First Climate Group: Latest News http://www.firstclimate.com/ Latest News en First Climate Group: Latest News http://www.firstclimate.com//fileadmin/images/assets/rss_icon.gif http://www.firstclimate.com/ 34 34 Latest News TYPO3 - get.content.right http://blogs.law.harvard.edu/tech/rss Tue, 10 Feb 2009 09:00:00 +0100 First Climate in powernews.org: Macquaire und First Climate bündeln China-Aktivitäten http://www.firstclimate.com/de/press-events/news-details/article/2008/11/07/first-climate-in-powernewsorg-macquaire-und-first-climate-buendeln-china-aktivitaeten.html?tx_ttnews%5BbackPid%5D=30&cHash=6aeac308ee Der australische Finanzkonzern Macquaire Group und der CO2-Dienstleister First Climate aus Bad Vilbel wollen künftig bei der Weiterentwicklung von CDM-Projekten in China strategisch zusammenarbeiten. Ziel der Kooperation ist es, die jeweiligen Projektportfolios beider Partner in China zu erweitern. Dazu wollen die Unternehmen bei der Suche nach Klimaschutzprojekten und deren Entwicklung sowie beim Projektmanagement und der Verwertung der in den CDM-Projekten generierten zertifizierten Emissionsgutschriften (CER) kooperieren.

Die Macquaire Group ist seit 1995 in China aktiv. First Climate erwartet von der Zusammenarbeit eine Stärkung seiner Marktposition im chinesischen CDM-Markt, in dem derzeit etwa 60 % der weltweiten CER generiert werden, und möchte mit dem neuen Partner weitere Dienstleistungen aus dem Bereich Risikomanagement und Projektfinanzierung anbieten.


Source: powernews.org]]> Press Clipping Fri, 07 Nov 2008 11:34:00 +0100 First Climate in European Daily Carbon Markets: First Climate and Camco unveil Chinese deals http://www.firstclimate.com/de/press-events/news-details/article/2008/11/06/first-climate-in-european-daily-carbon-markets-first-climate-and-camco-unveil-chinese-deals.html?tx_ttnews%5BbackPid%5D=30&cHash=832146358b Two carbon project developers – First Climate and Camco – unveiled new ventures in China on Thursday.First Climate, headquartered in Frankfurt, Germany, said it was set to cooperate with...
First Climate, headquartered in Frankfurt, Germany, said it was set to cooperate with Australian
financial group Macquarie in order to expand its existing clean development mechanism (CDM) portfolios in China. The two groups would jointly source, develop and manage new projects, as well as share revenues from the Certified Emission Reductions (CERs) issued.

First Climate has been active in China for three years, employing 10 staff on the ground. Thomas Stetter, member of the executive board at First Climate, told ICIS Heren the joint venture would consider all types of projects, but that the focus would probably remain on renewable and energy efficiency projects. This also reflects Macquarie’s current CDM portfolio, which has been running for two and a half years, a spokeswoman for the bank said.

The credits would be both sold on the secondary CER market and as financial products. Macquarie might also provide financial incentives such as prepayment for specific projects Stetter said.

Another project developer, UK-listed Camco, has now fully taken over ESD Sinosphere, a Chinese company that provides technical due diligence and emissions assessments for potential CDM projects in the country.

Camco announced on Thursday that it had added a 49% stake to the 51% equity in ESD Sinosphere it bought in 2007. The acquisition values ESD Sinosphere at €125,000, around 1.5% of the €8.2m loss that Camco posted in the first half of 2008 as a result of bottlenecks in the CDM approval process.

Recently, the price differential between primary and secondary – or guaranteed – CERs has narrowed.But as secondary CER prices fall because of the generally gloomy economic outlook, thisdifference is likely to start to widen again as primary CER prices follow, Stetter told ICIS Heren, adding: “We already see this happening, and the change might become even more dramatic. It depends a lot on the expectations of future prices. If you expect future CER prices to rise, you might think you are not getting a high enough price [for your primary CERs]. But if you expect prices to fall, you might be satisfied with a lower price.”
Source: European Daily Carbon Markets]]> Press Clipping Thu, 06 Nov 2008 11:34:00 +0100 Macquarie Group and First Climate form strategic cooperation to further develop CDM opportunities in China http://www.firstclimate.com/de/press-events/news-details/article/2008/11/06/macquarie-group-and-first-climate-form-strategic-cooperation-to-further-develop-cdm-opportunities-in.html?tx_ttnews%5BbackPid%5D=30&cHash=56abb2b783 Combining market position and access to strengthen worldwide Clean Development Mechanism (CDM) project portfolio banking, financial, advisory, investment and funds management services, and First Climate AG, a
fully  integrated  carbon  asset  management  company,  today  announced  a  broad  strategic
cooperation   designed   to   strengthen   and   expand   their   respective   pipelines   of   emission
reduction  projects  in  China.  First  Climate’s  current  pipeline  of  projects  in  China  includes  the
whole  range  of  emission  reduction  projects,  such  as  wind,  hydro,  industrial  gases and waste heat projects.
 
The   cooperation   agreement   covers   project   sourcing   and   development   as   well   as   the
management  and  sharing  of  the  resultant  Certified  Emission  Reductions.  The  companies  have
further agreed to explore joint financing opportunities in CDM projects. 
 
China currently accounts for 60% of carbon credit trading under the CDM developed under the
Kyoto Protocol. In a rapidly expanding competitive market, drawing on the respective expertise
that  the  alliance  partners  bring  is  expected  to  strengthen  both  companies’  market  position,
enabling better service to our partners in China.
 
“We are excited to be working closely with First Climate to source and develop CDM projects in
China. First Climate has been able to build up a substantial project portfolio; their technical expertise will help Macquarie to better access the substantial deal potential in China. Both our companies are now better placed to capitalise on the many opportunities we see”, says John Marlow, Head of Environmental Financial Products within Macquarie’s Treasury and Commodities Group.
 
“This   new   strategic   alliance   offers   an   important   milestone   for   our   mutual   businesses’
development in China" says Thomas Stetter, Member of the Executive Board of First Climate AG.
“Macquarie  Group  has  had  an  active  presence  in  China  since  1995.  The  Group’s  extensive risk management experience, relationships and resources will prove an added benefit in expanding
our existing portfolio of projects in China.” 
 
The  projects  jointly  sourced  and  managed  under  the  Macquarie/First  Climate  cooperation  will
be  available  for  customers  via  Macquarie  Bank’s  diverse  range  of  financial  services  and  First Climate’s portfolio of carbon asset management products.   

 
The Macquarie Group is a market leader in Australia and New Zealand for investment and financial services. In Asia,  Macquarie  offers  a  full  range  of  investment,  financial  market  and  advisory  products  and  services. Macquarie has been active in China since 1995 and offers services including property structured finance advisory, corporate finance advisory and market research.  Macquarie’s Environmental Financial Products team has  a  strong  presence  across  Asia,  Europe  and  the  US,  and  is  pursuing  and  executing  emissions-related transactions and investments across these regions.
 
First Climate is one of Europe’s leading carbon asset management companies. With offices on four continents and more than ten years’ experience in the market, it is one of the few intermediaries to cover the entire carbon credit  value  chain.  First  Climate  develops,  finances,  and  implements  CDM,  JI,  and  VER  projects,  purchases  the resulting carbon credits, and customizes trading solutions for companies subject to the EU ETS. As investment advisor  to  several  institutional  investors,  First  Climate  structures  and  develops  carbon  funds  and  related products. In the voluntary market, the company provides VERs verified according to the highest international standards. First Climate is one of the main sponsors of the Gold Standard Version 2.


Contact

First Climate
Fritz Wilhelm
Head Corporate Communications
Tel.: +49 (0)6101 - 5 56 58 - 34
Fax: +49 (0)6101 - 5 56 58 - 77
Email: fritz.wilhelm@firstclimate.com

Macquarie Group
Alison Jefferis
Corporate Communications
Tel.: +44 (0) 79 1938 2958
Email: Alison.Jefferis@macquarie.com]]> Press Release Thu, 06 Nov 2008 09:00:00 +0100 First Climate in Energie & Management: CO2-Branche bleibt trotz Finanzkrise optimistisch http://www.firstclimate.com/de/press-events/news-details/article/2008/11/01/first-climate-in-energie-management-co2-branche-bleibt-trotz-finanzkrise-optimistisch.html?tx_ttnews%5BbackPid%5D=30&cHash=4e3fa61325 In London diskutieren die Teilnehmer der "Carbon Finance 2008" die EU-Pläne zum Emissionshandel und die Auswirkungen der globalen Finanzkrise. Source: Energie & Management, p. 29.]]> Press Clipping Sat, 01 Nov 2008 11:34:00 +0100 First Climate in Carbon Finance online: First Climate to widen carbon asset management business http://www.firstclimate.com/de/press-events/news-details/article/2008/10/29/first-climate-in-carbon-finance-online-first-climate-to-widen-carbon-asset-management-business.html?tx_ttnews%5BbackPid%5D=30&cHash=6f64cef707 German carbon asset manager First Climate intends broadening the suite of carbon asset management products and services it offers with the opening of a Luxembourg office.
Markus Hüwener, CEO of First Climate Group said: “We are now in a position to develop additional innovative and sophisticated investment products to respond to the increased demand we are seeing among our customers and investors. We have ambitious plans to grow the carbon advisory business.”

The company, which has around €250 million ($323 million) under management, already acts as advisor to two carbon funds structured as Luxembourg-regulated SICARs (Société d’investissement en capital à risque). Schulte added that Luxembourg provides “a good legal structure to set up carbon management vehicles”.

Schulte – a former CEO of Hypo Pfandbrief Bank in Luxembourg – is joined as co-head of First Climate Asset Management by Ralph Brödel, who was previously general manager of Aareal Bank’s Dublin branch.


Source: http://www.carbon-financeonline.com/index.cfm?section=global&action=view&id=11630&return=search]]> Press Clipping Wed, 29 Oct 2008 11:34:00 +0100 First Climate in Umwelt Perspektiven: Wie weiter mit dem CO2-Handel? http://www.firstclimate.com/de/press-events/news-details/article/2008/10/27/first-climate-in-umwelt-perspektiven-wie-weiter-mit-dem-co2-handel.html?tx_ttnews%5BbackPid%5D=30&cHash=f146dc4c40 Mit der Austeilung von Emissionsrechten sind alle Zutaten für einen Emissionshandel in der Schweiz vorhanden. Gleichzeitig herrscht ein grosses Mass an Unsicherheit über die weitere Ausgestaltung... Source: Umwelt Perspektiven, October 2008, p. 11-13]]> Press Clipping Mon, 27 Oct 2008 11:34:00 +0100 First Climate in Luxemburger Wort: Standort für europäischen Emissionshandel http://www.firstclimate.com/de/press-events/news-details/article/2008/10/25/first-climate-in-luxemburger-wort-standort-fuer-europaeischen-emissionshandel.html?tx_ttnews%5BbackPid%5D=30&cHash=12d98e27a3 First Climate etabliert Asset-Management-Tochter in Luxemburg dienstleistungen rund um Investmentfonds und weniger Managementaktivitäten, die von hier aus
angeboten werden. Umso erfreulicher ist es, dass ein neuer Anbieter den  Weg  ins Großherzogtum gefunden hat. First Climate hat eine Asset-Management-Tochter gegründet. Gelder aus Deutschland und der Schweiz – zusammen über 200 Millionen Euro – sollen nach Luxemburg transferiert werden.

Das Unternehmen mit Hauptsitz in Deutschland zählt sich selbst zu den führenden Anbietern im europäischen Emissionshandel. „Wir  haben  Luxemburg  gewählt, weil es hier das beste Umfeld für
Carbon-Asset-Management-Geschäfte in Kontinentaleuropa gibt“, betonte Markus Hüwener,
Vorstandsvorsitzender der First Climate Group. Hintergrund: Im Klimaschutzabkommen von Kioto
haben sich die Staaten verpflichtet, die CO2-Emissionen zu senken. In der EU wird versucht, mit Hilfe  des CO2-Handels die Emissionen kostenwirksam zu reduzieren. Zurzeit erhalten rund 12 000 Fabriken  und Kraftwerke in der EU eine individuell zu bemessene Menge an CO2-Zertifikaten, die pro Zertifikat zum Ausstoß von je einer Tonne Kohlendioxid berechtigt. Schafft es ein  Unternehmen, unter  der  bisherigen  CO2-Menge zu bleiben, kann es die überzähligen Zertifikate verkaufen. Das ist für viele Unternehmen ein  gutes Geschäft, da die ausgeteilten Zertifikate kostenlos sind, die überzähligen an der Energiebörse aber gutes Geld bringen. Es lohnt sich also, den CO2-Ausstoß zu verringern. Zudem können durch Investitionen in CO2-reduzierende Projekte in Entwicklungs- und Schwellenländern zusätzliche Emissionsrechte erworben werden.

Hierauf liegt das Hauptaugenmerk von First Climate. Das Unternehmen investiert in die Frühphase  von  Klimaschutzprojekten, die Emissionszertifikate erzeugen. Zum Zeitpunkt der Registrierung der   Emissionsrechte liege der Preis deutlich unter dem späteren Verkaufspreis des CO2-Zertifikats, erklärte Hüwener.

Außerdem will sich die Firma gerade auch in Luxemburg als Berater von Kauf- und Handelsstrategien sowie im Bereich von Carbon-Administration-Services etablieren.

Nicht  korrelierende Anlageklasse

Laut First Climate umfasste das Marktvolumen der Emissionszertifikate 2007 weltweit 60 Milliarden Dollar – Tendenz schnell steigend. Zunehmend würde das Interesse der Investoren an dieser neuen  und  nicht  korrelierenden Anlageklasse  wachsen, sagte Hüwener. Seit August ist die First Climate Asset  Management aktiv und erhielt bereits zwei Beratungsmandate für die Risikokapitalfonds Climate Change  Investment I und II. Als Berater für die Fondsgesellschaft DWS können auch private Kleinanleger Zugang zu dieser Anlageklasse erhalten.

Die zwei Geschäftsführer der luxemburgischen Tochtergesellschaft, Martin Schulte und Ralph
Brödel, kommen beide von der Hypo Pfandbrief Bank International.

First Climate entstand Anfang 2008 aus der Fusion der deutschen „Carbon Credit Company“ und der bereits 1999 in Zürich gegründeten „Factor Consulting+Management AG“. First Climate verwaltet derzeit  ein Vermögen von 250 Millionen Euro, machte 2007 einen Umsatz von 12 Millionen Euro und beschäftigt an verschiedenen Standorten rund um die Welt etwa 100 Mitarbeiter.

Source: Luxemburger Wort, October 25, 2008, p. 109]]> Press Clipping Sat, 25 Oct 2008 11:34:00 +0200 First Climate in paperJam.lu: CO2’s good for you http://www.firstclimate.com/de/press-events/news-details/article/2008/10/24/first-climate-in-paperjamlu-co2s-good-for-you.html?tx_ttnews%5BbackPid%5D=30&cHash=e358397f60 Markus Hüwener, the CEO of First Climate explains how carbon asset trading is profitable and good for the planet. As the global financial markets sink farther into turmoil, one asset class is enjoying business as usual. Carbon asset trading continues to be stable. Indeed, growth predictions for the near term, at least, are expected to remain largely unchanged. First Climate Asset Management, a new Luxembourg-based offshoot of the German firm First Climate, helps its clients profit from the possibilities of carbon trading. Speaking on Thursday, Markus Hüwener, CEO First Climate, presented the company and its area of expertise.

A market designed to help the planet

Climate change, and the part human activities play in it, has become widely acknowledged as a significant problem needing immediate and sustained action on the part of governments and businesses worldwide. The first phase of the1997 Kyoto Protocol, which came into force at the beginning of 2005, requires its signatories to reduce their greenhouse gas (GHG) emissions to 5.2% below 1990 levels by 2012. A “cap and trade” mechanism was instituted, giving each installation of an affected business certain allowances. As the allotted allowances frequently do not cover the total volume of GHGs released in normal business activities, the Protocol also made it possible for companies exceeding imposed limits to buy allowances from those able to meet the requirements - the “trade” part of the cap and trade system. Equally, given that in terms of climate change, it doesn't matter where the CO2 is eliminated; the Protocol also encourages the implementation of emissions-reduction technology in less-developed countries through Clean Development Mechanism (CDM) and Joint Investment (JI) projects. Taken as a whole, the hope for the Kyoto Protocol was that it would not only encourage but force the adoption of low-emissions business processes. Concretely, First Climate assists its clients at all points in the chain, offering advisory and management services. For those looking to invest in CDM projects, the company identifies opportunities most likely to produce significant returns. First Climate also assists in the complex process of certification and registration necessary to ensure that a project receives carbon credits on completion. To Western companies needing to buy allowances, investments in developing-world emissions reduction can be a cost-effective way to meet their own goals. As Hüwener explained, reducing one tonne of carbon in the West costs significantly more than doing the same by encouraging clean energy and industry in a less-developed country. However, because the regulations surrounding a CDM project are complex, the savings can quickly evaporate for investors if these are inexperienced in dealing with the process. For their clients in this area, primarily small family funds and hedge funds, First Climate's expertise is invaluable.

A stable market

The carbon market correlates only weakly with other markets, making it an attractive way for more risk-averse investors to diversify. According to Hüwener, there are several reasons for this that should inspire confidence for the coming period. He cites first the stringent and decreasing caps on emissions imposed by governments, which ensure that demand will remain robust despite the economic slowdown in production. Equally, reductions in energy consumption will not necessarily impact carbon trading. For example, a recent preference for coal over natural gas requires many producers to buy more allowances. The community investing in the carbon market also lends it stability. Some players, such as energy utilities, are required to take part. The funds and other non-compliance investors in the market are completely unleveraged, making the kind of crash currently seen in other markets highly unlikely. First Climate itself currently has returns of 7%, expected to reach 15%, a projection about which Hüwener remains confident despite the economic climate.


Source: http://www.paperjam.lu/archives/2008/11/2410_nl_Climate/index.html]]> Press Clipping Fri, 24 Oct 2008 16:34:00 +0200 First Climate in Institutional Money.com: DWS und Aquila Capital ermöglichen Investitionen in die Anlageklasse CO2 http://www.firstclimate.com/de/press-events/news-details/article/2008/10/24/first-climate-in-institutional-moneycom-dws-und-aquila-capital-ermoeglichen-investitionen-in-die-an.html?tx_ttnews%5BbackPid%5D=30&cHash=ee7ecde754 Durch das weltweite Bestreben, den Klimawandel zu bekämpfen, ist CO2 zu einer neuen Rohstoffklasse avanciert. Weltweit erstmalig bietet ab sofort die DWS in Zusammenarbeit mit Aquila Capital Investoren eine direkte Partizipationsmöglichkeit an diesem chancenreichen Markt. Thomas Richter, Geschäftsführer der DWS: „Wir freuen uns, zusammen mit Aquila Capital, einem der Pioniere für alternative und nicht-traditionelle Anlageklassen, ein attraktives, nachhaltiges und liquides Investment in diesem neuen Marktsegment zu managen." Aquila Capital baut dabei auf das Research und die einzigartige Marktexpertise von First Climate, dem europäischen Marktführer im Carbon Asset Management und Berater internationaler Organisationen und Regierungen.

Der DWS CO2 Opportunities Fund investiert ausschließlich in die neue Rohstoffklasse CO2 und daraus abgeleitete Anlagemöglichkeiten. „Der CO2-Markt befindet sich noch in der Entwicklungsfrühphase. Als Investmenthaus und Pionier für alternative Anlagen wissen wir, dass Chancen und mögliche Irritationen dabei sehr hoch sind. Umso wichtiger ist das professionelle Management", erläutert Dr. Dieter Rentsch, geschäftsführender Gesellschafter von Aquila Capital.

Hintergrund für den DWS CO2 Opportunities Fund ist der Carbon-Markt, der im Wesentlichen durch Klimaziele gesteuert wird. In Europa wurde das CO2-definierende Handelssystem bereits bis zum Jahr 2020 festgeschrieben. Ein Hauptziel ist, dass zukünftig nur noch CO2-arme Stromkraftwerke in Betrieb genommen werden. Da diese nur bei einem hohen CO2-Preis konkurrenzfähig arbeiten können, der CO2-Preis aufgrund der Klimaschutzziele aber absehbar steigen wird, sind die Marktaussichten sehr gut. Zusätzlich erlauben die flexiblen Mechanismen des Kyoto-Protokolls den Hauptverursachern von CO2-Emissionen, Kostenanalysen vorzunehmen und ihre Emissionen möglichst günstig zu reduzieren. Dazu können sie unter marktwirtschaftlichen Prinzipien Emissionen in Schwellenländern reduzieren und daraus Erträge erzielen. Neben dem hohen Basispotenzial des CO2-Marktes stellt dies eine weitere Renditequelle des Fonds dar.

Der als UCITS III aufgelegte Investmentfonds bietet dem Anleger tägliche Liquidität. Der DWS CO2 Opportunities Fund (ISIN: LU0382185493) wird mit einem Ausgabeaufschlag von 5 Prozent angeboten. Die Verwaltungsvergütung beläuft sich auf 2,25 Prozent pro Jahr und enthält auch Depotbankgebühren und sonstige Verwaltungs- und Vertriebskosten.

Aquila Capital ist ein auf alternative und nicht-traditionelle Investments spezialisiertes Unternehmen. Als unabhängiges Investmenthaus identifiziert und managt Aquila Kapitalanlagen - als Strukturierer entwickelt das Unternehmen maßgeschneiderte Investmentlösungen. Vor der Kulisse einer sich ständig ändernden Welt konzentrieren sich 60+ Investmentspezialisten auf die Chancen, die dieser Wandel bietet. Seit Anfang des Jahrtausends setzt Aquila Capital globale Trends in innovative Investmentlösungen um und verwaltet mittlerweile über 1,6 Mrd. Euro. Die enge Zusammenarbeit zwischen Fondsmanagement-, Handels- und Strukturierungsteams, kurze Abstimmungswege und eine unternehmerische Kultur ermöglichen ein hohes Innovationstempo und attraktive Investments.

First Climate ist eines der führenden Unternehmen im europäischen Emissionshandel. Mit 13 Niederlassungen auf vier Kontinenten und mehr als zehn Jahren Markterfahrung ist es einer der wenigen Anbieter, die die gesamte Wertschöpfungskette für Emissionszertifikate abdecken. First Climate entwickelt, finanziert und realisiert CDM-, JI- und VER-Projekte, erwirbt die dadurch erzeugten Emissionsgutschriften und stellt Klimaneutralkunden sowie Unternehmen, die dem EU-Emissionshandel unterliegen, individuelle Handelslösungen zur Verfügung. Für eine Reihe institutioneller Investoren strukturiert und entwickelt First Climate Klimaschutzfonds und verwandte Produkte. Mit derzeit etwa 250 Mio. Euro verwaltetem Vermögen, ist First Climate unter anderem Advisor der beiden in Luxemburg ansässigen Fonds Climate Change Investment I und II. Der Post 2012 Carbon Credit Fonds, der von der European Investment Bank und vier weiteren europäischen Förderbanken aufgelegt wurde, wird ebenfalls von First Climate betreut.

DWS Investments steht für das gesamte Publikumsfondsgeschäft der Deutschen Asset Management. Mit EUR 152 Mrd. verwaltetem Fondsvermögen ist die DWS mit Abstand Marktführer in Deutschland1). In Europa verwaltet die DWS derzeit EUR 175 Mrd.2) und steht damit auf Platz 2. Weltweit zählt die DWS mit EUR 257 Mrd.) verwalteten Geldern zu den größten Fondsanbietern. 1956 gegründet, erstreckt sich die Präsenz der DWS heute nicht nur auf Europa. Auch in Amerika, der Region Asien-Pazifik und dem Nahen Osten ist die DWS seit einigen Jahren erfolgreich tätig. Führende Positionen in Rankings unabhängiger Ratingagenturen und kontinuierliche Auszeichnungen belegen den nachhaltigen Erfolg und die hervorragende Performance der DWS-Fonds.


Source: http://www.institutional-money.com/cms/news/uebersicht/artikel/dws-und-aquila-capital-ermoeglichen-investitionen-in-die-anlageklasse-co2/?tx_ttnews[backPid]=11&cHash=172cf9efe7]]> Press Clipping Fri, 24 Oct 2008 11:34:00 +0200 First Climate in PointCarbon.com: UN to rule on fate of 40 emission reduction projects http://www.firstclimate.com/de/press-events/news-details/article/2008/10/23/first-climate-in-pointcarboncom-un-to-rule-on-fate-of-40-emission-reduction-projects.html?tx_ttnews%5BbackPid%5D=30&cHash=fcfdd34d9b The UN will this week decide whether to register 40 emission reduction projects with the potential to generate 16.8 million carbon credits over the next four years. The clean development mechanism... The UN will this week decide whether to register 40 emission reduction projects with the potential to generate 16.8 million carbon credits over the next four years. The clean development mechanism (CDM) executive board, which rules whether such projects are eligible for carbon credits, is holding its 43rd meeting in Santiago, Chile, and will announce its decision after scrutinising the validity of the projects.

While the overall volume is relatively small – between 1.5 and 1.9 billion credits are expected to be generated over the next four years - buyers and sellers of carbon credits will be monitoring the UN body's reasoning, lest it set a precedent for future registrations of CDM projects.

"If a lot from one type of activity were to be rejected it could give a strong signal many more projects in the whole sector could be at risk. The key would be the particular reasons the EB gives for any non-registration,” said Urs Brodman, chief risk officer with consultants First Climate. 

Waste projects

Under particular focus are projects that recover waste heat from power generation or highly-energy intensive industrial activities, such as steelmaking.

These such projects account for eight of the projects being scrutinised, or put under review in UN jargon, and can produce around 6 million certified emission reductions (CERs) over the next four years.

The EB has given the green light to around 70 waste heat projects in CDM so far, with the potential to generate around 78 million credits, while 32.5 million have been issued.

But this type of activity has the potential to produce 160 million credits by the end of 2012 if all the schemes listed in the UN's database progress successfully through the CDM pipeline, and cut emissions in line with blueprints.

In waste heat recovery projects that are part of a factory - such as a steel plant, the EB wants developers of projects to justify why projects are using a particular baseline for the steel industry when they are selling power into an electricity grid.

"If it’s decided that a project should be using a power plant benchmark rather than an industry benchmark, then it could be much harder for that project to get registered," said Axel Michaelowa, a consultant with Perspectives, which helps to develop CDM projects.

Guidelines and programmatic CDM

Observers of the CDM process added that the volume of projects being requested for additional scrutiny is likely to remain high until the EB publishes a set of more detailed guidelines for various operators, known as the validation and verification manual.

Project developers claim that UN decisions to approve projects are inconsistent and the reasons given are unclear. This, they claim is causing a bottleneck, with only 200 million CERs issued so far versus supply forecasts of up to 1.9 billion by 2012.

"The completion of the VVM would give more certainty to projects on how to get through the CDM process," Michaelowa said.

The key third area to be addressed by the executive board is ways of removing barriers to programmes that cut emissions, such as widespread dissemination of energy efficient lightbulbs.

This approach has struggled to gain traction in the CDM despite a greater willingness by governments and the private sector to draw up blueprints that cut emissions on a much wider scale than a project-by-project basis.

In particular, developers and auditors want a clearer definition of who will be liable in the event that a programme is ruled ineligible by the EB.

Programmes have been touted by the UN, the World Bank, environmental groups and climate policy experts as a way of cutting emissions at a grassroots level by using cleaner technology in homes and small businesses, contributing to sustainable development – and at the same time earning carbon credits.
Source: http://www.pointcarbon.com/news/1.993343]]> Press Clipping Thu, 23 Oct 2008 17:15:00 +0200 First Climate in La Segunda.com: 3er Encuentro Internacional de Inversión en Energías Renovables http://www.firstclimate.com/de/press-events/news-details/article/2008/10/23/first-climate-in-la-segundacom-3er-encuentro-internacional-de-inversion-en-energias-renovables.html?tx_ttnews%5BbackPid%5D=30&cHash=db64c38567 Entre el 28 y el 31 de octubre, Santiago será sede de diversas reuniones entre representantes y autoridades del mundo energético, destacando el 3er Encuentro Internacional de Inversión en Energías... Más de mil personas relacionadas con el mundo energético se congregarán, desde este 28 hasta el 31 de octubre, en la Conferencia Mundial de Cambio Climático, que este año tendrá como sede a Santiago, e incluye entre diversas actividades, la tercera versión del Encuentro de Inversión Internacional en Energías Renovables y Mecanismo de Desarrollo Limpio (MDL), organizado por CORFO.

El encuentro de energías limpias y MDL, se ha consagrado como el más importante de América Latina en su género, posicionando a Chile como un actor relevante en materia de innovación y diversificación energética. Se estima que este año reunirá a más de 60 desarrolladores de proyectos chilenos con más de 150 inversores nacionales y extranjeros, los cuales tendrán alrededor de 1000 reuniones de negocios, con el fin de constituir alianzas que permitan la materialización de proyectos de energía renovable.

A partir de los esfuerzos del Gobierno, a través de CORFO, de instaurar una política de fomento a las inversiones en ERNC; el trabajo de 4 años apoyando la preinversión de proyectos y la llegada de capitales extranjeros, ha permitido la consolidación de una cartera de 120 iniciativas, principalmente, de energía eólica, hidráulica, geotérmica, biomasa y biogás. Proyectos que en la actualidad se encuentran en diversas fases de desarrollo (estudio, construcción u operación) y cuya materialización total significarían más de 1.000 MW de potencia instalada y una inversión cercana a los US$ 2.000 millones.

“Las ERNC no sólo proveen una alternativa ambientalmente sustentable, sino que aseguran un mayor grado de independencia energética en un futuro cercano. Toda la cartera de proyectos CORFO, además de poder vender energía limpia, puede participar de los créditos de carbono, mejorando su rentabilidad . Chile, a pesar de ser un mercado pequeño, está clasificado en el lugar 3 con mayor potencial en el mundo en la venta de bonos de carbono, lo que sumado a  las condiciones de riesgo país, de estabilidad económica, de trato igualitario a las inversiones nacionales o extranjeras, lo convierte en un mercado atractivo para las empresas extranjeras que buscan comprar estos bonos”, expresa Javier García, subgerente de Programación Estratégica de CORFO

Semana de la Energía

La Conferencia Mundial de Cambio Climático y ERNC comprende, además del Encuentro de inversión, el Foro Latinoamericano del Carbono; la reunión de la Junta Ejecutiva de MDL– a realizarse por primera vez fuera de su sede en Bonn, Alemania-; y el Foro de las Autoridades designadas de MDL

Esta actividad, organizada por Conama, Prochile y CORFO, en colaboración con el Banco mundial, la Organización Latinoamericana de Energía, el programa de Naciones Unidas para el Medio Ambiente y la Asociación de Transacción de Emisiones, además de la Secretaría de Naciones Unidas para el Cambio Climático, se realizará en el Hotel Sheraton y el debate de los dos primeros días se concentrará en torno al cambio climático y el mercado de bonos de carbono. Los siguientes tendrán el foco puesto en el desarrollo de las Energías Renovables No convencionales en nuestro país y la atracción de inversiones en este nicho de negocios.

El martes 28 de octubre destaca la presencia de la ministra de Medio Ambiente, Ana Lya Uriarte, la directora de Prochile y personeros del Programa de Naciones Unidas por el Medio Ambiente y de la Asociación de Transacción de Emisiones, quienes abrirán la Conferencia; luego expondrán su visión del panorama energético en Latinoamérica miembros del Programa de Naciones Unidas para el Cambio Climático y cerrarán el día importantes ejecutivos de empresas como JP Morgan y Econergy, quienes comentarán el estado del mercado de bonos de carbono en el mundo.

Para el miércoles 29 se espera la participación de expositores internacionales y nacionales, quienes debatirán en torno al marco jurídico de los Mecanismos de Desarrollo Limpio. Entre ellos se cuenta la ministra de Medio Ambiente de El Salvador, Rebeca Magana; el consultor boliviano Juerg Gruetter; el consultor de PricewaterHouseCoopers, Cristóbal Mardini; y el experto de First Climate, Arturo Brandt, entre otros expertos.

Para finalizar la Conferencia, el jueves 30 y viernes 31, se celebrará el 3er Encuentro Internacional de Inversión en Energías Renovables, en el que participará el Ministro de Energía, Marcelo Tokman; el Vicepresidente de CORFO, Carlos Álvarez;, y expertos internacionales entre los que destaca John Drexhage, representante del International Institute for Sustainable Development, Anders Hasselager, consultor del Ministerio de Energía de Dinamarca; Eduardo Dopazo, del Banco Mundial, y el experto Antonio Sarmento, de Lisboa, quien el día 31 dará algunos anuncios sobre el desarrollo de energía mareomotriz en nuestro país.


Source: http://www.lasegunda.com/ediciononline/educacion/detalle/index.asp?idnoticia=442125]]> Press Clipping Thu, 23 Oct 2008 16:34:00 +0200 First Climate in e/m/w: Emissionshandel zwischen Brüssel und Kyoto http://www.firstclimate.com/de/press-events/news-details/article/2008/10/23/first-climate-in-emw-emissionshandel-zwischen-bruessel-und-kyoto.html?tx_ttnews%5BbackPid%5D=30&cHash=edbe3f90f9 Die EU steht an der Schwelle zu einer Neuausrichtung ihres Emissionshandelssystems. Mit ihrem Richtlinienentwurf vom Januar dieses Jahres für die Zeit nach 2012 hat die EU-Kommission schwere Kost...
Source: e/m/w Zeitschrift für Energie, Markt, Wettbewerb, page. 28-32]]> Press Clipping Thu, 23 Oct 2008 15:40:00 +0200 First Climate in powernews.org: First Climate mit Luxemburger Finanz-Lizenz http://www.firstclimate.com/de/press-events/news-details/article/2008/10/23/first-climate-in-powernewsorg-first-climate-mit-luxemburger-finanz-lizenz.html?tx_ttnews%5BbackPid%5D=30&cHash=ed37eb5249 Der CO2-Dienstleister First Climate aus Bad Vilbel bei Frankfurt hat von der Luxemburger Finanzaufsicht eine Lizenz als Vermögensverwalter erhalten und eine Tochtergesellschaft in dem Herzogtum... Mit der neuen Tochter First Climate Asset Management S.A. will die Unternehmensgruppe neue Investmentprodukte entwickeln und die steigende Nachfrage von Kunden und Investoren für Investitionsberatung und Vermögensmanagement befriedigen. Als Geschäftsführer der neuen Unternehmenssparte wurden Martin Schulte und Ralph Brödel bestellt, sie sollen die Tochtergesellschaft in Luxemburg aufbauen.

Source: powernews.org
]]> Press Clipping Thu, 23 Oct 2008 11:34:00 +0200 First Climate launches new Luxembourg subsidiary http://www.firstclimate.com/de/press-events/news-details/article/2008/10/23/first-climate-launches-new-luxembourg-subsidiary.html?tx_ttnews%5BbackPid%5D=30&cHash=02b5a9f2a5 First Climate marks its new asset management license with the opening of its Luxembourg subsidiary. Bad Vilbel - Frankfurt / Luxembourg, October 23, 2008  –  First Climate, one of Europe’s leading carbon  asset management companies has today announced the launch of the First Climate Asset Management   S.A. in Luxembourg. The new subsidiary has received a comprehensive asset management license from  the Luxembourg financial services authority CSSF. This license enables the First Climate Asset Management S.A. to act as a private portfolio manager, distributor of UCI (Undertakings for Collective  Investments) units or shares and registrar agent, as domiciliary agent of companies and as administrative agent of the financial sector. By opening an office in the second largest fund center in the world, First  Climate is further developing its customer base among institutional investors in Europe, providing carbon investment advisory, asset management and administration services.  

The carbon market continues to grow rapidly, reaching a size of $60 billion in 2007, almost doubling from just $33 billion in 2006. Institutional investors are increasingly looking for ways to participate in this new and largely uncorrelated asset class. First Climate already is advisor to two Luxembourg  regulated  SICARs, Climate Change Investment I and II, and plans to expand its carbon asset advisory capacities from its new base in Luxembourg.

Martin Schulte and Ralph Brödel are heading the Luxembourg subsidiary and are responsible for developing this new location. Prior to joining First Climate, Martin Schulte was a senior associate with  KWF Business Consultants S.A. and the CEO of Hypo Pfandbrief Bank International in Luxembourg and  has several years of experience working in Treasury, Derivatives and Bond Markets and Bank  Management in Germany, Luxembourg and Ireland. Ralph Brödel joins First Climate from Aareal Bank’s Dublin Branch where he was General Manager, responsible for risk control, operations, accounting and  compliance. Prior to that, he spent several years in Derivatives Trading and Risk Controlling positions in Germany and Luxembourg, culminating in his position as Member of the Board of Hypo Pfandbrief Bank International.

Commenting on their appointment to the First Climate Asset Management S.A., Markus Hüwener, CEO of First Climate Group said: “We are delighted that, as regulated asset managers under the Luxembourg jurisdiction, we are now in a position to develop additional innovative and sophisticated investment  products to respond to the increased demand we are seeing among our customers and investors. We  have ambitious plans to grow the carbon advisory business, and with Martin and Ralph we have a team  with extensive industry knowledge and international experience. They will drive forward the  development of our carbon asset management business.” Martin Schulte, Managing Director of the First Climate Asset Management S.A., commented: “I am looking forward to working with First Climate at this exciting stage in the development of the carbon market. By opening this new office, we are in an excellent position to benefit from the many advantages of the Luxembourg financial markets.” The new office can be contacted at:
 
First Climate Asset Management S.A.
4, Place de Strasbourg
L-2562 Luxembourg
Luxembourg
Tel. +352 27 48 58 1
Fax +352 27 48 58 58    


First Climate is one of Europe’s leading carbon asset management companies. With offices on four continents and more than ten years’ experience in the market, it is one of the few intermediaries to cover the entire carbon credit value chain. First Climate develops, finances, and implements CDM, JI, and VER projects, purchases the resulting carbon credits, and customizes trading solutions for companies subject to the EU ETS. As investment advisor  to  several  institutional  investors, First Climate structures and  develops carbon funds and related products. In the voluntary market, the company provides VERs verified according to the highest international standards. First Climate is one of the main sponsors of the Gold Standard Version 2.

Contact


First Climate
Fritz Wilhelm
Head Corporate Communications
Tel. +49 6101 5 56 58-34
Fax +49 6101 5 56 58-77
E-Mail: fritz.wilhelm@firstclimate.com]]> Press Release Thu, 23 Oct 2008 09:00:00 +0200 First Climate in Carbon Finance online: Parliament baffles with EU ETS offset rules http://www.firstclimate.com/de/press-events/news-details/article/2008/10/20/first-climate-in-carbon-finance-online-parliament-baffles-with-eu-ets-offset-rules.html?tx_ttnews%5BbackPid%5D=30&cHash=f0dc23588f European Parliament proposals for the use of certified emission reductions (CERs) and emissions reduction units (ERUs) after 2012 have introduced baffling uncertainty into the system, said market...
"The way the EU Parliament has decided on CER/ERU usage is fiendishly complex,” said Henry Derwent, president of the International Emissions Trading Association, speaking at a Carbon Finance conference in London on 8 October.

"It’s rather closer to the Commission’s original proposal and the environment committee’s in May than to the industry committee’s,” commented Alessandro Vitelli, director of strategy and intelligence at analysis firm IDEAcarbon.

The more straightforward aspect of the environment committee vote relates to the use by member state governments of CERs and ERUs to count towards their greenhouse gas emissions reduction targets for non-EU ETS sectors of their economies. There, Parliament voted to slash the Commission proposal of up to 3% of a country’s 2005 emissions each year over 2012–20 to just 1% – or from around 700 million tonnes (Mt) of carbon dioxide equivalent (CO2e) to 233 Mt.

For installations within the EU ETS, the Parliament offered a choice. Operators could follow the Commission proposal, which suggests that (in the absence of a new international agreement), installations would have to spread their Phase II offset limits (which vary from country to country) across both phases – essentially not creating any additional demand for carbon credits, capping European CER and ERU demand at 1.4 billion over 2008–20.

Alternatively, Parliament proposed an option, whereby those installations that used offsets for the equivalent of less than 6.5% of their 2005 emissions in Phase II could use CERs and ERUs to meet up to 4% of their targets in Phase III. This proposal makes it almost impossible to calculate likely demand for CERs – each company would have to calculate, based on its emissions trajectory, which approach would be most effective.

If each country and installation “acts rationally”, this option could lead to a maximum CER and ERU use of 1.572 billion over 2008–20 in the EU ETS, said Vitelli. Trevor Sikorski, of London bank Barclays Capital, calculated it as 1.66 billion. The parlimentary committee rapporteur, Avril Doyle, is understood to have calculated that the 4% limit would lead to 1.6 billion tonnes of CO2e being imported.

This construction was criticised by carbon asset management group First Climate. “A company that has already bought credits beyond the proposed limit of 6.5% for 2008–12 would suddenly be at a disadvantage after 2013 as it would not be allowed the same amount of credits in the period leading up to 2020,” said Urs Brodmann, a member of First Climate’s executive board.

“Penalising installations in the future for having played according to current member states’ rules would be a dangerous message to send, questioning the credibility of Brussels’ legislators as consistent law-makers,” he added.

A further complication is introduced by a proposal that only credits from projects “in countries which are contributing appropriately to global emission reductions under a future international agreement which they have ratified” can be used.

“If the text passes, investment in the Clean Development Mechanism in coming the years will really decrease,” said Tuomas Rautanen, a senior project manager with First Climate in Zurich. “It will only pick up when an international treaty is ratified, because only then will we know which countries we can source from.”

The committee proposals also suggest that only those credits which are “accepted, or are likely to be accepted, in other major emission trading systems, having regard in particular to their likely acceptability in a US federal emissions trading system”, should be included, introducing further uncertainty.

Robert Casamento, director in power and utilities at consultancy Ernst & Young, said that while it was important to reduce domestic emissions, “the decision to cut the amount of carbon offsets, coupled with the current economic crisis, could do more damage than good when trying to incentivise investment in emission reduction projects around the world.”

“Last year, an estimated $9.5 billion was invested by public and private funds purchasing CERs and ERUs,” he said. “Europe is the largest source of demand for such carbon assets and any reduction in demand could have significant implications for the level of investor interest in the sector”.

However, participants welcomed a committee proposal to include credits from forestry.


Source: http://www.carbon-financeonline.com/index.cfm?section=europe&action=view&id=11598&return=search]]> Press Clipping Mon, 20 Oct 2008 11:34:00 +0200