London  /  Zurich  –  Frankfurt,  November  6,  2008  –  Macquarie  Group,  a  global  provider  of
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