EUR150 Million Fund to Promote Climate-Friendly Economic Growth
Mercuria as Anchor Investor
GENEVA, Feb. 2 /CNW/ - Mercuria will participate as anchor investor in a
new Carbon Credit fund launched today by the International Finance
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
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 http://www.mercuria.com.
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 http://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: http://www.shell.com.
SOURCE Mercuria Energy Trading SA
For further information:
Houtan Bassiri, Communications Officer, IFC Business Advisory Services, Tel.: +1-202-458-4662, E-Mail: email@example.com ; Andrei Marcu, Head of Regulatory Affairs Environment and Climate Change, Mercuria Energy Trading, Tel.: +41-22-595-82-01, E-Mail: firstname.lastname@example.org ; Patrick Prendergast, Communication Director, Mercuria Energy Trading, Tel.: +41-22-595-88-52, E-Mail: email@example.com ; Sophie Caverzasio, Communications Assistant, Mercuria Energy Trading, Tel.: +41-22-595-88-55, E-Mail: firstname.lastname@example.org