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TABLE-Investor holdings of carbon offsets (CERs)
August 18, 2008 / 12:54 PM / 9 years ago

TABLE-Investor holdings of carbon offsets (CERs)

 (Updates Trading Emissions PLC)
 Aug 18 (Reuters) - Industrialised countries can meet greenhouse gas emissions targets from 2008-12 under the Kyoto Protocol on global warming by funding emissions cuts in developing nations, earning carbon offsets in return.
 Speculators have amassed pipelines of offsets either for their own use or to sell at a profit.
 U.N. Environment Programme (UNEP) data published this month estimate the total offset pipeline at 1.674 billion tonnes through 2012, worth 33 billion euros ($48.59 billion) in a secondary carbon market.
 The table below details offset pipelines for the top project developers, in numbers of projects and millions of tonnes of avoided carbon dioxide emissions.
 The table lists both company's own estimates, where available, and a Reuters estimate based on projects that have entered the U.N.'s initial validation stage through to those that are fully registered, using the UNEP data.
 The Reuters estimate splits offsets equally between participants where there is more than one per project, and adjusts forecasts according to success rates for the different project types.
 Offsets, called CERs, traded on a secondary market at 19.7 euros ($29.01) per tonne on Friday <CER/RTR>, compared to a purchase price in developing nations often well below 10 euros.
  
 COMPANY                REUTERS ESTIMATE             COMPANY ESTIMATE
                        PROJECT PIPELINE             PROJECT PIPELINE
                    number of      MLN T     number of    MLN T      DATE
                    projects                 projects  Orbeo/ Rhodia RHA.PA        7      118.1            >4      110    Mar 08  ENEL (ENEI.MI)               58      110.8           N/A       75       N/A  Mitsubishi (8058.T)          63       93.1           N/A      N/A       N/A  EcoSecurities ECO.L       258       87.7           448      121    Jun 08  Natsource                    13       78.8           N/A      101    Dec 07  EDF (EDF.PA)                 84       62.2           N/A      N/A       N/A  Climate Change Capital       47       59.7           N/A      >65    Aug 07  Trading Emissions (TREM.L)   56       50.2          >100       55    Aug 08  World Bank Funds             93       48.1           N/A      N/A       N/A  Tricorona TRIC.ST         117       46.1           165       68    Dec 07  RWE (RWEG.DE)                65       45.0           N/A       48    Jul 07  Camco CAMIN.L              45       39.7           >95       42    Jun 08  Noble Carbon                 46       38.5           N/A      N/A       N/A  Marubeni (8002.T)            43       37.7           N/A      N/A       N/A  Goldman Sachs (GS.N)          6       34.0           N/A      N/A       N/A  Endesa (ELE.MC)              29       30.8           N/A      N/A       N/A  Deutsche Bank (DBKGn.DE)     18       23.8           N/A      N/A       N/A  Sumitomo (8053.T)            20       23.7           N/A      N/A       N/A  NATIXIS (CNAT.PA)            29       23.0           N/A      N/A       N/A  Nippon Steel (5401.T)         6       22.5           N/A      N/A       N/A  Kommunalkredit               43       21.6           N/A      N/A       N/A  Energy Systems Int'l         39       20.5           N/A      N/A       N/A  Vitol                        36       18.0           N/A      N/A       N/A  MGM International            46       16.8           N/A       60    Jan 07  ICECAP                       18       15.8           N/A      N/A       N/A  Agrinergy                    48       15.5           N/A      N/A       N/A  Mitsui & Co (8031.T)         17       14.3           N/A      N/A       N/A  Carbon Resource Mgmt         43       13.9           102       45    Mar 08  KfW                          27       13.1           N/A      N/A       N/A  Tokyo Electric (9501.T)      20       12.2           N/A      N/A       N/A  Gaisi Peony Capital           9       11.5           N/A      N/A       N/A  Arreon Capital UK            28       11.2           N/A      N/A       N/A  Credit Suisse CSGN.VX       9        9.5           N/A      N/A       N/A  Terra Bio Plus               12        9.5           N/A      N/A       N/A  Sindicatum Carbon Capital    14        9.4           N/A      N/A       N/A  N.serve                      11        9.1           N/A      N/A       N/A  Japan Carbon Finance         24        8.8           N/A      N/A       N/A  Cargill Int'l [CARG.UL]      66        8.7           N/A      N/A       N/A  Chugoku Electric (9504.T)    19        8.3           N/A      N/A       N/A  Essent Energy Trading        34        8.0           N/A      N/A       N/A  Rabobank [RABN.UL]           10        7.9           N/A      N/A       N/A  Lafarge LAFP.PA             5        7.1           N/A      N/A       N/A  J-Power                       9        7.0           N/A      N/A       N/A  BHP Billiton (BLT.L)          5        6.7           N/A      N/A       N/A  Danish Climate Ministry      35        6.5           N/A      N/A       N/A  Shell Trading (RDSa.L)       12        6.3           N/A      N/A       N/A  CAF (Netherlands)            14        5.7           N/A      N/A       N/A  Mitsubishi UFJ Sec (8306.T)  33        5.7           N/A      N/A       N/A  South Pole Carbon Mgmt       15        5.1           N/A      N/A       N/A  AgCert (Delisted - AGC.L)  53        5.1           N/A      N/A       N/A  TOP 50                             1,387.1           N/A      N/A       N/A  UNEP PIPELINE             3,700    2,710.3 (1,674 after discounting)
 Source: UNEP/Risoe Centre Data - cdmpipeline.org
 * As little as 60 percent of company estimates may actually deliver offsets, according to some industry forecasts, because of various hurdles in a project approval process which includes a U.N. rejection rate of 12 percent
 * Some companies discount their estimates 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 2.4 billion tonnes versus a supply of about 1.7 billion tonnes  ($1=.6791 Euro)  (Reporting by Gerard Wynn and Michael Szabo; editing by James Jukwey) 

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