TABLE-Investor holdings of carbon offsets

(Updates Camco)

July 9 (Reuters) - The Kyoto Protocol on global warming allows companies and
countries in the West to meet caps on greenhouse gases from 2008-12 by funding
emissions cuts in developing nations.

Western speculators help develop emissions-cutting projects to generate
these carbon offsets and profit from price differences around the world.

U.N.-approved carbon offsets, or CERs, for guaranteed 2008 delivery were
trading in London at 21.6 euros ($33.96) per tonne on Tuesday, according to the
Reuters CER index <CER/RTR>.

The purchase price from developing countries is often well below 10 euros.

The UN Environment Programme (UNEP) Risoe carbon research centre last month
estimated the offset pipeline at 1.8 billion tonnes through 2012, worth 39
billion euros ($61.31 billion) at guaranteed delivery prices.

The table below splits the offset pipeline between individual project
developers, in millions of tonnes of contracted, avoided carbon dioxide
emissions.

Figures include developers' own estimates of their pipelines at various
project stages, plus a Reuters estimate using UNEP/Risoe data for projects which
have passed the U.N.'s preliminary validation stage.

The Reuters estimate splits offset pipelines equally between participants
where there is more than one per project, and adjusts forecasts according to
past success rates.

COMPANY REUTERS ESTIMATE COMPANY ESTIMATE

PIPELINE (MLN T) PIPELINE (MLN T) PROJECTS (#) DATE
Orbeo/ Rhodia (RHA.PA: Quote, Profile, Research) 117 110 >4 Mar 08
ENEL (ENEI.MI: Quote, Profile, Research) 111 75 N/A N/A
Climate Change Capital 91 >65 N/A Aug 07
EcoSecurities (ECO.L: Quote, Profile, Research) 84 120 434 Apr 08
Natsource 80 101 N/A Dec 07
Mitsubishi (8058.T: Quote, Profile, Research) 80 N/A N/A N/A
EDF (EDF.PA: Quote, Profile, Research) 67 N/A N/A N/A
Tricorona (TRIC.ST: Quote, Profile, Research) 48 68 165 Dec 07
Trading Emissions (TREM.L: Quote, Profile, Research) 46 57 >100 Mar 08
RWE (RWEG.DE: Quote, Profile, Research) 43 48 N/A Jul 07
Camco (CAMIN.L: Quote, Profile, Research) 37 42 >95 Jun 08
Noble Carbon 36 N/A N/A N/A
Endesa (ELE.MC: Quote, Profile, Research) 35 N/A N/A N/A
European Carbon Fund 21 55 >20 Feb 08
Agrinergy 16 N/A N/A N/A
Vitol 14 N/A N/A N/A
MGM International 14 60 N/A Jan 07
ICECAP Limited 13 N/A N/A N/A
Carbon Resource Management 12 45 102 Mar 08
Deutsche Bank (DBKGn.DE: Quote, Profile, Research) 11 N/A N/A N/A
Essent Energy Trading 8 N/A N/A N/A
Mitsubishi UFJ Sec. (8306.T: Quote, Profile, Research) 6 N/A N/A N/A
Agcert - (Delisted) AGC.L 5 16 695 Jun 07
Carbon Capital Markets 4 N/A N/A N/A
Cargill [CARG.UL] 4 N/A N/A N/A
Econergy (ECG.L: Quote, Profile, Research) 1 2 11 Jun 07
TOTAL 1,004
Source: UNEP/Risoe Centre Data - cdmpipeline.org

* As little as 60 percent of these company estimates may actually deliver
offsets according to some industry forecasts, given various hurdles in a project
approval process which includes a U.N. rejection rate of 12 percent

* Some company estimates listed above include a discount to reflect that
uncertainty

* Figures may double-count if developers are co-invested in each other

* Analysts estimate potential offset demand from industrialised countries
through 2012 at around 2.4 billion tonnes, versus a supply of about 1.8 billion
tonnes