LOS ANGELES, Nov. 3, 2010 (GLOBE NEWSWIRE) -- Green Globe International, Inc. (Pink Sheets:GGII) today announced its support of the apparent rejection of Proposition 23, which would have suspended Assembly Bill 32, the Global Warming Solutions Act of 2006, by California voters on November 2nd. Assembly Bill 32, passed by the California State Legislature and signed by Governor Arnold Schwarzenegger, is California's landmark clean air legislation, which requires that greenhouse gas emission levels in the state be cut to 1990 levels by 2020. With over 93% of precincts reporting, the proposition is losing by approximately 61% to 39%.
AB 32 requires the California Air Resources Board (CARB) to adopt regulations to require the reporting and verification of statewide greenhouse gas emissions and to monitor and enforce compliance with this program. The process of cutting greenhouse gas emissions is slated under AB 32 to begin in 2012.
Green Globe International is involved in sustainability projects in California, including environmental reporting and potentially environmental credit monetization projects. The company partnered with the Los Angeles Community College District (LACCD), the Los Angeles Area Chamber of Commerce, and other partners in the initiative that will allow businesses in the city of Los Angeles to earn a seal of approval through its new green business certification program. Green Globe International has also joined the Sustainable Business Council of Los Angeles (SBCLA), a non-profit organization, which provides events, networking, and advocacy programs for sustainable businesses, entrepreneurs and executives throughout Los Angeles.
With its current focus of developing environmental credit monetization projects in the U.S. and internationally, Green Globe International expects to be working with entities in California on projects within the state, and the voters' rejection of Proposition 23 sends a clear message that both government and the majority of citizens believe that the emission of greenhouse gases should be controlled.
"We are pleased that according to current election result projections, California voters have soundly defeated Prop 23," said Green Globe International Managing Director and CEO Steven R. Peacock. "AB 32 is expected to provide even greater opportunity within the state, specifically our work with Green Giant Venture Fund to deliver sustainable solutions for clients, including monetizing carbon credits generated from the client's environmental improvements, and we look forward to seeing this legislation implemented."
The Green Globe brand and program, which traces its roots back to the United Nations Rio de Janeiro Earth Summit in 1992, where 182 Heads of State endorsed the Agenda 21 principles of Sustainable Development, has primarily been used in the travel and tourism industry but is now being expanded to include a growing number of environmentally responsible businesses in a variety of market sectors. The Green Globe brand is an ideal symbol for the world's increasing awareness of environmental responsibility and response to global climate change.
The company encourages all shareholders and others interested in following the progress of the Green Globe brand to subscribe to receive email alerts whenever new information is made public. To subscribe, please visit http://www.greenglobeint.com/stayconnected/email/.
About Green Globe International, Inc.
Green Globe International, Inc., through its 88% majority ownership in Green Globe, Ltd., a UK corporation, is the worldwide owner of the Green Globe brand, the recognized leader of sustainability certification and benchmarking programs, carbon footprint calculation and offset programs, and a broad range of consulting services. Green Globe International is an affiliate member of the United Nations World Tourism Organization and the World Travel & Tourism Council (WTTC), the business leaders' forum for the travel and tourism industry, is a major shareholder of Green Globe International. For more information on the company and its programs, please visit www.greenglobeint.com or call 888-528-0883.
The Green Globe International, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6582
For information on Green Globe Certification, please visit www.greenglobe.com. To see sustainable travel options, please visit www.greenglobe.travel.
Safe Harbor Statement
This release contains forward-looking statements with respect to the results of operations and business of Green Globe International, Inc., which involves risks and uncertainties. The Company's actual future results could materially differ from those discussed. The Company intends that such statements about the Company's future expectations, including future revenues and earnings, and all other forward-looking statements be subject to the "Safe Harbors" provision of the Private Securities Litigation Reform Act of 1995.