Mercuria to Participate in IFC's Carbon Credit Fund
By Mercuria Energy Trading S.a., PRNETuesday, February 1, 2011
EUR150 Million Fund to Promote Climate-Friendly Economic Growth
GENEVA, February 2, 2011 - Mercuria will participate as anchor investor in a new Carbon Credit fund
launched today by the International Finance Corporation.
This new fund, of value up to EUR150 million, will be an instrument to
purchase carbon credits to help reduce greenhouse-gas emissions, extend
carbon markets, and increase access to finance for projects that promote
environmentally friendly economic growth. Mercuria Energy and Shell Trading
committed to the facility as anchor investors. IFC will invest up to EUR15
million in the IFC Post-2012 Carbon Facility and mobilize the remainder from
European power utilities and energy companies.
The facility will forward purchase Certified Emission Reductions that are
expected to be produced from 2013 to 2020, from projects either directly
financed by IFC or by local banks financed by IFC. This will ensure that
projects can continue to benefit from carbon finance during a period of
policy uncertainty in the approach to the end of the first commitment period
under the Kyoto Protocol in 2012. The facility will provide a longer-term
high-quality carbon revenue stream and increase financing options for
projects that reduce emissions.
Andrei Marcu, Head of Regulatory Affairs, Environment, and Climate Change
at Mercuria Energy said: "Investing in post-2012 reductions at this time is
an expression of Mercuria's confidence in the increasing role for carbon
markets in addressing climate change post 2012, and also a great business
opportunity. We feel that investing with IFC provides us with a solid partner
in navigating these new waters."
Mohsen Khalil, Global Head of IFC's Climate Business Group, said: "IFC's
investments in the carbon markets at a time of regulatory uncertainty is an
important step that will enable private sector companies to continue to
develop projects that cut greenhouse-gas emissions. Supporting carbon finance
is a central part of IFC's efforts to help the private sector address the
challenges and capitalize on the opportunities presented by climate change."
Slavko Preocanin, President of Shell Energy Europe, said: "Carbon markets
have a vital role to play in addressing climate change. Shell fully supports
the continued expansion of Clean Development Mechanism projects following the
end of the Kyoto commitment period in 2012. Our focus is on supporting the
commercialization of projects with innovative structures, enabling them to
reduce greenhouse gases and help mitigate climate change."
Tackling climate change in developing countries is a strategic priority
for IFC. IFC plans to double its climate-related investments to at least 20
percent of its overall commitments within two years. IFC Advisory Services
spending on climate change is also expected to double to the same share over
the same period.
About Mercuria Energy Group Ltd.
Mercuria is a privately-owned international group of companies active
over a wide spectrum of global energy markets including crude oil and refined
petroleum products, natural gas (including LNG), power, coal, biodiesel,
vegetable oils and carbon emissions. It is one of the world's five largest
independent energy traders and has a longstanding sector expertise.
Mercuria's worldwide operations are carried out from 28 offices across five
continents. For more information, visit www.mercuria.com.
About IFC
IFC, a member of the World Bank Group, is the largest global development
institution focused on the private sector in developing countries. We create
opportunity for people to escape poverty and improve their lives. We do so by
providing financing to help businesses employ more people and supply
essential services, by mobilizing capital from others, and by delivering
advisory services to ensure sustainable development. In a time of global
economic uncertainty, our new investments climbed to a record $18 billion in
fiscal 2010. For more information, visit www.ifc.org.
About Shell Trading
The Shell Trading business encompasses the full range of trading and
shipping activities throughout the Shell Group. With trading volumes of about
13 million barrels of oil equivalent per day, spread over physical crude oil,
refined products, natural gas, electrical power, chemical feedstocks and
environmental products, the organisation has the skill base and international
scope to capitalise on trading opportunities inherent in Shell's asset and
market positions around the world. For more information, visit:
www.shell.com.
Contact: Houtan Bassiri, Communications Officer, IFC Business Advisory Services, Tel.: +1-202-458-4662, E-Mail: hbassiri at ifc.org ; Andrei Marcu, Head of Regulatory Affairs Environment and Climate Change, Mercuria Energy Trading, Tel.: +41-22-595-82-01, E-Mail: amarcu at mercuria.com ; Patrick Prendergast, Communication Director, Mercuria Energy Trading, Tel.: +41-22-595-88-52, E-Mail: pprendergast at mercuria.com ; Sophie Caverzasio, Communications Assistant, Mercuria Energy Trading, Tel.: +41-22-595-88-55, E-Mail: scaverzasio at mercuria.com
Tags: February 2, Geneva, Mercuria Energy Trading S.a., Switzerland