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Climate Change Capital Funds Buy US Carbon Business
(LONDON, 1 May 2007) UK Investment Banking Group Climate Change Capital ("CCC") and its funds have acquired the business and assets of leading US based carbon project developer Quality Tonnes. The acquisition, for an undisclosed sum, gives CCC access to emission reduction projects in new carbon rich markets whilst also deepening its capacity to work in energy efficiency projects.
Quality Tonnes' two founders, Seth Baruch and Kevin James, are joining CCC. Quality Tonnes are specialists in analysing, developing and implementing projects that reduce greenhouse gases. They are also recognised as world leaders in identifying and developing new methodologies for reducing carbon emissions which are accepted and verified by the UN as part of the Kyoto Protocol.
CCC chief executive Mark Woodall said: "Quality Tonnes is one of the most productive of all the independent CDM methodology developers in terms of the number of approved methodologies and those under active review. Combined with CCC's existing capacity for innovation in high quality carbon asset creation, the acquisition puts CCC in a leading position in the carbon market as a high value partner for large industrial enterprises and investors in clean technology and sustainable energy systems."
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Enquiries:
Climate Change Capital
Communications Team +44 (0)20 7939 5319 media@c-c-capital.com
Notes to Editors:
About Quality Tonnes
Quality Tonnes LLC ("QT") is a leading carbon consultancy, methodology developer and project originator. QT helps projects get accredited for sale in the international carbon market, puts together project financing, conducts feasibility and risk assessments, and helps negotiate terms of sale of CO2 emission reduction credits. With local offices in India, Argentina and Russia, QT works on projects all over the world. QT has created carbon assets by developing innovative, first-of-its-kind methodologies, including hydropower optimization, methane reduction in the gas sector and improved appliance efficiency.
About the Founders of Quality Tonnes
Seth Baruch has developed energy efficiency and renewable energy projects in Eastern Europe, the Former Soviet Union, Africa, China and India. He has more than a decade of experience helping to assemble financing packages for large-scale, clean energy projects around the world.
Kevin James, a certified energy manager, has worked with Fortune 500 companies and national, state and local governments in over 15 countries to inventory GHG emissions, develop emission reduction strategies and implement energy efficiency projects.
How carbon trading reduces emissions
The Kyoto Protocol, set up to combat global climate change by reducing greenhouse gas emissions, includes the Clean Development Mechanism (CDM.) This mechanism enables companies or groups in industrial nations, such as Britain, to identify a source of greenhouse gas (GHG) emissions in a developing country, such as China, and to finance a project to reduce those emissions.
Each industrial nation who ratified the Kyoto Protocol agreed to an annual quota of tons of carbon dioxide equivalent emissions that they would emit. The CDM allows these nations to meet their emission targets by accessing cost-effective opportunities to reduce emissions or remove carbon from the atmosphere in other countries. The certified emission reductions (CERs) created under the CDM can be used to offset the emissions of these nations or they can be sold.
The global, policy driven market for Carbon Assets was created to give an incentive to countries to reduce GHG emissions, create demand for Carbon Assets and encourage the financing of GHG emissions reduction projects. This market is referred to as the "carbon market".
About CDM Methodologies
For projects to be accredited by the CDM Executive Board they must demonstrate a reduction in emissions above and beyond normal business activity. CDM methodologies provide a framework for 1) determining a baseline against which emission levels can be compared; and 2) accurately monitoring the emission reductions. Projects can not be accredited without using a methodology approved by the CDM Executive Board.
