Iea Environmental Projects Limited

The principal activity of the company during the year was to be that of Operating Agent for the IEA Greenhouse Gas R&D Programme (the "Programme" or "IEA GHG") on behalf of its members. This is an international collaboration supported by 15 nations, the European Commission and 20 industrial sponsors. The Programme's purpose is to provide information on technologies for the abatement of greenhouse gas emissions from the use of fossil fuels and biomass, in power and industrial systems, other energy carriers and energy integrated systems. The members are represented through an Executive Committee ("ExCo"). The company operates the Programme under the terms of the Implementing Agreement, dated 20 November 1991 and as last amended with effect from 21 February 2022. The primary members of the Programme are government agencies of countries interested in greenhouse gas emissions. Individual government agencies may have financial constraints imposed on them and sometimes replace direct subscription to the Programme by commercial sponsors, in addition to individual sponsor membership by commercial organisations. The Programme continues to research and disseminate information on the subject of greenhouse gas mitigation from the power and industry sectors. The research topics are agreed by the members at the six-monthly ExCo meetings. The results of the research topics are disseminated electronically and by social media outlets and webinars. The company has expanded its current activities and from 2018 now also operates the secretariat for the Clean Energy Ministerial Carbon Capture, Utilization and Storage Initiative ("CEM CCUS"). This initiative currently has [12] country members, each one of which will contribute an annual sum for the company to operate the CEM CCUS Initiative secretariat. The company has also taken over the Carbon Sequestration Leadership Forum Capacity Building Fund which is used to support developing country member support for the CEM CCUS Initiative. The company has expanded its current activities and from now also operates the secretariat for the new Mission Innovation Cardbon Dioxide Removal Mission ("MI CDR"). The company may only charge to the IEA GHG, CEM CCUS and MI CDR the costs of the operations and therefore makes neither a profit or a loss.