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Macquarie Group, a global provider of banking, financial, advisory, investment and funds management services, and First Climate AG, a fully integrated carbon asset management company, today announced a broad strategic cooperation designed to strengthen and expand their respective pipelines of emission reduction projects in China. First Climate’s current pipeline of projects in China includes the whole range of emission reduction projects, such as wind, hydro, industrial gases and waste heat projects.
The cooperation agreement covers project sourcing and development as well as the management and sharing of the resultant Certified Emission Reductions. The companies have further agreed to explore joint financing opportunities in CDM projects.
China currently accounts for 60% of carbon credit trading under the CDM developed under the Kyoto Protocol. In a rapidly expanding competitive market, drawing on the respective expertise that the alliance partners bring is expected to strengthen both companies’ market position, enabling better service to our partners in China.
“We are excited to be working closely with First Climate to source and develop CDM projects in China. First Climate has been able to build up a substantial project portfolio; their technical expertise will help Macquarie to better access the substantial deal potential in China. Both our companies are now better placed to capitalise on the many opportunities we see”, says John Marlow, Head of Environmental Financial Products within Macquarie’s Treasury and Commodities Group.
“This new strategic alliance offers an important milestone for our mutual businesses’ development in China’ says Thomas Stetter, Member of the Executive Board of First Climate AG. “Macquarie Group has had an active presence in China since 1995. The Group’s extensive risk management experience, relationships and resources will prove an added benefit in expanding our existing portfolio of projects in China.”
The projects jointly sourced and managed under the Macquarie/First Climate cooperation will be available for customers via Macquarie Bank’s diverse range of financial services and First Climate’s portfolio of carbon asset management products, advisory, corporate finance advisory and market research. Macquarie’s Environmental Financial Products team has a strong presence across Asia, Europe and the US, and is pursuing and executing emissions-related transactions and investments across these regions.
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