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Press releases / Media coverage
CT&F and Italian Ministry of Environment Sign Agreement on JI Carbon Credits
04 April 2008
Milan, Luxembourg & Moscow: Carbon Trade and Finance (CT&F), the joint venture between Dresdner Bank AG and Gazprombank to capture opportunities in the carbon emissions trading market, today announced that it has signed an agreement with the Italian Ministry of Environment to facilitate the Ministry’s interest in Joint Implementation projects in Russia and the former CIS countries.
This agreement was signed during “TEK 2008” Conference held in Moscow from 1st April up to 4th April 2008 after the activity program presentation of the Italian Ministry for the Environment, Land and Sea in the Kyoto Protocol framework.
Under the agreement CT&F will, on an ongoing basis, propose to the Italian Ministry of Environment suitable JI emission reduction projects in which to invest. As outlined in the Kyoto Protocol and EU Emissions Trading Scheme, emissions credits received by these projects as a result of certified emissions reductions will then be transferred to the Italian government in order to help fulfill the country’s obligations as outlined in the Kyoto Protocol and as agreed with the European Council.
“This agreement is an important step for Italy in meeting its obligations under the Kyoto Protocol and builds upon our intentions outlined in Bali,” said Corrado Clini- Director General of the Italian Ministry of Environment. “By making reductions in carbon emissions in Russia and the surrounding regions as well as in Italy itself, we will be able to reduce Italy’s Kyoto emissions to 6.5% below 1990 levels as agreed in the Accord.”
“The Joint Implementation market in Russia offers a significant opportunity for Annex 1 countries and corporates to supplement their efforts in reducing emissions in order to meet their Kyoto and EU targets,” said Ingo Ramming, Executive Director of Carbon Trade & Finance. “We are delighted to utilize our unique presence and experience in the JI market to help the Italian government meet its goals.”
“I am delighted that Carbon Trade & Finance, a joint venture of Dresdner Bank and Gazprombank, is in a position to help the Italian Ministry of Environment meet its Kyoto obligations through the JI market,” said Gianluca Garbi, Head of Global Public Sector at Dresdner Kleinwort.
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Contacts
Carbon Trade & Finance (www.carbontradefinance.com)
UK & Germany - Dresdner Kleinwort: Michael Goodbody +44 207 475 3447
Italy - Villa Communications: Mirella Villa +39 02 4980 162
Note to Editors
Carbon Trade & Finance:
In January 2007, Dresdner Bank and Gazprombank launched Carbon Trade & Finance, a joint venture entity, to capture opportunities in the rapidly developing carbon emissions trading market. The joint venture, based in Luxembourg, will invest in primary projects generating CO2 certificates, with a focus on Russia and the Commonwealth of Independent States (CIS).
Our shareholders:
Gazprombank, one of Russia’s leading banks, is the authorised bank of OAO Gazprom – one of the world’s largest energy groups. With a branch network covering the whole territory of the Russian Federation, Gazprombank has over 40,000 corporate clients in Russia from all the key industries. The bank has a leading position in the Russian domestic capital markets, including a highly experienced project finance team and local investment banking expertise.
Dresdner Bank’s involvement in the joint venture will be led through its investment bank, Dresdner Kleinwort. Dresdner Kleinwort is a prominent player in the emissions and renewables markets and was voted ‘Emissions Trading House of the Year’ in 2006 by ‘The Banker’, and is part of Allianz Group, one of the world’s leading insurance companies and is at the forefront of investments into sustainable energy. Allianz was rated the most sustainable financial company in 2006 by Dow Jones Sustainability Index rating.
