PR
Newswire -- September 15, 2010 WASHINGTON,
Sept. 15 /PRNewswire-FirstCall/ -- The World Bank as Trustee for the Adaptation
Fund completed a sale of 500,000 tons of certified emission reductions (CERs)
during the period from August 27th to September 10th, 2010. The
World Bank (International Bank for Reconstruction and Development) serves as Trustee
for the Adaptation Fund, and conducts CER sales for the Fund. The primary funding
for the Adaptation Fund comes from a two percent share of proceeds of all CERs
issued under the Clean Development Mechanism. The World Bank sells CERs on behalf
of the Adaptation Fund regularly on exchanges and through over-the-counter transactions
with approved dealers. Through September 10th, 2010 the World Bank has monetized
over US$124 million worth of CERs for the Adaptation Fund. Credit
Suisse was appointed as the dealer for the sales. The end buyers of the CERs were
diversified across sectors and regions, including corporations offsetting carbon
emissions and firms complying with the European Union Emissions Trading Scheme
(EU ETS). "We
are pleased to work with the World Bank in this important effort to help the Adaptation
Fund promote sustainable development around the globe," said Paul Tregidgo,
managing director and vice chairman of the Credit Suisse Global Markets Solutions
Group. "Credit
Suisse appreciates the opportunity to leverage our global emissions market trading
expertise and diverse client base on behalf of the World Bank,"
said Adam
Knight, managing director and head of global commodities at Credit Suisse.
Credit
Suisse AG
Credit
Suisse AG is one of the world's leading financial services providers and is part
of the Credit Suisse group of companies (referred to here as 'Credit Suisse').
As an integrated bank, Credit Suisse offers clients its combined expertise in
the areas of private banking, investment banking and asset management. Credit
Suisse provides advisory services, comprehensive solutions and innovative products
to companies, institutional clients and high-net-worth private clients globally,
as well as to retail clients in Switzerland. Credit Suisse is headquartered in
Zurich and operates in over 50 countries worldwide.
The group employs approximately
48,300 people. The registered shares (CSGN) of Credit Suisse's parent company,
Credit Suisse Group AG, are listed in Switzerland and, in the form of American
Depositary Shares (CS), in New York.
Further information about Credit Suisse
can be found at www.credit-suisse.com. Investment
Banking In its
Investment Banking business, Credit Suisse offers securities products and financial
advisory services to users and suppliers of capital around the world.
Operating
in 57 locations across 30 countries, Credit Suisse is active across the full spectrum
of financial services products including debt and equity underwriting, sales and
trading, mergers and acquisitions, investment research, and correspondent and
prime brokerage services. About
the Adaptation Fund: The
Adaptation Fund has been established by the Parties to the Kyoto Protocol of the
UN Framework Convention on Climate Change to finance concrete adaptation projects
and programs in developing countries that are Parties to the Kyoto Protocol. The
Fund is financed with 2% of the Certified Emission Reduction
(CERs) issued
for projects of the Clean Development Mechanism (CDM) and with funds from other
sources. (Source: www.adaptation-fund.org).
Disclaimer
This
press release was produced by and the opinions expressed are those of Credit Suisse
as of the date of writing and are subject to change. It has been prepared solely
for informational purposes and is not to be deemed as an offer to sell, or a solicitation
of an offer to buy, any security, commodity, future or other financial instrument
or derivative thereof or the provisions of an offer to provide investment services
in any state or country and this material does not constitute investment research,
a research recommendation, or substantive research or analysis. Any reference
to past performance is not necessarily a guide to the future. The information
and analysis contained in this publication have been compiled or arrived at from
sources believed to be reliable but Credit Suisse does not make any representation
as to their accuracy or completeness and does not accept liability for any loss
arising from the use hereof. Credit Suisse may, from time to time, participate
in transactions in the markets referred to herein, and/or have a position or effect
transactions in the instruments or derivatives thereof. SOURCE
Credit Suisse AG
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