- 150 Million EUR fund to promote Climate-Friendly Economic Growth
- Mercuria as Anchor Investor
Geneva, Switzerland - 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 EUR 150 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 EUR 15 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: 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 USD 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.
IFC Business Advisory Services
Head of Regulatory Affairs Environment and Climate Change
Mercuria Energy Trading
Mercuria Energy Trading
Mercuria Energy Trading
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