project Sponsor

Diesel Oil Consumption 126.60 m3 Project Sponsor

Natural Gas Emission Factor 53.06 kgCO2/MMBtu

Conversion Factor 6.29 barrels (bbl)/m3

Conversion Factor 5.80 MMBtu/bbl diesel

Diesel Oil Emission Factor 73.96 kgCO2/MMBtu

Conversion Factor 0.0011023 short tons/kg

Total Emissions Estimate = 13,361 short tons of CO2e = 

222,002 MMBtu natural gas * 53.06 kg CO2 * 0.0011023 short tons +

 MMBtu kg

126.60 m3* 6.29 bbl * 5.8 MMBtu * 73.96 kg CO2 * 0.0011023 short tons

 m3 bbl MMBtu kg
Page 83 

Qalaa Holdings (formerly Citadel)

Maximum Potential-to-Emit Estimate

Qalaa Holdings’ project description provided a range of expected emissions. The upper 

end of this range was used as the project’s maximum potential-to-emit in the amount of 

105,821 STPY of CO2e.

Data Value Source

Direct Emissions 96,000 metric tons Project Description

Conversion Factor 1.1023 short tons/metric ton

Maximum Potential-to-Emit = 105,821 STPY of CO2e =

96,000 metric tons * 1.1023 short tons/metric ton

2012 Emissions Estimate 

Citadel is a private equity firm that invests in multiple platforms. In 2012, the Glenview 

Investment Holdings platform had an estimated carbon footprint estimate of 46,707 short 

tons of CO2e calculated using the following information:

Data Value Source

Natural Gas Consumption 24 million m3 Project Description

Conversion Factor 1,000,000 m3/ million m3

Conversion Factor 35.31 scf/ m3

Natural Gas Emission Factor 0.05 kg CO2/ scf TCR 2013

Conversion Factor 0.0011023 short tons/ kg

Total emissions estimate = 46,707 short tons of CO2e =

24 million m3* 1,000,000 m3* 35.31 scf * 0.05 kg CO2 * 0.0011023 short tons

 million m3 m3 scf kg 

2013 Emissions Estimate

In 2013, Citadel changed its name to Qalaa Holdings, a private equity firm that invests 

in multiple platforms. In 2013, three platforms contributed to Qalaa Holdings’ total 

emissions, including Glenview Investment Holdings, United Company for Foundries, 

ASEC Company for Mining, and Falcon for Agricultural Investments Ltd. The 2013 

revised emissions estimate of 52,169 short tons of CO2e was calculated as follows. 
Page 84 

Data Value Source

Natural Gas Consumption 

(Glenview Investment Holdings)

18 million m3 Project 

Description

Natural Gas Consumption

(other platforms)

8.807 million m3 Project Sponsor

Conversion Factor 1,000,000 m3/ million m3

Conversion Factor 35.31 scf/ m3

Natural Gas Emission Factor 0.05 kg CO2/ scf TCR 2013

Conversion Factor 0.0011023 short tons/ kg

Total emissions estimate = 52,169 short tons of CO2e =

(18 + 8.807) million m3* 1,000,000 m3* 35.31 scf * 0.05 kg CO2 * 0.0011023 short tons

 million m3 m3 scf kg 

2014 Emissions Estimate

In 2014, four platforms contributed to Qalaa Holdings’ total emissions, including 

Grandview Investment Holdings, United Company for Foundries, ASEC Company for 

Mining, and Falcon for Agricultural Investments Ltd. The 2014 emissions estimate of 

47,437 short tons of CO2e was calculated as follows. 

Data Value Source

Natural Gas Consumption (all 

platforms)

24.376 million m3 Project Sponsor

Conversion Factor 1,000,000 m3/ million m3

Conversion Factor 35.31 scf/ m3

Natural Gas Emission Factor 0.05 kg CO2/ scf TCR 2014

Conversion Factor 0.0011023 short tons/ kg

Total emissions estimate = 47,437 short tons of CO2e =

24.376 million m3* 1,000,000 m3* 35.31 scf * 0.05 kg CO2 * 0.0011023 short tons

 million m3 m3 scf kg 

2015 Emissions Estimate

In 2015, two platforms contributed to Qalaa Holdings’ total emissions, including 

Grandview Investment Holdings, United Company for Foundries, and ASEC Company 

for Mining. The 2015 emissions estimate of 34,279 short tons of CO2e was calculated 

as follows. 
Page 85 

Data Value Source

Natural Gas Consumption (all 

platforms)

17.614 million m3 Project Sponsor

Conversion Factor 1,000,000 m3/ million m3

Conversion Factor 35.31 scf/ m3

Natural Gas Emission Factor 0.05 kg CO2/ scf TCR 2014

Conversion Factor 0.00110023 short tons/ kg

Total emissions estimate = 34,279 short tons of CO2e =

17.614 million m3* 1,000,000 m3* 35.31 scf * 0.05 kg CO2 * 0.0011023 short tons

 million m3 m3 scf kg 

2016 Emissions Estimate

In 2016, emissions from Qalaa Holdings fell below the 25,000 CO2 threshold. The 2016

emissions estimate of 7,194 short tons of CO2e was calculated as follows. 

Data Value Source

Natural Gas Consumption (all 

platforms)

3.6966 million m3 Project Sponsor

Conversion Factor 1,000,000 m3/ million m3

Conversion Factor 35.31 scf/ m3

Natural Gas Emission Factor 0.05 kg CO2/ scf TCR 2014

Conversion Factor 0.0011023 short tons/ kg

Total emissions estimate = 7,194 short tons of CO2e =

3.6966 million m3* 1,000,000 m3* 35.31 scf * 0.05 kg CO2 * 0.0011023 short tons

 million m3 m3 scf kg

2017 Emissions Estimate

In 2017, emissions from Qalaa Holdings fell below the 25,000 CO2 threshold. The 2017

emissions estimate of 12,025 short tons of CO2e was calculated as follows. 

Data Value Source

Natural Gas Consumption (all 

platforms)

6,178,895.16 m3 Project Sponsor

Conversion Factor 35.31 scf/ m3

Natural Gas Emission Factor 0.05 kg CO2/ scf TCR 2014

Conversion Factor 0.0011023 short tons/ kg
Page 86 

Total emissions estimate = 12,025 short tons of CO2e =

6,178,895.16 million m3* 35.31 scf * 0.05 kg CO2 * 0.0011023 short tons

 m3 scf kg 

2018 Emissions Estimate

The 2018 emissions estimate of 45,919 short tons of CO2e for Qalaa Holdings was

calculated as follows. 

Data Value Source

Natural Gas Consumption (all 

platforms)

23,595,201.00 m3 Project Sponsor

Conversion Factor 35.31 scf/ m3

Natural Gas Emission Factor 0.05 kg CO2/ scf TCR 2014

Conversion Factor 0.0011023 short tons/ kg

Total emissions estimate = 45,919 short tons of CO2e =

23,595,201.00 m3* 35.31 scf * 0.05 kg CO2 * 0.0011023 short tons

 m3 scf kg

2019 Emissions Estimate

The 2019 emissions estimate of 47,615 short tons of CO2e for Qalaa Holdings was

calculated as follows. 

Data Value Source

Natural Gas Consumption (all 

platforms)

24,466,525 m3 Project Sponsor

Conversion Factor 35.31 scf/ m3

Natural Gas Emission Factor 0.05 kg CO2/ scf TCR 2020

Conversion Factor 0.0011023 short tons/ kg

Total emissions estimate = 47,615 short tons of CO2e =

24,466,525 m3* 35.31 scf * 0.05 kg CO2 * 0.0011023 short tons

 m3 scf kg

2020 Emissions Estimate

The 2020 emissions estimate of 54,695 short tons of CO2e for Qalaa Holdings was

calculated as follows. 
Page 87 

Data Value Source

Natural Gas Consumption (all 

platforms)

28,104,677 m3 Project Sponsor

Conversion Factor 35.31 scf/m3

Natural Gas Emission Factor 0.05 kg CO2/scf TCR 2020

Conversion Factor 0.0011023 short tons/kg

Total emissions estimate = 54,695 short tons of CO2e =

28,104,677 m3* 35.31 scf * 0.05 kg CO2 * 0.0011023 short tons

 m3 scf kg
Page 88 

APPENDIX C – COMMON CONVERSIONS

Listed below are common emission and conversions factors used in the development of 

emission estimates. 

UNIT CONVERSION

Value Unit of Measure Source

8,000 Hours per Year Conservative Operating Assumption – EIA Form 923, 2007

333 Days per Year Calculated from Hours per Year

1,000,000 Btu per MMBtu TCR 2008, TCR 2020

0.001 metric tons per kg TCR 2008, TCR 2020

0.0011023 short tons per kg TCR 2008, TCR 2020

1,000,000 scf per Mcf TCR 2008, TCR 2020

0.02832 m3 per scf TCR 2008, TCR 2020

0.9072 metric tons per short ton TCR 2008, TCR 2020

0.000001 metric tons per g TCR 2008, TCR 2020

0.0000011023 short tons per g TCR 2008, TCR 2020

907.18 kg per short ton TCR 2008, TCR 2020

2.2046 lbs per kg TCR 2008, TCR 2020

2,204.62 lbs per metric tonne TCR 2008, TCR 2020

2,000 lbs per short ton TCR 2008, TCR 2020

42 gallons per barrel TCR 2008, TCR 2020

HEAT CONTENT

Value Unit of Measure Source

43 TJ/Gg HFO Gross Calorific Value National Physical Laboratory, 2015

44 TJ/Gg LFO Gross Calorific Value National Physical Laboratory, 2015

5.796 MMBtu per barrel diesel (fuel oil #2) TCR 2013, TCR 2014

17.25 MMBtu per short ton coal (sub-bituminous) TCR 2008, TCR 2020

5.80 MMBtu per barrel diesel (fuel oil #2) TCR 2013, TCR 2014, TCR 2020

5.80 MMBtu per barrel crude oil TCR 2013, TCR 2014, TCR 2020

1,028 Btu per scf natural gas (U.S. weighted average) TCR 2013, TCR 2014

1,026 Btu per scf natural gas (U.S. weighted average) TCR 2015, TCR 2020

EMISSION FACTORS FOR ELECTRICITY GENERATION

Value Unit of Measure Source

901 g CO2 per kWh generated using coal IFC 2012

666 g CO2 per kWh generated using oil IFC 2012

390 g CO2 per kWh generated using natural gas IFC 2012
Page 89 

EMISSION FACTORS FOR FUEL COMBUSTION

Value Unit of Measure Source

53.02 kg CO2 per MMBtu natural gas TCR 2013, TCR 2014, TCR 2015

53.06 kg CO2 per MMBtu natural gas TCR 2015, TCR 2017

72.22 kg CO2 per MMBtu kerosene type jet fuel TCR 2017, TCR 2020

52.91 kg CO2 per MMBtu natural gas (Btu/scf 1,000-1,025) TCR 2013, TCR 2014, TCR 2015, 

TCR 2020

73.96 kg CO2 per MMBtu diesel (fuel oil #2) TCR 2013, TCR 2014, TCR 2015, 

TCR 2017

97.09 kg CO2 per MMBtu coal (sub-bituminous) TCR 2008

74.49 kg CO2 per MMBtu crude oil TCR 2013

0.0544 kg CO2 per scf natural gas TCR 2013, TCR 2014, TCR 2015, 

TCR 2017

75.1 kg CO2 per MMBtu Residual Fuel Oil (#6) TCR 2014, TCR 2015, TCR 2017, 

TCR 2020

2098.89 kg CO2 per short ton coal (mixed industrial sector) TCR 2013, TCR 2014

2115.8745 kg CO2 per short ton coal (mixed industrial sector) TCR 2017

77,400 kg CO2 per TJ Residual Oil – Heavy Fuel Oil IPCC, 2006. 

74,100 kg CO2 per TJ Residual Oil – Light Fuel Oil IPCC, 2006. 

EMISSION FACTORS FOR INDUSTRIAL PROCESSES

Value Unit of Measure Source

0.44 Short tons CO2 per short ton limestone processed IPCC 2006
 Page 90 

APPENDIX D – ANNOTATED BIBLIOGRAPHY

API 2009 (American Petroleum Institute). Compendium of Greenhouse Gas Emissions 

Methodologies for the Oil and Gas Industry. August 2009.

EIA 2008. Energy Information Administration (EIA) U.S. Natural Gas Consumption by 

End Use. 2003-2007. Accessed January 2008.

<http://tonto.eia.doe.gov/dnav/ng/ng_cons_sum_dcu_nus_a.htm>

Emissions from natural pipeline transport are very segment specific, varying by

pipeline infrastructure, compression energy source, and segment distance. In 

order to define the related emissions for representative pipeline hauls in the 

absence of system specifications, Pace Global assumed pipeline-fuel 

consumption and both combustion and non-combustion CO2e emissions, based 

on EIA natural gas consumption data and data from the U.S. GHG Inventory 

released by EPA in 2008. This data yielded an average fugitive-emission-loss 

rate of 1.7% (per unit volume), and fugitive emissions factor of 4,297 lbs of CO2

per mmscfd. The emissions associated with combustion required to move natural 

gas were calculated to be 3,439 lbs of CO2 per MMscd. 

GREET. The Greenhouse Gases, Regulated Emissions, and Energy Use In 

Transportation Model, GREET 1.8d.1, developed by Argonne National Laboratory, 

Argonne, IL, released August 26, 2010.

IFC 2008. International Finance Corporation (IFC). Guidance Note 3: Pollution 

Prevention and Abatement. July 31, 2007. Accessed January 2008.

<http://www.ifc.org/ifcext/sustainability.nsf/Content/GuidanceNotes> 

This guidance note by the IFC provides suggested GHG emissions estimation 

methodologies for the energy and industrial sectors. The table in Annex A 

provides the capacity for electric-generating technologies (oil = 25MW, coal = 

18MW, gas = 41MW) that would emit 100,000 metric tons of CO2e per year. The 

table also provides the emissions factor that was applied to the electric 

generation projects for which no throughput or consumption volumes were 

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