http://www.firstclimate.com/ Latest News en 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 Wed, 18 Nov 2009 09:00:00 +0100 http://www.firstclimate.com/press-events/news-details/article/2009/07/02/first-climate-in-reuters-carbon-firm-hopes-india-project-to-be-funding-model-kopie-1.html?tx_ttnews%5BbackPid%5D=30&cHash=616fdca3e8 Geschäftsführer Lutz Köhler erwartet jährliche Einsparung von etwa 5000 Euro (cvg) "Wir wollen zeigen, dass sich die Umstellung auf Ökostrom und umweltbewusste Produktion nur rechnet, wenn man ein großes Unternehmen hat", erklärte Lutz Köhler bei einer kleinen Feier auf dem Gelände der Druckkollektiv GmbH in Gießen in der Nähe des Naturschutzgebietes Bergwerkswald. Der Geschäftsführer sagte, durch die am 29. Juni erfolgte Umstellung von konventionell erzeugtem Strom auf "garantiert 100 Prozent Ökostrom" würden hochgerechnet im Jahr rund 5000 Euro eingespart. Das Unternehmen erzielt einen Jahresumsatz von rund zwei Millionen Euro und beschäftigt derzeit 22 Mitarbeiter. Auf einem Zertifikat, das von der TÜV Nord Umweltschutz GmbH & Co.KG aus Hamburg beglaubigt wurde, wird der Ovag (Friedberg) als Stromlieferanten des Druckkollektivs bescheinigt, das der Strom tatsächlich rein auf umweltverträglicher Basis durch Wasserkraft erzeugt wird. Er kommt aus Österreich.

"Wir stehen natürlich hier noch am Anfang. Zur Zeit haben von 200 000 Kunden rund 500 Ökostrom und von rund 700 gewerblichen Kunden sind es sechs, die jetzt umgestellt haben", erklärte Ovag-Vertriebsleiter Holger Ruppel.

Ein weiteres Zertifikat erhielt die Druckerei vom hessischen Landesverband Druck und Medien (VDMH) für den Kohlendioxid-Ausgleich einer kompletten Monatsproduktion. Für rund 120 Aufträge, bei denen Treibhausgasemissionen in Höhe von rund 65,5 Tonnen so genannter Kohlendioxid-Äquivalente entstehen, habe das Druckkollektiv bereits jetzt durch die Investition in "Gold-Standard- Klimaschutzprojekte" einen Ausgleich geschaffen.

Dies bestätige die in Bad Vilbel ansässige First Climate GmbH mit der Urkunde, erläuterte VDHM-Betriebsberater Gerald Walther.

Das Gießener Druckkollektiv könne insgesamt mit seinen Anstrengungen im Umweltschutz als Vorbild für andere mittelständische Betriebe gelten. Neben der Umstellung auf Ökostrom und dem beurkundeten Treibhausgasausgleich wähle das Unternehmen seine Verbrauchsmittel nach ökologischen Gesichtspunkten aus. Ein maßgebliches Instrument sei der Kohlendioxid-Rechner, den der Bundesverband Druck und Medien seinen Mitgliedern und deren Kunden zur Verfügung stellt. Der damit ermittelte Wert könne dann durch den Erwerb entsprechender Zertifikate ausgeglichen werden.

"Durch den Einsatz prozessfreier Druckplatten haben wir im vergangenen Jahr außerdem trotz steigender Umsätze 112 Kubikmeter Wasser einsparen und auf den Einsatz von Chemie verzichten können", sagte Köhler.

Für den hessischen SPD-Landesvorsitzenden Thorsten Schäfer-Gümbel ist das Gießener Unternehmen "ein Beispiel für tatkräftigen Umweltschutz". Das Druckkollektiv gehe die Schritte, die nötig seien, "um die Energiewende hinzubekommen".


Source: http://www.giessener-anzeiger.de/sixcms/detail.php?id=7050156&template=d_artikel_import&_adtag=business&_zeitungstitel=1133842&_dpa=wirtschaft]]> Press Clipping Thu, 02 Jul 2009 14:04:00 +0200 http://www.firstclimate.com/press-events/news-details/article/2009/07/01/first-climate-in-bloomberg-eu-un-carbon-emission-permits-spread-narrows-to-three-months-low.html?tx_ttnews%5BbackPid%5D=30&cHash=ddd5139e5c By Mathew Carr
The spread, traded as a contract  on the European Climate Exchange in London, narrowed 7.2 percent today to 1.41 euros ($2) a metric ton as of 12 p.m. local time, its lowest since April 1. EU carbon dioxide allowances for December were at 13.43 euros a ton, while UN credits were at 12.10 euros.

UN issuance of Certified Emission Reduction credits was little changed in the quarter ended yesterday compared with a year ago. The UN Framework Convention on Climate Change, which serves as the executive board of the Clean Development Mechanism, issued 36 million metric tons in the quarter, compared with 35.5 million in the same quarter last year, according to data on Bloomberg.

The spread may contract to less than 1 euro, assuming continued low demand for EU permits because of the economic recession, Dennis Mignon, a trader with First Climate in Bad Vilbel, Germany, said last month.


Source: Bloomberg]]> Press Clipping Wed, 01 Jul 2009 13:26:00 +0200 http://www.firstclimate.com/press-events/news-details/article/2009/06/23/first-climate-in-reuters-carbon-firm-hopes-india-project-to-be-funding-model.html?tx_ttnews%5BbackPid%5D=30&cHash=8bb3317076 By David Fogarty KUALA LUMPUR, June 23 (Reuters) - A European-based carbon offset developer has grouped more than a dozen biomass projects in India in a deal it hopes will serve as a model to attract greater funding for clean-energy projects.

Funding for carbon offset projects has become increasingly tougher because of the financial crisis and uncertainty over the future of the Kyoto Protocol's Clean Development Mechanism beyond 2012, when Kyoto's first phase ends.

Project developers say many banks, particularly in developing countries, do not fully understand how the CDM works and that investors prefer large-scale projects.

"One of the issues we face in this market is the size of projects," said Sudhir Bhat, director of project finance for Asia and North America for Swiss-based First Climate.

"If you're looking at it from an investment perspective, particularly foreign investment, third-party equity and debt financing, a lot of these individual projects are fairly small.

"So to attract mainstream investors you've got to put them together," Bhat told Reuters at a carbon conference in Malaysia.

He said First Climate was working on a deal that grouped 14 biomass projects in India at various stages of development, with combined generating capacity of 170 MW once all the projects were completed around the end of 2011.

He said First Climate was looking to raise between 120 million euros ($166.3 million) to 130 million euros and hoped to close the deal by the end of this year.

He said First Climate was acting as financial arranger and investor and looking to finance through a combination of third party equity and senior debt from domestic and foreign banks.

"We've taken it to a number of banks and we are at this time firming up the equity side of things."

He estimated the combined projects, which were in different areas of India, would produce about 600,000 certified emission reductions (CERs), or carbon credits, a year. Each CER represents a tonne of CO2-equivalent saved from being emitted.

LIMITED RECOURSE FUNDING

Under the Kyoto Protocol, rich nations can invest in clean-energy projects in developing countries and earn tradeable CERs in return. On Tuesday, CERs CEREZ9 from registered CDM projects were trading on the European Climate Exchange at 11.35 euros ($15.90) per tonne.

"What we're trying to do is get the banks to start looking at these projects on a limited recourse basis -- getting them comfortable with CERs, comfortable with project promoters, third-party investors," Bhat said.

Limited-recourse funding reduces the level of guarantees that banks require from the main promoters, such as personal guarantees or property collateral.

Bhat said a key part of the deal was to diversity the risks by using different feedstock, such as rice husks, sugar bagasse and coconut wood chips.

While a large portion of revenue from power sales would come from power purchase agreements, a sizeable percentage would come from selling on the open market to try to get a higher price.

"Right now banks are not willing to put in all the effort that we're putting in to put the whole deal together," Bhat said.

"Banks don't particularly like to take the lead because they are debt providers. They want the equity players and promoters to take the lead because that gives them confidence," he said.


Source: http://in.reuters.com/article/domesticNews/idINSP48882720090623?pageNumber=3&virtualBrandChannel=0&sp=true]]> Press Clipping Tue, 23 Jun 2009 14:04:00 +0200 http://www.firstclimate.com/press-events/news-details/article/2009/06/23/first-climate-in-trading-carbon-crunch-time.html?tx_ttnews%5BbackPid%5D=30&cHash=2674b956be How far are we along the road to the UN Climate Change Talks in Copenhagen? ask Alina Averchenkova Source: Trading Carbon, Vol. 3, Issue 5, June 2009, pp. 16-17]]> Press Clipping Tue, 23 Jun 2009 11:34:00 +0200 http://www.firstclimate.com/press-events/news-details/article/2009/05/28/first-climate-in-bloomberg-eib-agrees-to-buy-post-2012-carbon-after-price-drop.html?tx_ttnews%5BbackPid%5D=30&cHash=6793e16722 By Mathew Carr.
The EIB’s Post-2012 Carbon Fund signed two so-called emission reduction purchase agreements with unspecified sellers and agreed likely terms on other deals, Vice President Simon Brooks said today at the Carbon Expo conference in Barcelona.

The agreements will generate about 4 million metric tons of so-called Certified Emission Reduction credits from 2013 through 2020. The fund had deals for about 1.15 million credits as of January.

The projects that generate the credits are windfarms, waste management improvements and energy efficiency projects in Asia, Africa and Latin America, the EIB said in a statement handed to reporters. EIB is attempting to help boost a market that’s stalled by uncertainty because there is no international agreement to curb greenhouse gases after 2012, the final year of the first compliance period of the 1997 Kyoto Protocol.

“Sellers have got the message that prices can go down as well as up,” Markus van der Burg, director of Conning Asset Management Ltd. in London, said today in an interview in Barcelona. Conning helps manage the EIB’s fund. Project developers can use their agreement with the fund to help gain finance from private banks for their project, despite regulatory uncertainty, he said. That’s similar to how windfarms use power- purchase agreements as collateral for loans, for instance.

Price Plunge

Benchmark CER prices, from the Clean Development Mechanism of the protocol, fell 69 percent to 7.39 euros ($10.32) a metric ton on Feb. 12, from a peak in July of 23.88 euros, according to data from the European Climate Exchange in London. They were little changed at 12.80 euros today.

The prices paid by the 125 million-euro fund, assuming they are fixed, were from 6 euros to 8 euros a ton, said Urs Brodmann, an executive board member in Zurich at First Climate AG, which is also helping manage the fund.

The sellers will receive the price no matter if global negotiations fail to establish an international carbon market after 2012, said the EIB’s Brooks. “We are taking the risk.”

The UN will seek to negotiate a successor to Kyoto at multinational talks in Copenhagen in December. Negotiations continue in Bonn June 1-12.


Source: Bloomberg]]> Press Clipping Thu, 28 May 2009 16:25:00 +0200 http://www.firstclimate.com/press-events/news-details/article/2009/05/28/post-2012-carbon-credit-fund-project-developers-aim-to-lock-in-their-future-carbon-credit-revenues.html?tx_ttnews%5BbackPid%5D=30&cHash=f0652d0aa2 Creating certainty for project developers while a post-2012 agreement has not yet been accomplished, the Fund’s investors affirm their commitment to the carbon credit market. At the Carbon Expo in...  
Launching the Fund in early 2008, its five investors, the European Investment Bank, Caisse des Dépôts, Instituto de Crédito Oficial, KfW Bankengruppe and the Nordic Investment Bank stressed the  Fund’s  aim  of  providing  certainty  to  the  carbon  credit  market  beyond  2012.  How  relevant this  mandate  is,  given  the  current  risk  scenarios  facing  project  developers,  is  born  out  by  the number of enquiries the Fund is receiving from project developers looking to sign ERPAs with it now.
 
Simon Brooks, Vice President of the European Investment Bank (EIB), emphasizes risk reduction as the Fund’s key contribution: “Our key aim in launching this fund was to facilitate project business after 2012 by offering a solution to the main issues facing project developers: the timely coming into effect  and  the  potential  shape  of  a  post-2012  agreement,  income  levels  from  future  carbon  credit revenues, and the  availability  and  reliability  of  buyers  for ERPAs signed  in  advance. The  Fund offers solutions  to  all these  problems,”  stresses  Brooks,  ”  it  guarantees  to  purchase  CERs  based  on  current Kyoto  regulations,  irrespective  of  any  potential   changes  to   the  framework   in  the  future  and independent of whether an agreement has been reached in time or not.” The fact that the investors are all Aaa-rated public financing institutions precludes any potential counterparty risk project developers may face and allows them to monetize their projects now, if needed, based on the future income guaranteed by an ERPA.
 
Among the ERPAs already signed is a wind energy project in China. Mr Xie Yufan of Hainan Wind Farm,  a  project  also  signed  by  the  Fund  comments  his  decision  to  sign  an  ERPA thus:,  “by signing  this  ERPA  with  the  Post  2012  Carbon  Credit  Fund  now,  we  have  solved  several  of  our problems already and can get on with implementing our project. There is now no need for us to worry  about  when  and  what  kind  of  international  agreement  might  come  into  place  or  what may  happen  to  the  price  of  CERs  by  the  time  we  generate  them.  We  know  exactly  what  our budgets will look like and can plan accordingly.” 
 
"In  these  uncertain  times,  we  are  pleased  to  report  that  we  are  open  for  business"  comments Walter  Blasberg,  Managing  Director  of  Conning.  "We  offer  project  owners  and  developers  a fantastic  opportunity  to  add  price  certainty  to  their  Post  2012  emissions  portfolio  ahead  of Copenhagen. It's a terrific window of opportunity for those strapped for cash or risk averse." 
 
 
Within  just  two  short  weeks  the  Fund  signed  an  additional  eight  term  sheets  with  projects  in China,  India  and  Nigeria, using  a  diverse  range  of  technologies  including  wind  energy,  energy efficiency  waste  management  and  landfill.  Apart  from  the  security  offered  by  the  Fund,  its flexible pricing structures are proving attractive to project developers.  
 
Among  the  larger  projects  contracted  by  the  Fund  is  a  wind  energy  project  in  India.  India currently ranks 5th in the world with a total wind power capacity of 9,587 MW in 2008. The two sites involved in the project are to feed a total of 49 MW of clean energy into the regional grid. Urs Brodmann, Member of the Executive Board at First Climate, investment advisor to the Post 2012 Carbon Credit Fund, comments: “This is an exciting project because, once registered it will generate a total of some 700,000 CERs in the period 2013-2020. In addition, it offers replication potential,  since  there  is  a  large  pipeline  of  similar  projects  waiting  to  leverage  their  post-2012 carbon credits for financing.”
 
The Nigerian landfill project deserves special interest, as Africa has yet to reach anywhere near its  full  potential  in  terms  of  CDM  projects.  Until  now  only  30  projects  in  Africa  have  been registered  with  the  UNFCCC,  representing  a  mere  1.9%  of  projects  worldwide.  Urs  Brodmann explains  the  particular  significance  of  this  project:  “The  project  in  Lagos  stands  out  for  two reasons: the dearth of CDM projects in the region, in fact only two projects have been registered in  Nigeria  to  date,  and  the  additional  environmental  and  socio-economic  benefits  attached  to this particular project. Where there is now a garbage dump, right in the suburbs of Lagos, this project is creating a waste treatment facility for sorting out recyclable and compostable waste, creating  new  jobs  in  a  city  with  an  official  unemployment  rate  of  12%.  The  project  will  avoid methane emissions from the dumpsite by converting organic household wastes into compost, a marketable  product.  In  addition, a sanitary landfill  will  be installed for  the  residual  wastes that will capture the gases emanating from the site.” The project will generate an expected 260,000 CERs in the period 2013–2017.
 
The investors welcome inquiries from owners or developers planning projects that will generate CERs after 2012. Inquiries should be addressed to First Climate, investment adviser to the Fund or Conning Asset Management (Europe) Limited, investment manager of the Fund.
 
The  European  Investment  Bank  (EIB)  is  the  long  term  lending  institution  of  the  European  Union,  financing projects  which  further  European  objectives.  Carbon  finance  initiatives  form  an  integral  part  of  the  EIB’s response  to  the  economic  and  environmental  challenges  raised  by  climate  change.  The  EIB  has  established market  mechanisms  to  encourage  carbon  trading  schemes,  in  cooperation  with  other  public  and  private financing institutions, at national and  international  level. By  getting involved in carbon fund sponsorship,  the EIB  aims  to  promote  the  use  of  both  public  and  private  sector  capital  to  support  low  carbon  projects.  EIB-sponsored carbon funds specifically focus on the less developed areas of the carbon market. They aim to help companies, EU Member States, and other countries and institutions to meet their carbon emission obligations under  the  Kyoto  protocol  and  the  European  Union’s  Emission  Trading  Scheme  (ETS),  through  environment friendly investments.
 
First Climate is one of Europe’s leading carbon asset management companies. With offices on five 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.  
 
Conning  Asset  Management  (Europe)  Limited  (conning.com)  is  part  of  Conning  &  Company,  which  has assets  under  contract  in  excess  of  USD  103  billion  as  of  31  March  2009.  Conning  has  been  active  in renewable and sustainable investments since 2003 and, along with its parent Swiss Re, has a commitment to developing a portfolio in sustainable or alternative energy investments. In 2006, Conning took part in structuring  and  placing  a  EUR354  million  European  Clean  Energy  Fund,  one  of  the  first  pan-European, multi-technology  clean  energy,  mezzanine  and  equity  funds.  The  Post  2012  Carbon  Credit  Fund  is  the latest  of  successful  carbon-related  investments  for  Conning.  Conning  continues  to  pursue  similar opportunities  to  expand  the  portfolio.  Conning  has  recently  been  mandated  by  the  United  Nations Economic  Commission  for  Europe  to  design  a  USD  250m  Eastern  European  energy  efficiency  and renewables   fund.      Conning,   a   fully-owned   subsidiary   of   Swiss   Re,   is   headquartered   in   Hartford, Connecticut with offices in London, Dublin and New York.  
 
Contact First Climate
Fritz Wilhelm
Head Corporate Communications
Tel.: +49 (0)6101 - 5 56 58 - 34
Fax: +49 (0)6101 - 5 56 58 - 77
E-Mail: fritz.wilhelm@firstclimate.com Conning Asset Management (Europe) Limited
Markus van der Burg
Director
Tel.: + 44 (0)20 - 7933 4501
Fax: +44 (0)20 - 7933 6501
E-Mail: Markus_VanderBurg@conning.com
 
European Investment Bank (EIB)
Una Clifford
Press Officer
Tel: +352 4379 - 83326
Fax: +352 4379 - 61000
E-Mail: u.clifford@eib.org
 
 

]]> Press Release Thu, 28 May 2009 12:30:00 +0200 http://www.firstclimate.com/press-events/news-details/article/2009/05/28/first-climate-in-reuters-eib-post-2012-carbon-fund-buys-4-mln-kyoto-offsets.html?tx_ttnews%5BbackPid%5D=30&cHash=482b70ceec By Nina Chestney The European Investment Bank's post-2012 carbon fund has agreed to purchase a further 4 million Kyoto carbon offsets from green projects in Asia, Africa and Latin America, the fund's advisors said on Thursday. The 125 million euro ($174.3 million) Post 2012 Carbon Credit Fund has contracted wind energy, waste management and energy efficiency projects, which should generate a total of more than 4 million U.N. approved Certified Emissions Reductions (CERs) from 2013-2020, First Climate said. The Fund agreed to buy an initial 1.15 million CERs from green projects in January. The value of the transaction was not announced, but CERs for delivery in 2012 CEREZ2 traded at 13.30 euros a tonne on Thursday. "By signing these ERPAs (emissions reductions purchase agreements) with the fund, the project developers concerned have converted their carbon credits into a bankable revenue stream, while significantly reducing the risks they have in today's carbon credit market," First Climate said in a statement. Among the projects is a wind energy project in India which will feed a total of 49 megawatts of electricity into the regional grid. "This is an exciting project because once registered it will generate a total of some 700,000 CERs in the period 2013-2020," said Urs Brodmann at First Climate, one of the fund's advisors. The Fund has also contracted a landfill project in Nigeria, Africa, which is expected to generate 260,000 CERs in 2013-2017. The Fund was launched in early 2008 by the EIB with France's Caisse des Depots, Spain's Instituto de Credito Oficial, Germany's KfW Bankengruppe, and Finland's Nordic Investment Bank. The Fund buys CERs to be issued under the Kyoto Protocol's Clean Development Mechanism (CDM) for clean energy projects in developing countries after 2012. With Kyoto set to expire in 2012, the fate of the CDM is uncertain as governments scramble to agree a successor agreement. Absence of a new pact would cast further uncertainty onto the $126 billion international carbon market.


Source: http://af.reuters.com/article/nigeriaNews/idAFLS96908220090528?pageNumber=1&virtualBrandChannel=0]]> Press Clipping Thu, 28 May 2009 12:30:00 +0200 http://www.firstclimate.com/press-events/news-details/article/2009/05/28/first-climate-in-pointcarbon-post-2012-fund-buys-cers-for-7-8.html?tx_ttnews%5BbackPid%5D=30&cHash=b0bc9297ea A carbon fund backed by major institutions has signed deals to buy carbon credits from 13 projects. By Andrew Allan / Barcelona
Term sheets have been signed with a further eight projects.

First Climate would not disclose how many certified emission reductions (CERs) the fund now had in its portfolio, but it has €125 million under management and is buying primary credits in a €7-8.00 range.

The company announced in January it had bought 1.15 million CERs for the fund, which is backed by the European Investment Bank, Caisse des Depots, Instituto de Credito Oficial, KfW Bankengruppe and the Nordic Investment Bank.

The fund will seek to source credits from clean development mechanism (CDM) projects in China and India, particularly in the wind energy sector, and a landfill gas project in Nigeria.

Urs Brodmann, the fund manager with First Climate, told Point Carbon that the fund would only target projects whose credits are eligible to be used for compliance within the EU emissions trading scheme.

Simon Brooks, vice president at the EIB, said the point of the fund was to kick-start investment in post-2012 projects, shore-up confidence in the CDM, and offer developers the security of carbon finance.

“The Fund… guarantees to purchase CERs based on current Kyoto regulations, irrespective of any potential changes to the framework in the future and independent of whether an agreement has been reached in time or not,” he said.

Source: http://www.pointcarbon.com/news/1.1126911]]> Press Clipping Thu, 28 May 2009 12:00:00 +0200 http://www.firstclimate.com/press-events/news-details/article/2009/05/22/first-climate-in-vdi-nachrichten-die-wirtschaftskrise-spueren-wir-nicht.html?tx_ttnews%5BbackPid%5D=30&cHash=9fa5eebea7 Klimaschutz: Industriestaaten investieren in Klimaschutzmaßnahmen in Entwicklungsländern und bekommen im Gegenzug Emissionsgutschriften - das ist die Idee hinter dem Clean Development Mechanism, kurz...
Der CDM ist in den letzten Jahren ziemlich in der Kritik gewesen", weiß Wolfgang Seidel, Fachgebietsleiter bei der Deutschen Emissionshandelsstelle (DEHSt) in Berlin. Seidel ist bei der DEHSt zuständig für die Kyoto- Mechanismen CDM (Clean Development Mechanism) und JI (Joint Implementation).

CDM-Projekte sind, global betrachtet, immer ein Nullsummenspiel: Die Zertifikate für die vermiedenen Emissionen in den Schwellen- und Entwicklungsländern werden von den Industriestaaten oder emissionshandelspflichtigen Unternehmen zur Abdeckung ihrer tatsächlichen Emissionen genutzt. CDM-Experte Seidel weiß, wo es zwickt: " Hauptkritikpunkt ist, dass Projekte, die sowieso realisiert worden wären, zusätzlich noch über den CDM mit Emissionszertifikaten vergütet worden sind." Die von Seidel beschriebenen "Business-as- usual"-Projekte wären für den globalen Klimaschutz sogar ein Nachteil.

Daher gibt es ein Kriterium, das solche Mitnahmeeffekte vermeiden soll, die "Zusätzlichkeit": Es ist erforderlich, dass das Projekt nur deshalb stattfindet, weil es die zusätzlichen Erlöse aus den Zertifikaten gibt. Ein schwieriges Kriterium, weiß Seidel: "Die Prüfung der Zusätzlichkeit ist anspruchsvoll, da sie auch auf hypothetischen Erwägungen beruht und deshalb von Unsicherheiten gekennzeichnet ist." Ein typisches Beispiel für solche Business-as-usual-Projekte seien Wasserkraftwerke in China.

Was aus dem Klimaschutzinstrument CDM wird, ist daher auch Gegenstand der Klimaschutzverhandlungen Ende des Jahres in Kopenhagen. Dort soll möglichst ein neues internationales Klimaschutzabkommen unterschrieben werden. Es soll das 2012 auslaufende Kyoto-Protokoll ablösen, von dem der CDM ein integraler Bestandteil ist.

EU-Umweltkommissar Stavros Dimas mahnte Anfang Mai in einer Rede an, die Staatengemeinschaft würde CDM gerne "substanziell überarbeitet" sehen. "Die EU-Position vor Kopenhagen geht dahin, den CDM in Schwerpunktsektoren wie Energieerzeugung, Zement und Stahl in den zurzeit großen CDM-Ländern wie China, Indien und Brasilien zu sektoralen Emissionshandelssystemen weiterzuentwickeln, bei denen ganze Sektoren einem bestimmten Minderungspfad unterworfen werden", erläutert DEHSt-Experte Wolfgang Seidel.

Die weniger entwickelten Länder, vor allem Afrika, haben bisher sehr wenig vom CDM profitiert. "Das soll sich ändern", sagt Seidel. Branchenteilnehmer im CDM-Projektgeschäft wie First Climate setzen daher jetzt schon auf Afrika. Die Projektmanager aus Bad Vilbel vereinbarten Anfang des Monats eine Zusammenarbeit mit der südafrikanischen Investmentgruppe Inspired Evolution. First Climate verspricht sich davon stärkere Wachstumsraten im CDM-Sektor in Afrika.

"Afrika hinkt noch hinter international üblichen CDM-Entwicklungsraten hinterher", erklärt Guy Baxter, Geschäftsführer von Inspired Evolution. Er sieht jedoch einen dramatisch steigenden Energiebedarf in der Region. Dabei habe Südafrika "ein riesiges Potenzial für die Nutzung erneuerbarer und sauberer Energien". Und das ließe sich sehr gut mit CDM-Projekten heben.

Seit Dienstag liegen auch beim UN-Klimaschutzbüro UNFCCC in Bonn zwei erste Papiere vor, die im Juni auf einer weiteren Konferenz im Vorfeld der Klimagespräche Anfang Dezember in Kopenhagen diskutiert werden sollen. Knackpunkt dürfte zum Beispiel die Einbeziehung der Kernenergie in den CDM sein. Ja oder Nein, das für CDM relevante Papier nennt beide Alternativen. Denn Staaten wie Südkorea setzen auf Nukleartechnik als Bestandteil ihrer Klimaschutzstrategie.

Immerhin scheint der CDM ein recht krisenfester Mechanismus zu sein. "Dass sich die Wirtschaftskrise auswirkt, spüren wir zurzeit noch nicht", sagt Wolfgang Seidel. "Inzwischen sind wir bei 173 CDM-Projekten." Nach bescheidenen Anfängen im Jahr 2006 sei die Zahl der CDM-Anträge sprunghaft angestiegen.

"Was sich anfängt auszuwirken, sind die eingeschränkten Nutzungspotenziale für die Zertifikate in der EU, speziell auch in Deutschland, in der Perspektive bis 2020", erklärt Seidel. Dies gehe zurück auf die EU-Regelungen für den Zertifikatehandel bis 2020. "Sie deckeln bis 2020 die Anzahl der Zertifikate aus CDM- und JI-Projekten, die Unternehmen im EU-Emissionshandel zur Erfüllung ihrer Verpflichtungen einbringen können." STEPHAN W. EDER

Kooperationsmechanismen des Kyoto-Protokolls für den Klimaschutz

Kyoto-Protokoll: Erstes weltweites Klimaschutzabkommen, gültig bis 2012. Es enthält auch Mechanismen, die über eine internationale Zusammenarbeit von Staaten und Unternehmen den Klimaschutz fördern sollen.

Clean Development Mechanism: CDM ermöglicht es Industriestaaten, mit Projekten, die nachweislich eine Minderung von Treibhausgasen in Entwicklungsländern zur Folge haben, Emissionsgutschriften (Co2-Zertifikate) zu erwirtschaften. Ein Industrieland investiert in diese Projekte in einem Entwicklungsland.

Joint Implementation: JI ermöglicht es Industrieländern Emissionsgutschriften dadurch zu erhalten, dass sie in anderen Industriestaaten in Projekte investieren, die den Ausstoß von Treibhausgasen verringern.

Zertifikatehandel: Die durch CDM und JI erworbenen Zertifikate können international gehandelt werden. Vor allem können sie auch von den Unternehmen genutzt werden, die Emissionserlaubnisse im Rahmen des Emissionshandelssystems der EU (ETS: European Trading Scheme) erhalten. swe


Source: VDI Nachrichten, May 22, 2009]]> Press Clipping Fri, 22 May 2009 09:40:00 +0200 http://www.firstclimate.com/press-events/news-details/article/2009/05/16/first-climate-in-wirtschaft-regional-von-heisser-luft-zum-heissen-geschaeft.html?tx_ttnews%5BbackPid%5D=30&cHash=fbf5d74c3f Der Kampf gegen den Klimawandel hat einen Weltmarkt geschaffen, der bereits über 100 Mrd. Euro umfasst und künftig stark wachsen dürfte. An dieser Entwicklung will sich auch Liechtenstein...
Source: Wirtschaft Regional, May 16th, 2009, p. 6]]> Press Clipping Sat, 16 May 2009 09:40:00 +0200 http://www.firstclimate.com/press-events/news-details/article/2009/05/06/first-climate-in-european-daily-carbon-markets-cdm-moves-into-south-africa.html?tx_ttnews%5BbackPid%5D=30&cHash=1b7c97d34f Project developer First Climate has made initial steps into Africa by partnering up with an investment firm to pave the way into the Clean Development Mechanism (CDM) market in southern Africa. By...
The firm announced a collaboration with clean technology investment management firm Inspired Evolution on Wednesday. This does not include an equity stake.

The move comes amid uncertainty regarding which countries will be able to host CDM projects under a new climate change agreement. First Climate said it was not driven solely by any proposed shifts in policy for CDM locations. "It's not the core element. We want to be present in all parts of the world. Once we are establishedin South Africa, we will be ready to source CERs from the region," it said.

Post-2012 proposals have suggested that the CDM focus should shift away from emerging economies and towards the world's least developed countries.

There is still no definite list of which countries will be considered as "least developed". There are four to five definitions within the UN, say legal sources. However, many African countries are expected to be within this group and the UN is in teh process of pushing more CDM involvement on the continent through the Nairobi Framework.


Source: www.icis.com/heren (The article is on page 2 of the file.)]]> Press Clipping Wed, 06 May 2009 09:40:00 +0200 http://www.firstclimate.com/press-events/news-details/article/2009/05/06/first-climate-and-inspired-evolution-in-new-cooperative-partnership.html?tx_ttnews%5BbackPid%5D=30&cHash=1f5a0a6764 The two companies agree to cooperate in a new partnership that is to provide greater market access to clean energy projects in Southern Africa.  
Although fossil fuel emissions per capita in Africa are among the lowest in the world, the carbon intensity per unit of GDP is actually comparable to developed countries. The continent is highly vulnerable to the effects of climate change, with many parts of Africa subject to variable climate conditions, where floods and droughts may occur in the same area within short periods of time. Nevertheless, the development of the CDM market in Southern Africa continues to lag behind international growth rates. As a whole, Africa currently accounts for only 2-3 percent of CDM projects registered worldwide. Regulatory, logistical and financing gaps facing potential CDM project developers and a widespread lack of local technical skills and knowledge  –  with the notable exception of South Africa – have led to only a small number of projects being pursued and registered. The new cooperation sets out to realize the CDM potential in the region.
 
First Climate will contribute its extensive knowledge of the CDM sector and the relevant climate-friendly technologies to the partnership, hoping to encourage higher growth rates in the African CDM sector. Its   technical expertise, international best practice credentials and carbon investment experience will assist  in providing much needed market access for clean energy projects in the whole of the SADC region. As  part of the partnership agreement, Inspired Evolution will bring its cutting-edge global research and  technology know-how to bear. In addition, its extensive investment deal expertise and knowledge of the  Southern African cleantech industry will be important components of the partnership.
 
“We are excited to be working closely with Inspired Evolution to source and develop cleantech projects in southern Africa. Inspired Evolution has been able to develop a first mover advantage in emerging technology and environmental markets in the region and our new partnership will strengthen both our  companies’ market position. Southern African developers of CDM and other cleantech projects looking for market access, financing, and technological and CDM experience will find a comprehensive and competent partner in us”, says Markus Hüwener, CEO of First Climate AG. The partnership will be looking to buy carbon credits from a whole range of technologies generated before and after 2012. In relation to post 2012 carbon credits, Markus Hüwener emphasized: “The Post 2012 Carbon Credit Fund, which First Climate is investment advisor to, assists project developers in limiting the risks associated with the current uncertainties over a second commitment period under the Kyoto protocol, it agrees to purchase carbon credits generated after 2012 whether a new agreement will be in place or not.” 
 
Guy Baxter, Executive Director at Inspired Evolutions stresses the timeliness of the partnership: “Africa is still lagging behind international CDM development rates such as those of Asia or Latin America, but against the backdrop of outstanding economic growth rates in Southern Africa, energy needs are rising  dramatically in the region as a whole. Given the huge potential Africa has for the use of renewable and cleantech energy, we are delighted to have found a partner in First Climate with whom we can source and process projects and develop the many opportunities we see.”
 
The projects jointly sourced and managed under the partnership will be available via First Climate’s portfolio of carbon asset management products and Inspired Evolution’s range of private equity and venture capital products.

First Climate is a leading carbon asset management company. With offices on five continents and more than ten years of 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.

Inspired Evolution Investment Management is a specialized boutique investment management  company and authorised financial services provider established by Consensus Business Group, Pan-African Capital Holdings, Alluvia Group and Capital Evolution as its four founding partners. Inspired  Evolution Investment Management has first mover advantage to lead cleantech investing in emerging markets in Southern Africa.


Contact

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

Inspired Evolution Investment Management 
Guy Baxter
Executive Director
Tel.: + 27 21 702 1290 
Fax: +27 21 702 1483
E-Mail: guy@inspiredevolution.co.za ]]> Press Release Wed, 06 May 2009 09:30:00 +0200 http://www.firstclimate.com/press-events/news-details/article/2009/04/17/first-climate-in-pointcarbon-cdm-sector-shapes-for-consolidation.html?tx_ttnews%5BbackPid%5D=30&cHash=df157c66fc Lower CER prices and tough credit conditions make consolidation among CDM developers more likely.
“I would expect there to be consolidation at the moment but there just aren’t the transactions that are  being done,” said Simon Shaw, of EEA Fund Management, advisor to UK-listed CDM developerTrading Emissions plc.

“We are in a false world to some extent. People were thinking about it a couple of months ago, but perhaps because there has been a rally in the carbon price, we haven’t seen much come to light,” he added.

Share prices of listed developers and aggregators crashed since the price of secondary CERs fell from a peak of €22.90 in July last year to as low as €7.60 in early February.

The price of Trading Emissions shares fell 50 per cent while shares in Camco and Ecosecurities  collapsed by more than 80 per cent. But their value has since shown signs of recovery as CER prices climbed towards today’s levels of €10.75.

Despite the recent price upturn, Dutch bank Fortis Netherlands was reported to be interested in acquiring  stakes in project developers or taking on their portfolios because such assets were available cheaply.

But other sources said few such opportunities were available.

There are more companies in the market looking to buy portfolios of certified emission reduction (CER) credits than firms keen to sell the assets, according to Markus Huewener, CEO of German-based project developer, investor and carbon credit aggregator First Climate.

“We haven’t really seen very many of what you might call ‘distressed’ portfolios coming onto the market.  Our shareholders have been keen for us to look at opportunities but the prices have not been attractive.”

Huewener still reckoned that restricted access to cash caused by a lack of available credit lines could force some pure aggregators to sell their portfolios.

Consolidation should be expected among project developers and investors, as happens in any
maturing market, according to Richard Gledhill, global leader of carbon market services at consultancy PricewaterhouseCoopers.

“Now, because of the credit crunch, there is additional pressure on those with weaker balance sheets so it is reasonable to expect there will be further consolidation,” he said.

In its annual results last month, Trading Emissions plc said it had taken full control of developer and fund manager Carbon Capital Markets (CCM), in which it previous had a smaller share. CCM will continue to operate under its own name but has scaled back investments and reduced staff levels.


Source: PointCarbon News, Carbon Market Europe, p. 4-5]]> Press Clipping Fri, 17 Apr 2009 14:18:00 +0200 http://www.firstclimate.com/press-events/news-details/article/2009/04/17/first-climate-in-pointcarbon-mind-the-post-2012-gap-tackle-the-risk.html?tx_ttnews%5BbackPid%5D=30&cHash=6606330a71 Guest commentary by Alina Averchenkova and Tuomas Rautanen, First Climate
However, the more recent proposals from the European Commission to phase out the clean development mechanism (CDM) in advanced developing countries and to limit the use of the certified  emission reduction credits (CERs) from certain CDM project types coupled with the remaining uncertainty on the post-2012 framework under the UN make it increasingly risky for project developers to invest in origination of new CDM projects.

It is no secret that those advanced developing countries to which the commission is referring are the  ones that currently host the majority of CDM projects and cover the largest share of CER supply to the EU ETS market.

Uncertainty over what happens to the CDM projects implemented in those countries post-2012 should the CERs they produce become ineligible in the EU ETS or at the international level hampers new investment as the remaining period for generating credits under the current rules shrinks. 

These policy-related risks and the effect of the recession on financing new projects are being felt already on the growth of the CDM pipeline. The inflow of projects into validation is slowing down.

According to the recent data, CDM origination in 2009 fell by some 30 per cent compared to 2008, with the monthly average of projects going for validation coming down to 70 compared to the average of 130 a month in 2008.

Credit is tight due to policy uncertainty but also due to financing conditions.

Banks are reluctant to accept Kyoto-period emissions reduction purchase agreements (Erpas), the binding contracts between project developers and the buyers of the credits, as collaterals for new project financing.

Proposing a 2012 Erpa is often received with even more doubt.

At first sight a fall-off of the pipeline would not necessarily have a huge impact on the EU ETS - even out until 2020.

Most of the projects in the current pipeline have a European counterparty.

With current crediting rules, these projects can supply a large share of the EU demand by 2020.

However, if the crediting rules change or if there be a ¨black list¨ of host countries prevented from developing EU-bound credits, the supply might be at risk.

Times of scarcity would push up the price of the EU-eligible CERs while devaluing the ineligible ones. Thus the cost-containment function of this flexibility mechanism does not get fully realised.

A smooth transition to the post-2012 regime and the willingness to set up proper emission trading schemes in other geographies is dependent on a functioning carbon credit market.

Not only is this in the interest of the EU, which is pushing hard for a global climate solution, but also in the interest of the installations covered by the EU ETS as carbon markets become ever more global.

In an effort to bridge this policy and credit gap for post-2012 investments, the Post-2012 Carbon Credit Fund was set up by the European Investment Bank and four other European public banks, and enables the monetisation of post-2012 carbon revenue streams. 

In the current environment, the credit quality of the carbon stream purchaser is decisive. An Erpa with a solid buyer can be monetised to finance projects. 

Sponsored by AAA-rated investors, the Post-2012 Carbon Credit Fund, for which First Climate is an investment adviser, enables monetisation of post-2012 carbon streams.

The fund serves thus as a unique vehicle to contribute to the inflow of CERs into the EU ETS in difficult times and helps to maintain positive prospects for the carbon market post-2012.


Source: PointCarbon News, Carbon Market Europe, p. 7]]> Press Clipping Fri, 17 Apr 2009 14:18:00 +0200 http://www.firstclimate.com/press-events/news-details/article/2009/04/09/post-2012-carbon-credit-fund-to-continue-to-buy-post-2012-carbon-credits-despite-lasting-uncertaint.html?tx_ttnews%5BbackPid%5D=30&cHash=9f02706f11 Amid continued uncertainty over the content and design of a possible post-2012 policy regime to succeed the Kyoto Protocol, the Post 2012 Fund continues to provide payment certainty by entering into...
The Bonn Climate Change Talks have clarified few details of some of the proposals on the elements of a  successor regime to the Kyoto Protocol and little progress has been made on narrowing down the options on the table. Substantial uncertainty therefore continues to remain among clean development  project owners and developers, making it difficult for environmentally worthwhile projects to monetize fully their emission reductions achieved after 2012, which in some cases may even jeopardize the viability of the project. 
 
While these uncertainties over the design and limits of a future regime are likely to remain for some  months to come, the Post 2012 Carbon Credit Fund continues to provide payment certainty as a sign of confidence that a post-Kyoto regime will be developed, which allows for the continued use of post-2012 emission reduction certificates to be used as collateral to allow for projects to proceed without impediment.
 
The Post 2012 Carbon Credit Fund, established by five leading public European financing institutions – the European Investment Bank (EIB), Caisse des Dépôts, Instituto de Crédito Oficial, KfW Bankengruppe  (KfW) and the Nordic Investment Bank, continues to provide this much needed payment certainty to project developers who are looking to take advantage of post-2012 emission reduction certificates  generated after 2012 from their potential projects. The Fund, managed by Conning Asset Management Limited as investment manager and advised by First Climate as its investment advisor, purchases and   trades carbon credits exclusively generated in the post-Kyoto period, potentially up to 2020. By assuming the inherent regulatory or regime risk, the Fund sends a clear signal to the market that the EIB and its European partners have full confidence in the development and success of a post-Kyoto regime through  their direct support of environmentally beneficial projects.
 
The much publicized purchase by the Fund of emission reduction certificates generated post-2012 earlier this year has invigorated interest among project developers and the Fund, with available assets of EUR  125 million, is busy analyzing and examining over 150 clean energy projects in all the major CDM regions, over a variety of sectors. The sectors cover a wide variety, including renewable energy, energy efficiency, fuel switch, fugitive methane, land use and carbon capture and storage.
 
Urs Brodmann, Member of the Executive Board of the carbon asset manager First Climate, who advises the Fund regarding its investment decisions, is convinced of the particular merits of the Fund: “The carbon credit market has been extraordinarily successful in taking the ideas developed for the Kyoto  Protocol and turning them into otherwise unattainable investments and emissions reductions. The current uncertainties, however, are stifling the development and initiation of further clean energy projects at the moment. We are delighted to be able to reduce these market uncertainties for project developers in the shape of the Fund. Apart from our own long-standing experience in accompanying and developing CDM   projects, the Fund’s attractiveness to project developers lies in the excellent standing of the Fund’s  investors, who are all state-owned AAA-rated development banks.”
 
Nevertheless, Brodman is disappointed by the lack of substantial results at the recent Climate Change  Talks: “with only eight months remaining to negotiate a post-2012 agreement, uncertainty now remains  not only over which countries will take on emission targets and at which level, but also over the extent to which market based mechanisms  in their current form will be accepted in the future. “
 
Some proposals suggest limiting the use of CDM credits from advanced developing countries for  compliance post-2012 and call for the creation of new mechanisms, such as sectoral or policy-based crediting. It has also been suggested to exclude some project types from the CDM in the future. Others  propose major improvements to the CDM governance process, allowing projects to be registered in a more efficient manner. 
 
Brodman says: “Despite the hopes of private sector investors, the Climate Change Talks in Bonn have not added clarity to what market-based mechanisms post-2012 may look like.” Much of the focus in Bonn was on procedural and legal issues, resulting in the request for the Chair to prepare a draft negotiating text for amendments to the Kyoto Protocol for the next session in June. The long list of options for  changes to the mechanisms developed last year hence remained largely unchanged and will be up for negotiation again at the future sessions.    
 
Project developers looking to sell their post-2012 certificates can continue to contact the Fund despite  the regulatory uncertainties and vend certificates at a guaranteed price, to use the proceeds for the financing of their projects – regardless of the outcome of the United Nation’s ongoing negotiations concerning the post-Kyoto regime. The Fund would be happy to provide further information.


First  Climate is one of Europe’s leading carbon asset management companies. With offices on five continents and more than ten years of 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.

Conning  Asset  Management  (Europe)  Limited  (conning.com) is part of Conning & Company,  which has assets under contract in excess of USD104 billion as of 31 December 2008). Conning has  been active in renewable and sustainable investments since 2003 and, along with its parent Swiss Re, has a commitment to developing a portfolio in sustainable or alternative energy investments. In 2006,  Conning took part in structuring and placing a EUR354 million European Clean Energy Fund, one of the first pan-European, multi-technology clean energy, mezzanine and equity funds. The Post 2012 Carbon  Credit Fund is the latest of successful carbon-related investments for Conning. Conning continues to  pursue similar opportunities to expand  the portfolio. Conning, a fully-owned subsidiary of Swiss Re, is headquartered in Hartford, Connecticut with offices in London, Dublin and New York.  


Contact

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

Conning Asset Management Limited
Markus van der Burg
Director
Tel.: + 44 20 7933 4501
Fax: +44 20 7933 6501
E-Mail: Markus_vanderBurg@conning.com ]]> Press Release Thu, 09 Apr 2009 14:00:00 +0200