The Netherlands: Carbon Experts - Holland Financial Center

TheNetherlands:CarbonExpertsEdition 2012

TheNetherlands:CarbonExpertsEdition 2012

Contents1 Introduction 62 Why the Netherlands? 83 The Dutch Approach: Holland FinancialCentre CO 2working group 173.1 Working group members 184 Get Prepared to GrowA new perspective on the changingbusiness environment 195 A Double Dutch Dip:Combining Carbon Credits with directSocial Impact – Dutch coalition fundsFair Carbon Credits 226 FSinsight.org 25

Who is who 261 Institutions 262 Knowledge, Education & Innovation Centres 333 Banks and Brokers 354 Carbon Project Developers, Asset Managersand Traders 385 Law Firms 476 Consultants 577 Service Providers 718 Auction Platforms and Exchanges 75Index who is who 78

1 IntroductionThe Netherlands is not only known for its high quality flowers,old and new windmills, and design products, but also as one ofthe best places to find excellent services and solutions in thefield of carbon trading and finance.In this booklet the Netherlands promotes itself as the primelocation for doing carbon business, offering high qualitytrading, consulting and management services. And – as thisbooklet will clarify – we have every reason to do so.The Netherlands has always been a very international, openminded economy. The central geographical position of theNetherlands, its excellent connectivity, the highly developedinfrastructure and its multilingual highly educated workforceare some of the reasons why numerous European, Americanand Asian companies have established their offi ces in theNetherlands. Chapter 2 contains some key data of theNetherlands.Chapter 3 briefl y introduces the Holland Financial CentreCO 2 working group. This working group features a successfulapproach where public and private parties work togethertowards one unified objective: a stable carbon tradingenvironment and smooth transaction cycle.In chapter 4 Yvo de Boer, Special Global Advisor at KPMGGlobal Climate Change and Sustainability Services, states:Get Prepared to Grow. He presents his positive thoughts on theopportunities of the changing business environment.In chapter 5 Nadine Planzer, Fund Manager at FairClimateFund,describes the business case of FairClimateFund. A real DoubleDutch Dip in the sense that by making a broad coalition,the fund has been able to combine carbon credits with directsocial impact.In chapter 6 the recently launched webportalwww.fsinsight.org is introduced. The global portalfocuses on finance & sustainability issues.6

This ‘Who is Who’ contains all the data of the organizationsthat have a presence in the Netherlands and are active in theinternational carbon markets or related activities.We very much welcome you to the Netherlands andwill be happy to answer any questions you might have.We will also be glad to assist you in setting up yourbusiness smoothly and efficiently.Holland Financial CentreT +31 (0)20 708 5800info@hollandfinancialcentre.nl7

Gateway: Schiphol Amsterdam AirportAir transport movements x 1000Charles de Gaulle ParisFrankfurtHeathrow LondonMadridAmsterdamMunichFiumicino RomeBarcelonaZurichCopenhagen324303258254507481476429420388Source: Traffic Review 20119

The Financial Development Index (FDI) 2011, 2010 and 2009rank 2011 rank 2010 rank 2009Hong Kong SAR 1 4 5United States 2 1 3United Kingdom 3 2 1Singapore 4 3 4Australia 5 5 2Canada 6 6 6The Netherlands 7 7 8Japan 8 9 9Switzerland 9 8 7Norway 10 15 17Source: World Economic Forum, The Financial DevelopmentReport 2011Human Development Index 2011rank 2011 rank 2010Norway 1 1Australia 2 2The Netherlands 3 7United States 4 4New Zealand 5 3Canada 6 8Ireland 7 5Liechtenstein 8 6Germany 9 10Sweden 10 9The Human Development Index (HDI) is a comparative measureof life expectancy, literacy, education and standards of living incountries worldwide.10

2.2% 1.8% 1.7%0.0% 0.0%The cost of doing business inthe Netherlands is low:18.2%5.0%3.5%-2.6%-7.6%MexicoCanadaThe NetherlandsAustraliaUnited KingdomFranceItalyUnited StatesGermanyJapan% cost advantage/disadvantage relative to the US, based onfour major US business centres (Chicago, Dallas, Los Angelesand New York City)Source: KPMG’s guide to international business location 201011

Facts & Figures of the financial industry in the Netherlands– The Netherlands gives access to– 125 banks– 270 life and non-life insurance companies– 450 pension funds– Assets under Management– Dutch banks: € 2.5 trillion– Dutch pension fund industry: € 800 billion– Dutch life companies: € 350 billion– Dutch investment funds: € 500 billion– Dutch private equity industry € 24.3 billionHolland Financial CentreIn the financial industry the Netherlands has a strong repu tationas an open and innovative market with world class expertisein certain areas. The Holland Financial Centre foundation is apublic-private initiative set up by organizations from throughoutthe financial sector, the government, regulators and science.They include banks, insurers, trading fi rms, pension funds,asset managers, audit fi rms, law fi rms and the government. Asa joint venture, the purpose of the Holland Financial Centre is tostrengthen the financial sector in the Netherlands.The financial industry in the Netherlands has a particularlystrong reputation in the areas of pension-related expertiseand management (Retirement Management), innovative,reliable and cost effi cient global payment systems (FinancialLogistics) and as a centre for securities trading and trade &export (Trading Venue). The Netherlands has also developedextensive knowledge and expertise in the field of sustainabilityand financial services (Finance & Sustainability). HFC focusesits attention on these priority areas.12

The Holland Financial MapThe map shows the 100 biggest financial companies in theNetherlands, including all address details.The Holland Financial Map can be downloaded via the website:www.hollandfinancialcentre.nl or ordered viainfo@hollandfinancialcentre.nl.13

The Netherlands is the homecountry of four globalsupersector leaders (2011-2012)Dow Jones Sustainable Index 2011Name Supersector CountryRoyal DSM N.V. Chemicals The NetherlandsPostNL N.V. Industrial Goods/Svc The NetherlandsRoyal Philips Personal &Electronics N.V. Household Goods The NetherlandsKLM Air France Travel & Leisure The Netherlands/FranceThe DJSI annually identifi es the top company in 19 supersectors.The ranking is based on a best-in-class approach, includingcompanies across all industries that outperform their peers innumerous sustainability metrics.Centre for Finance & SustainabilityThe Holland Financial Centre for Finance & Sustainabilityhas been specifi cally created to build on the forementionedtrack record and spread the knowledge gained by the Dutchfinancials on sustainable financing across the board, including:– Sustainable investing– Financing the transition to sustainable energyand clean tech including energy effi ciency– Sustainable financing– Carbon trading & financeTo spread the knowledge, the Holland Financial Centre forFinance & Sustainability is working with the Duisenbergschool of finance in Amsterdam to embed the course ‘Finance& Sustainability’ into their existing Master programs led byProfessor Noreena Herz.Professional education around Finance & Sustainability willbe developed, making it possible for companies to have theirmanagement participate in bespoke coursework on the topics.Holland Financial Centre also took the initiative to starta webportal dedicated to Finance & Sustainability(www.fsinsight.org). Please have a look at chapter 6 formore information.14

Green Investment CorporationAn important initiative HFC is working on is the GreenInvestment Corporation. Together with 17 partners (banks,pension funds, ministries, insurance companies, consultants),HFC is looking into the feasibility of a public/private partnershipthat is aimed at co-investing/financing those sustainable energyand energy effi ciency products that do not immediately gainfunding. The main goal is to work as a catalyst and acceleratethe transition towards sustainable energy and energy effi ciency.Last but not leastRecently HFC have made the publishing of the book FinancingSustainability possible. The book touches on all the four topicsof the Centre for Finance & Sustainability including CarbonTrading. It can be downloaded for free from the internet atwww.hollandfinancialcentre.com. A Mandarin version will beavailable soon.‘In order to create wealth worth having, we need to have wellinformed skilled investors and an attractive narrative of whata sustainable global economy looks like. This book will helpus better understand what we must do and how attractive theprospect is.’ (James Cameron, Executive Director and ViceChairman, Climate Change Capital)15

Further InformationFor further information on the finance & sustainabilityprogramme at Holland Financial Centre, please contactGerard van Baar at vanbaar@hollandfinancialcentre.nlor visit www.hollandfinancialcentre.com.16

3 The DutchApproach:Holland FinancialCentre CO 2working groupAt Holland Financial Centre working groups focus on differentthemes. One of the themes is carbon trading and financing, andthe Holland Financial Centre CO 2 working group has provento be very valuable for market participants and stakeholders,including banks, traders and brokers as well as emissionauthorities, ministries, compliance parties and consultants.Looking back, part of the success is our shared goal: ensuringa smooth transaction cycle and stable business climate for allaspects of emissions trading and carbon finance, includinglegal. Another key driver is Holland Financial Centre’s pointof departure: joint public-private cooperation. As a neutralplatform HFC is able to bring together relevant parties from allsectors, as can be seen from the list of working group membersbelow. The working group structure is useful and effi cient,especially when there is market turmoil, like suspension oftransactions in national registries last year.The structure made it possible for the Netherlands to respondquickly and effectively both at a national and international level.More generally, the working group ensures that implementationand execution of international carbon trading rules andregulations, including the directives on the EU EmissionsTrading Scheme, are carried out with an eye on the interestsof all stakeholders and the practical implications for tradingand transactions.17

3.1 Working group membersAuthorities– AFM (Financial Markets Authority)– Agentschap.nl– Ministry of Economic Affairs, Agriculture and Innovation– Ministry of Finance– Ministry of Infrastructure and the Environment– NEa (Dutch Emissions Authority)Banks– ABN AMRO– ING– RabobankTrade – brokering – exchange– Climex– Mabanaft– STXConsultants– Carbonrooster– Climatefocus– Deloitte– Emmisrechten.nl / J Cozijnsen– KPMGLaw Firms– De Brauw Blackstone Westbroek– Simmons & SimmonsCompliance – energy– Eneco– Essent– Statkraft– VattenfallCompliance – other– Confederation of Netherlands Industry and Employers(VNONCW)Other– Green Gas International– Intertrust18

4 Get Preparedto GrowA new perspective on the changingbusiness environmentYvo de BoerSpecial Global AdvisorKPMG Global Climate Change and Sustainability ServicesOver the past two decades, we have recognized that the way wedo business has serious impacts on the world around us. It isnow apparent that the state of the world affects the way we dobusiness. The central challenge of our age – maintaining humanprogress while minimising resource use and environmentaldecline – can simultaneously be one of the biggest sources offuture success for business.Given the unprecedented natural resource scarcity, skyrocketingfood prices, escalating energy security issues and anexpected population growth of up to 10 billion in 2100, theprivate sector is ever more challenged to overhaul its strategyand make its business models future proof. For example, ifcompanies had to pay for the full environmental costs of theirproduction, they would lose 41 cents for every $1 in earnings onaverage. External “off balance sheet” environmental costs of 11key industry sectors (including upstream supply chain) rose by50% between 2002 and 2010.Government policies, investor values and consumerpreferences are also altering rapidly, thus impactingbusinesses’ bottom line and demanding a long-term vision,supported by immediate action. Is this forced by stakeholderdemand, or primarily driven by sound entrepreneurship? It is upto each and every company to decide for itself.Rather than attempting to survive risks resulting from globalmegaforces, business leaders can do much more. Indeed, withforesight and planning, and by undertaking pioneering actionsto prepare for an uncertain future they can thrive by turning risksinto new opportunities. Companies need to develop resilience19

and flexibility for an unpredictable future and build capacity toanticipate and adapt.First and foremost, businesses need to fully assess andunderstand future sustainability risks, for example byintegrating them into an Enterprise Risk Managementtool, define their responses to deal with them, and analyseopportunities for effi ciency, substitution or adaptation.Integrated strategic planning and strategy development areneeded as well, which requires business management to makesustainability central to their corporate strategy and incorporateit at all levels. Put simply, businesses must manage risks andcapitalise on opportunities, by turning strategic plans andstrategies into ambitious targets and actions. One can thinkof energy and resource effi ciency improvements, sustainablesupply chain management, investment into innovation onsustainable products and services, as well as gaining access tonew markets for greener products, services and technologies.It is also imperative to explore tax incentives tailored toalternative energy, energy effi ciency and other areas relatedto sustainability.Another much discussed but less implemented tool to successin this area is measuring performance and reporting onsustainability, as well as the related benefi ts. The growingtrend of integrated reporting is an example where companiesare building frameworks for sustainability reporting processes,stronger information systems and appropriate governanceand control mechanisms on a par with those currently usedin financial reporting.Organizations can’t do this alone. Collaboration with partnerson sustainability issues is vital to enhance leverage and improvecost-benefi t ratio of action. Business leaders should seekopportunities for genuine dialogue with governments anddemonstrate new and innovative approaches to public-privatepartnerships. Improved dialogue could focus on economicinstruments and market barriers that could be reduced to makesustainable business operation easier. Good management usedto be about preparing for the expected, now it is just as muchabout preparing for the unexpected.20

Competitive advantage can be carved out of emerging risk. Itis clearly no longer the question if we must transcend to a moresustainable economy. The question is the pace in which we areable, and especially willing, to achieve it.To thrive, or even just to survive, businesses needs tounderstand the root causes of what affects their operations, notjust the symptoms. The bold, the visionary and the innovativerecognize that what is good for people and the planet will alsobe good for the long term bottom line and shareholder value.This is how we can make our common economy future proof.21

and Greenchoice BV, marketing activities have taken place toencourage consumers in the Netherlands to reduce and offsettheir carbon emissions. Greenchoice is the ‘greenest’ energysupplier to the dutch market, partly owned by Dutch utilityEneco. Greenchoice offers the fair carbon credits to customersto offset their emissions from the usage of gas for heating andhot water.A Different Type of Carbon FundA key difference between FCF and other Carbon Funds is thatFCF pays fair prices to the producers of the carbon credits.FCF invests in projects at a households level in countriessuch as South Africa and India and considers these familiesas the producers of FCF’s carbon credits. The fair prices aredetermined based on the cost of the project and the socialimpact. FCF goes further by structuring the purchase contractto share the sales income with the initiating partner NGO, orwith the individual families participating in the project.Social impactIn South Africa, families that live in the South African townshipsare very much affected by air pollution, caused mainly by coalfi res used for cooking and heating. FCF and the South Africanbased NOVA institute have reached out to 40,000 familiesin South African townships to improve their living standardsand use more effi cient cooking techniques, called the ‘BasaMagogo’ method of cooking. Direct benefi ts are a 50%reduction in coal use, 90% reduction indoor air pollution and 2hrs/day gain in time for women for economic activities. The totalemission reduction is expected to be 100,000 tons of carbondioxide over 5 years.In India FCF has invested in the construction of biogas units for8000 families, with the aim of reaching another 10,000 families.The biogas units almost completely reduce indoor air pollution,and provide women and children with 3 hours extra per day foreducational and economic activities. Additionally, the biogasprovides three times more heat than traditional fi rewood and theleftover slurry is more fertile than the original manure. Beyondthe health benefi ts, this project is also expected to prevent up to150,000 tons of carbon dioxide emissions over 5 years.23

The multiple benefi ts of these projects include not onlyreduction in emissions, but also lower fuel costs, healthier livingconditions, less deforestation, a decrease in waste treatmentcosts, and enormous savings in time for the families.Economic gainThe economic gains extend beyond the direct benefi ts of theprojects. In South Africa, the families benefi t economicallyfrom buying less coal to heat their houses, and in India familiesearn more money because women engage in local economicactivities like rolling tobacco or making ritualistic decorationswith time that they would otherwise spend searching for andcollecting fi rewood. In addition, in India after the investmentis paid back to FCF with carbon credits, each family is furtherentitled to receive payment for the 2 tons of emission reductionsthey produce from the biogas unit.FCF together with a broad and diverse Dutch coalition ofNGO (ICCO). government (Schokland Facility), technical R&D(TNO), energy company (Greenchoice) and bank (ING), hassuccessfully demonstrated the business case and demandfor fair trade carbon credits. Like minded companies andindividuals who purchase fair trade carbon credits from FCFunderstand the importance of leaving a positive social impactwhen contributing to the fi ght against climate change.24

6 FSinsight.orgWednesday 1 February 2012, Dutch Vice Prime MinisterMaxime Verhagen offi cially launched the global webportalFSinsight.org. FSinsight is an unique global knowledge platformdevoted to the latest ideas and practices around issues ofresponsible investment and sustainable finance. More thana database of research knowledge, the white papers andvideo interviews on FSinsight have a distinct relevance andaccessibility for forward-thinking practitioners.Ground-breaking ideas are presented across four themes:Sustainable and Responsible Investment; Green BuildingsFinance; Sustainable Energy Finance; and Inclusive Finance.Dutch initiative with global ambitionThe initiative for FSinsight began with Holland Financial Centre(HFC). HFC partnered with Tilburg University, MaastrichtUniversity and Duisenberg school of finance to bring thepower of Dutch research to the table. Meanwhile University ofCalifornia at Berkeley, National University of Singapore, and theSwedish strategic management foundation Mistra, joined thepartnership, offering the opportunity to mine and share trulyglobal data and research.The strategy is to expand the partnerships fi rst to academia,and almost at the same time towards the international financialindustry. Also (supra-national) authorities will be asked to join.Being a partner means an obligation to submit quality contentseveral times per year.Carbon trading and finance will also be covered by thewebportal. If you have any ideas or suggestion, please contact:editors@fsinsight.orgvanbaar@hollandfinancialcentre.nl25

Who is who1 InstitutionsAFM (Authority for the Financial Markets)Vijzelgracht 50, 1017 HS AmsterdamP.O. Box 11723, 1001 GS AmsterdamThe NetherlandsT +31 (0)20 797 20 00F +31 (0)20 797 38 00Fridjof Bron, Senior Supervision Offi cerfridjof.Bron@AFM.nlAgentschap NLNL Energy and ClimateCroeselaan 15, 3521 BJ UtrechtThe NetherlandsT +31 (0)88 602 70 00Agentschap NL manages various CDM (CERUPT) projectson behalf of the Dutch Ministry of Infrastructure and theEnvironment (I&M) and Joint Implementation (JI) projectsfor the Dutch Ministry of Economic Affairs, Agriculture andInnovation (EL&I).In addition, Agentschap NL is responsible for the issuanceof written approvals for the participation in CDM projects (onbehalf of the Ministry of I&M) and in JI projects (on behalf ofthe Ministry of EL&I) in the framework of the so-called “ApprovalProcedure for participation in Kyoto projectactivities”.Sietske BoschmaT +31 (0)88 602 26 04sietske.boschma@agentschapnl.nlJohan HavingaT +31 (0)88 602 24 32johan.havinga@agentschapnl.nl.26

Examples of interesting projects are:1. Amsterdam Houthavens: a climate neutral newneighbourhood2. Amsterdam Electric: action plan for an increase in the use ofelectrical vehicles (car, bike, boat)3. Amsterdam Nieuw West: Smart Grid in a social housing area,connecting 6,000 units; with projects on monitoring, localenergy production and energy effi ciencyReiniera van Pallandt, Financial Sector Advisorpallandt@ez.amsterdam.nlCity of The HagueSpui 70, 2500 DP The HagueT +31 (0)70 353 30 00www.denhaag.nlThe city of The Hague wishes to be a climate-neutral city whereall energy needs are met in a sustainable way. This is our goalfor 2040. To achieve it, CO 2 emissions generated by the use ofelectricity, gas, heating systems, cooling systems and transportmust be reduced to zero.We are focusing on seven key-areas:– energy saving– geothermal heat pumps– solar energy, wind energy– geothermal district heating– expanding district heating networks– biomassHow we intend to achieve our goal:– Clearing the way for new technologies; remove obstaclesin the use of sustainable energy sources, research intechnologies aimed at reducing CO 2 emissions.– Expanding district heating networks and Geothermal districtheating.– Accessible information: a sustainable centre is being setup that will provide information about energy-effi ciencymeasures and the benefi ts of saving energy.28

Henry Terlouw, policy advisorhenry.terlouw@denhaag.nlDutch Emissions Authority (NEa)Prinses Beatrixlaan 2, 2595 AL The HagueThe NetherlandsT +31 (0)70 339 52 50The Dutch Emissions Authority (NEa) supports emission tradingand acts as an independent supervisor to check compliancewith the rules.The NEa consists of approximately 40 employees and carriesout the following tasks under the authority of the Ministryof Infrastructure and the Environment and the Ministry ofEconomic Affairs, Agriculture and Innovation:– issue and renew emission permits;– manage the CO 2 and NO x Registries;– perform supervisory inspections;– impose sanctions, if necessary;– ensure surrender of suffi cient emission allowances.Erik van Andel, Project ManagerT +31 (0)70 339 09 97erik.vanandel@emissieautoriteit.nlHarm van de Wetering, Head of UnitT +31 (0)70 339 47 47harm.vandewetering@emissieautoriteit.nlEuropean Climate FoundationTournooiveld 4, 2511 CX The HagueThe NetherlandsT +31 (0)70 711 96 00www.europeanclimate.orgwww.roadmap2050.euEstablished in 2008, the European Climate Foundation (ECF) isheadquartered in The Hague with satellite offi ces in Berlin andBrussels.ECF is a proactive, analytical, results-oriented philanthropicorganization that draws on the expertise of a diverse team from29

a range of professions and nationalities. The ECF is affiliated tothe ClimateWorks global network of philanthropic organizations.MissionECF promotes climate and energy policies in Europe that willhelp limit global warming to less than 2°C, and ensure at leasta 30% reduction of greenhouse gas emissions in Europe by2020. To that purpose, ECF is dedicated to developing andimplementing well-crafted climate and energy policies thatgreatly reduce Europe’s greenhouse gas emissions.ECF identifies policy priorities based on their potential to slashgreenhouse gas emissions and the probability of success insecuring those policy changes. On a global level, the ECF aimsto help Europe play an even stronger international leadershiprole in mitigating climate change.ECF maintains a reputation for objective, high-quality work thatis neither ideological nor politically biased.OrganizationECF identified three priority sectors that form their coreprogrammes:– Power, since the power sector plays a crucial role in EUwidedecarbonisation.– Energy Effi ciency, a vital and cost-effective way to ensurecarbon reductions.– Transport, accounting for 25% of EU carbon emissions.The following two programmes deal with overarching policies:– Climate Diplomacy– EU Climate PoliciesEU Climate PoliciesThe EU Climate Policies Programme aims to secure pan-European and in-country policy frameworks and politicalconditions that ensure European climate leadership, focusingin particular on increasing Europe’s short-term and long-termemissions reduction target to 30%, strengthening the EUEmissions Trading System, and developing strong nationallaws and low-carbon growth plans in key countries (Germany,Hungary, Poland, the Czech republic, among others).30

Martijn Broekhof, AssociateT +31 (0)70 711 96 08M +31 (0)6 2517 9095martijn.broekhof@europeanclimate.orgHolland Financial CentreCentre for Finance & SustainabilityGustav Mahlerplein 3-115, 1082 MS AmsterdamP.O. Box 75926, 1070 AX AmsterdamThe NetherlandsT +31 (0)20 708 58 00www.hollandfinancialcentre.nlGerard van Baar, Managing DirectorT +31 (0)20 708 58 12M +31 (0)6 1380 9186vanbaar@hollandfinancialcentre.nlMinistry of Economic Affairs, Agriculture and InnovationDirectorate General for Energy and Telecom and MarketsBezuidenhoutseweg 30, 2594 AV The HagueThe NetherlandsT +31 (0)70 379 89 11Maurits Blanson Henkemans, Senior Policy offi cer EmissionTrading and Import Renewable energyT +31 (0)70 379 63 28M +31 (0)6 1137 6317l.j.m.blansonhenkemans@eleni.nlMinistry of FinanceDutch State Treasury AgencyKorte Voorhout 7, 2511 CW The HagueP.O. Box 20201, 2500 EE The HagueThe NetherlandsT +31 (0)70 342 40 82F +31 (0)70 342 79 81www.dsta.nl31

Steef Akerboom, Coordinating Dealer Capital Marketss.c.akerboom@minfin.nlMinistry of Infrastructure and the EnvironmentPlesmanweg 1-6, 2597 JG The HagueP.O. Box 20901, 2500 EX The HagueThe NetherlandsT +31 (0)70 456 00 00The Ministry of Infrastructure and Environment is responsiblefor the ETS in the Netherlands. The Ministry is committed toimproving quality of life, access and mobility in a clean, safeand sustainable environment. The Ministry strives to create aneffi cient network of roads, railways, waterways and airways,effective water management to protect against flooding, andimproved air and water quality.Paul van der Lee, Policy CoordinatorClimate, Air Quality and Noise Policy DirectorateT +31 (0)70 456 65 45paul.vanderlee@minienm.nlVBDO(Vereniging van Beleggers voor Duurzame Ontwikkeling)Dutch Association of Investors for Sustainable DevelopmentPieterstraat 11, 3512 JT UtrechtThe NetherlandsThe Dutch Association of Investors for Sustainable Develop ment(VBDO) was launched in 1995. The VBDO aims at generating amore sustainable capital market by raising awareness both withmultinational corporations and investors about the contributionsthey can make towards a sustainable capital market. The VBDOalso formulates strong opinions on different topics related tosustainability. VBDO regularly carries out researches, visitsAnnual General Meetings of stock listed companies andengages in an active dialogue with banks, insurance companies,media and stock listed companies. As such VBDO is the onlyassociation in the Netherlands representing institutional as wellas individual sustainable investors.32

Giuseppe van der Helm, Executive Director VBDOT +31 (0)30 234 00 31giuseppe.vanderhelm@vbdo.nlSigi Simons, PR / Communications offi cerT +31 (0)30 234 00 31sigi.simons@vbdo.nl2 Knowledge, Education & InnovationCentresDuisenberg school of financeGustav Mahlerplein 117, 1082 MS AmsterdamThe NetherlandsT +31 (0)20 525 85 90www.dsf.nlinfo@dsf.nlDuisenberg school of finance stands for top education andresearch in finance. As an international finance school, its missionis to advance new thinking and develop leaders in finance.Duisenberg school of finance, located in Amsterdam, is apartnership between leading companies in the finance industryand various top universities. Through this unique partnership, theeducational programs combine the latest insights from scienceand practice. The school offers Master, PhD, and professionaleducation programs taught by world-class faculty.Finance & sustainability is a key focus area of Duisenberg schoolof finance, both in terms of research and education. For example,finance & sustainability education is integrated into all Masterprograms and the school runs a special finance & sustainabilityresearch programme. Key topics include: sustainable andresponsible investing, carbon finance, renewable energy finance,impact investing, and leadership for sustainable financialinstitutions.Bernd Jan Sikken, Programme Director Finance andSustainabilityT +31 (0)20 525 16 11bernd.jan.sikken@dsf.nl33

Emission Allowances. For each category STX has a dedicated,knowledgeable team that serves its clients in their locallanguage. STX advises on transaction processes, counterpartyselection, contract negotiations, green energy purchasesand emissions offsetting. STX shares market insights andinformation, creates transparency and provides market access.STX serves a client base of 850 companies across Europe fromits offi ce based in Amsterdam. Many of the large industrials,utilities and oil companies as well as banks are among theseclients. With an average number of 2,200 transactions STXgenerates a turnover of approximately € 500 million per annum.STX provides its services with an experienced team in theseemerging markets.Tim van der Noordt, Managing DirectorT +31 (0)20 535 77 71tim.vandernoordt@stxservices.comGuido Levie, Head of Carbon DeskM +31 (0)6 2157 3586guido.levie@stxservices.com4 Carbon Project Developers,Asset Managers and Traders33 Asset ManagementBurgemeester van Karnebeeklaan 17, 2585 BA The HagueThe Netherlands33 Asset Management is a carbon and renewable energyboutique, specialized in origination, development, investmentand fund management of sustainable opportunities.Walle Oppedijk van VeenT +31 (0)70 346 17 34w.oppedijkvanveen@33assetmngt.com38

Do-incMauritskade 55 D, 1092 AD AmsterdamThe NetherlandsT +31 (0)20 846 36 50F +31 (0)87 784 25 38www.do-inc.netDo-inc is at the forefront of the carbon market, combiningover 21 years of experience in the field of carbon projectdevelopment, climate change, sustainable development andrenewable energy.With a strong focus on complex projects, emerging markets andinnovative approaches, we provide essential services to thosewilling to tackle these upcoming markets.Do-inc’s team members are experts on project managementand greenhouse gas reduction projects, covering a rangeof environmental technologies: renewable energy, energyeffi ciency, waste management and forestry. Do-inc hasbeen involved or responsible for over 15 successful CDM& Gold Standard project registrations. Furthermore Do-incwas keyconsultant to the Gold Standard version two updateprocess.Edwin DalenoordM +31 (0)6 4136 9790e.dalenoord@do-inc.netEneco Energy Trade B.V.Marten Meesweg 5, 3068 AV RotterdamThe Netherlandswww.eneCO2.comEneco Group specializes in the production, transmission,trading and supply of energy (electricity, gas and heating).Eneco Group comprises the companies Stedin (networkmanagement), Joulz (infrastructures) and Eneco (sustainableenergy supply, sustainable energy generation and sustainableenergy solutions). Eneco Group invests in sustainable energysources, energy solutions and infrastructure with the aim tokeep energy clean, available and affordable, now and in thelong run. Eneco Group has approximately 7,000 employees,39

several hundred of whom work outside the Netherlands. Thehead offi ce is located in Rotterdam.Eneco Energy Trade (EET) is Eneco’s international tradedepartment, with more than one hundred highly-trainedprofessionals. We are the linking pin between market and the(co-) production of Eneco’s assets. We are also independenttraders for developers without trading capacity and we closePower Purchase Agreements (PPAs).EET has a specialized carbon group within the AlternativeEnergy department. The carbon desk generates carbon creditsby partnering with organizations to identify, develop andmanage green projects that reduce greenhouse gas emissions.Eneco has an exceptional track record in clean energyproduction and in the global carbon markets; markets carboncredits such as EUAs, CERs, ERUs and VERs. We providedevelopment services, financing arrangements and riskmanagement services for project owners, project developersand carbon aggregators.Mark Meyrick, Head of Carbon DeskT +31 (0)88 895 48 07M +31 (0)6 1569 1166m.meyrick@eneco.nlJan-Willem Beukers, Carbon Emissions OriginatorT +31 (0)88 895 48 03j.beukers2@eneco.nlHai Jiang, Carbon Trading ManagerT +31 (0)88 895 48 06M +31 (0)6 2185 9148h.jiang@eneco.nlFairClimateFundP.O. box 1578, 3500 NS UtrechtThe NetherlandsT +31 (0)30 234 82 10www.fairclimatefund.nlFairClimateFund (FCF) is a social entrepreneurship founded byICCO in 2009 with the aim of making carbon markets work forthe poor. Our objective is to invest in projects that improve the40

livelihoods of the poor while also combating climate change.FCF provides customized and participatory carbon solutionsto her clients who voluntarily want to reduce their carbonfootprint and who want to run their operations in a socially andenvironmentally aware manner.FCF goes beyond the average carbon investor because we payfair prices for carbon credits and structure the agreements sothat the families who are the actual producers of the carboncredits see a share of the income generated from the sale ofcarbon credits. The sale of the carbon credits allows the fund toinvest in new pro-poor carbon projects.Currently FCF works with over 7 partners in developingcountries and has a network consisting over 40 organizationsworking on carbon projects. The fund is busy with theinclusion of its 3 rd project in its portfolio and has endeavorsto increase the fund’s size to 30 million euro. This offersexciting opportunities to organizations which are interested inpartnering in proven pro-poor carbon mitigation approaches.Upscaling goals are:– To continue investment in renewable energy projects ona household level;– To increase expertise in carbon finance structures;– To launch a fair trade label for carbon;– To allow investors to actively participate in the marketing ofpro-poor carbon projects.Please feel free to contact us for hands on carbon solutions andif you are interested in investment opportunities.Neera van der Geest, DirectorT +31 (0)30 234 82 10geest@fairclimatefund.nlNadine Planzer, Fund ManagerT +31 (0)30 234 82 03M +31 (0)6 4912 4911planzer@fairclimatefund.nl41

Global Carbon BVBuilding DGraadt van Roggenweg 328, 3531 AH UtrechtThe NetherlandsT +31 (0)30 298 23 10F +31 (0)70 891 07 91www.global-carbon.cominfo@global-carbon.comGlobal Carbon BV is a leading expert on environmentalconsultancy and brokerage services in the internationalemissions trading market under the Kyoto Protocol. Thecompany focuses on Joint Implementation (JI) projectdevelopment in Ukraine and the Russian Federation.Since 2004 GC has paved the way for JI by developing thefi rst projects, monitoring and verifying the fi rst reductions andhaving the fi rst credits transferred abroad.Strengths of Global Carbon BV:– A growing portfolio of 55 JI projects with a reductionpotential of 65 million tonnes CO 2 offsetting the emissions of6.5 million European households– Market leader in UN approved projects (Track 2) in Ukraineand Russia with a 50% market share of all registered JIprojects and a 45% market share of all verified reductions– Leader in energy effi ciency projects in the power sector, thecement industry, the metallurgical industry plus renewableenergy and the utilization of coal mine methane.– Offi ces in the Netherlands, Ukraine, and the RussianFederation– GC is a founding member of Joint Implementation ActionGroup (JIAG) promoting JI as an effective instrument toreduce emissionsLennard de Klerk, DirectorT +31 (0)30 298 23 10deklerk@global-carbon.com42

Green Gas International B.V.Zuiderhof, 3 rd fl o o rJachthavenweg 109-H, 1081 KM AmsterdamThe NetherlandsT +31 (0)20 570 22 50info@greengas.netGreen energy sources have an increasingly important roleto play in the reduction of greenhouse gas emissions. Manycountries now have renewable energy targets and encouragebusinesses to exploit clean and renewable energy sources,through financial incentives and legislation. Green GasInternational B.V. is an international clean energy company thatspecializes in converting methane emissions from coal minesand landfill sites into clean energy and valuable carbon credits.Green Gas International B.V. offers a fully funded, integratedand commercially attractive solution for gas managementand utilization for coal mine and landfill owners, including theprocess of qualifying carbon credits. In short we cover gascollection, gas drainage, project management, operations andmaintenance, carbon credits and finance. Whilst improving siteproductivity and safety, we provide new and clean sources ofelectricity and heat, and eliminate a potent greenhouse gas.We are expanding our Carbon project portfolio rapidly andaiming to generate a million credits a year, thereby helpingcustomers and communities worldwide to reduce their carbonfootprint, in a commercially viable way. Buyers can purchaseCertified Emission Reductions (CERs) and Emission ReductionImplementation (JI) compliance markets while voluntary carbonoffsets can be purchased from projects developed undervoluntary standards.Our dedicated and expert qualifi cation team has an outstandingtrack record in registration, technical competence andrelationship building, and in delivering real and measurablevalue to European, and North American carbon credit buyers.We have been recognized with the following accolades ‘RisingStar Award’, in the 12 th (2010) Annual Platts Global EnergyAwards. The goal of the awards is to “Honor and recognizethose that have transcended the status quo in the name ofexcellence in leadership, innovation and performance”. Eachyear, the awards attract over 200 nominations worldwide.43

Raj Kumar, Carbon Revenue ManagerClaudia Mennen-Vermeule, CFOLei Wu, Commercial Business and Carbon AnalystMabanaft Global Carbon MarketsWilhelminakade 101 (43 rd floor), 3072 AP RotterdamThe NetherlandsT +31 (0)10 290 69 41Mabanaft Global Carbon Markets (Mabanaft) is part of theMarquard and Bahls group. The Marquard & Bahls groupcombines a truly entrepreneurial spirit with a long term strategicfocus. The company is active worldwide and has assets on allcontinents.MabanaftMabanaft is the energy trading branch of the group. It is wellpositioned in all major international trading hubs and a leadingindependent importer and wholesaler of petroleum products innorth-western Europe. Furthermore Mabanaft is active in theglobal carbon markets, mostly focusing on EU ETS and CDM.Mabanaft Global Carbon MarketsMabanaft Global Carbon Markets is the company’s experiencedtrading desk. The key members have been active in theinternational carbon market since its start in 2004, have anexcellent global network and a strong track record in bothemissions trading and project development.Ruben Benders, Head Global Carbon MarketsT +31 (0)10 290 69 42ruben.benders@mabanaft.nlAlexander Savelkoul, Senior Manager Global Carbon MarketsT +31 (0)10 290 69 43alexander.savelkoul@mabanaft.nlRobert Sprij, Senior Trader Global Carbon MarketsT +31 (0)10 290 69 41robert.sprij@mabanaft.nlSjoerd Schneider, Structured Trader Global Carbon MarketsT +31 (0)10 290 69 44sjoerd.schneider@mabanaft.nl44

StatkraftGustav Mahlerplein 100, 1082 MA AmsterdamThe Netherlandswww.statkraft.comStatkraft, as a global green energy developer, has raised itsambitions regarding new forms of energy production fromrenewable sources. This is underlined by our investments inhydropower, wind power, gas power and district heating inthe European and Nordic regions and our R&D activities intoosmotic power. SN Power is Statkraft’s investment arm fordeveloping new generating capacity outside Europe. It is jointlyowned by Statkraft (60%) and Norfund (40%). SN Power’smission is to invest in, own and operate wind and hydropowerprojects in new growth markets.Statkraft’s business concept is to create value for our owner,customers and society by:– developing and generating environmentally friendly powerand heat;– trading in energy and related products, including carbonproducts;– meeting customers’ needs for energy and related services.Since 2003 Statkraft has been active within the EuropeanEmissions Trading Scheme by developing innovative solutionsfor our partners both on the upstream (project development)and downstream (compliance companies) side. Statkraft wasone of the fi rst movers trading secondary CERs, offering swapsbetween EU Allowances and Certified Emission Reductions,designing “REPO’s” for the carbon market, closing EmissionReduction Purchase Agreements in the CDM market andtrading options on EUAs, CERs and ERUs. Our partnersappreciate the solutions we propose and recognize the value fortheir business.The Global Carbon Team is supported by account managersin Statkraft’s and SN Power’s different regional offi ces. Thecombination of our responsible role as global green energydeveloper, the innovative solutions for our partners and ourcompetent team makes us a strategic player in the carbonmarket: today and in the future.45

Stef Peters, Managing DirectorT +31 (0)20 795 78 00info@statkraft.nlco2@statkraft.comVattenfall Carbon FundVattenfall is one of Europe’s largest generators of electricityand the largest producer of heat. The company’s vision is tocreate a strong and diversified European energy portfolio withsustainable and increased profi ts, signifi cant growth optionsand to be among the leaders in developing environmentallysustainable energy production. Vattenfall’s energy mix isbased on the six energy sources biomass, coal, hydro, naturalgas, nuclear and wind. One of its strategic ambitions is toreduce the CO 2 exposure and grow in low CO 2 emitting energyproduction and gas.The Vattenfall Carbon Fund (VCF) is the central marketaccess for Clean Development Mechanism (CDM) and JointImplementation (JI) projects for the Vattenfall Group. As aprime buyer and end user of CO 2 emission reductions, VCF isinterested in technically and operationally sound projects. Wesource and procure carbon credits from CDM/JI projects fromall over the world. Based on our long experience in the CDM/JImarket, we have established solid and long-term relationshipswith project developers and owners.The Vattenfall Carbon Fund– is the market access of the Vattenfall Group for CDM/JIprojects;– purchases credits from emission reductions projects withtraceable origins to fulfil Vattenfall’s ambitious climate targets;– is placed within the international set-up of Vattenfall AssetOptimisation and Trading;– has access to emission trading capacities and a highlyprofessional Credit and Legal support;– combines competencies of a highly experienced team withover 30 projects registered and 10 methodologies developedby the team members;– includes a member of the UNFCCC CDM Small Scale WorkingGroup;– is managed by a team based in Amsterdam.46

Michiel ten Hoopenmichiel.ten.hoopen@vattenfall.com5 Law FirmsAllen & OveryApollolaan 15, 1077 AB AmsterdamP.O. Box 75440, 1070 AK AmsterdamThe NetherlandsT +31 (0)20 674 10 00www.allenovery.comWhether your organization is leading the market or justbeginning to consider carbon trading opportunities and whetheryou are a project developer, investor, trader or compliancebuyer, Allen & Overy’s Global Climate Change Group canoffer you an unrivalled concentration of expertise in carbonrelated projects, initiatives to mitigate carbon impacts andthe development of CSR policies and carbon managementstrategies. We have extensive experience in working withclients in both the public and private sectors on climatechange projects, including advising on the European UnionEmissions Trading Scheme (EU ETS), the Kyoto Mechanisms(Clean Development Mechanism, Joint Implementation andInternational Emissions Trading) and on both the buy andsell side of Emissions Reductions Purchase Agreements andProject Development Agreements.Our Amsterdam based lawyers regularly advise clients onthe EU ETS, its application within the Netherlands, and itsinterface with Kyoto Protocol flexible mechanisms, both intransactional and stand-alone contexts. Also, our Amsterdambased lawyers have broad experience in assisting industrialoperators in matters concerning the allocation of emissionrights, in obtaining emission permits and in related trading andcompliance matters. As a member of the Allen & Overy GlobalClimate Change Group, the Amsterdam team participates in anintegrated world-wide team of market-leading specialists fromenvironmental, energy derivatives, capital markets, corporatelaw, tax, regulatory, funds and project finance practices.47

activities (PoAs) in India, Africa and South America, as well asthe increasing financial regulation of the energy and carbonmarkets and issues relating to stolen emission allowances andregistry safety.De Brauw is a member of the International Emissions TradingAssociation (IETA) and we are actively involved in discussionswith policy makers and regulators on matters ranging fromimplementation of international regulations to developmentof new policies. De Brauw is the only continental Europeanlaw fi rm to be ranked for Climate Change by Chambers Global2011 (band 2) and we are ranked fi rst tier for Energy as well asEnvironment & Planning by The Legal 500 EMEA 2011.Nicolien van den Biggelaar, PartnerT +31 (0)20 577 13 39nicolien.vandenbiggelaar@debrauw.comSander SimonettiT +31 (0)20 577 16 03sander.simonetti@debrauw.comJonathan SoeharnoT +31 (0)20 577 10 35jonathan.soeharno@debrauw.comClifford ChanceDroogbak 1A, 1013 GE AmsterdamP.O. Box 251, 1000 AG AmsterdamThe NetherlandsT +31 (0)20 711 90 00www.cliffordchance.comClifford Chance was the fi rst premier law fi rm to set up aspecialist Environmental and Climate Trading Group (ECTG)in 2004 to share experience of different areas of law andcollaborate across jurisdictions. We currently have over 73lawyers in the group, spanning 17 countries, including theNetherlands.Clifford Chance specializes in all aspects of climate trading andenvironmental law, covering trading carbon credits under Kyotoflexible mechanisms (i.e. the Clean Development Mechanism(CDM) and Joint Implementation (JI)), structuring of carbonbased financial and insurance products, advising operators and50

aircraft operators on their carbon reduction obligations underthe EU ETS, all aspects of carbon finance and funds, voluntarymarket products and trading, environmental liability risk transferstructures, renewable and bio-fuel trading and weather andcatastrophe risk management products.Clifford Chance is a market leader in the field of energyand other projects and we are continuously expanding ourprominent role in related environmental law and planningadvice. Furthermore, we are advising clients on investmentsin green energy/renewable energy. We have been involvedin setting up green funds and have been advising clients oninvesting in such funds. Finally, the depth of our network hasbeen benefi cial in various mandates to clients wishing to havea full understanding of regulatory regimes in the countrieswhere they do business. Our clients include some of theworld’s largest utilities, corporations, financial organizations,international institutions and government agencies.Jaap Koster, partnerT +31 (0)20 711 92 82jaap.koster@cliffordchance.comJonne Buijtels, advocaatT +31 (0)20 711 91 74jonne.buijtels@cliffordchance.comDLA Piper Nederland N.V.Amstelveenseweg 638, 1081 JJ AmsterdamP.O. Box 75258, 1070 AG AmsterdamThe Netherlandswww.dlapiper.nlCharles Destrée, Rachel Edwards and Rik Mellenbergh of DLAPiper Amsterdam, Finance & Projects team, advise on carbonemissions trading in the Netherlands.We advise on the transfer of carbon emissions rights and theregistration requirements with respect to carbon emissionstrading according to Dutch law. Moreover, the Finance &Projects and the Real Estate teams of DLA Piper Amsterdamhave expertise in finance law (including real estate finance),contract law, corporate law, and environmental law.51

Our international DLA Piper network, with 4,200 lawyers in30 countries and 76 offi ces, offers legal services in mostjurisdictions worldwide.Charles DestréeT +31 (0)20 541 93 64charles.destree@dlapiper.comRachel EdwardsT +31 (0)20 541 92 64rachel.edwards@dlapiper.comRik MellenberghT +31 (0)20 541 98 50rik.mellenbergh@dlapiper.comHouthoff BurumaGustav Mahlerplein 50, 1082 MA AmsterdamP.O. Box 75505, 1070 AM AmsterdamThe Netherlandswww.houthoff.comHouthoff Buruma’s energy & environmental team bringstogether practitioners with expertise in finance, corporate law,contract law, sector-specifi c regulations, environment and EUand competition law. The team thoroughly understands theregulatory environment in which its clients operate. This alsoforms the basis for our emission trading practice. HouthoffBuruma’s experts have extensive experience in the energysector, advising companies on renewables and emissiontrading and reduction related issues, acting for national andinternational oil, gas and electricity companies both upstreamand downstream.Most recently we have litigated on behalf of a majorinternational joint venture Enecogen V.O.F. (a joint venturebetween Eneco and DONG) to obtain suffi cient emissionsallowances from the Netherlands’ new entrants reserve(which is almost depleted) to cover the needs of Enecogen’sCCGT power station, and advised on a CDM forest project inMozambique.With over 300 lawyers Houthoff Buruma is one of the largestlaw fi rms in the Netherlands.52

Marc van Beuge, Senior Associate Energy RegulatoryT +31 (0)20 605 65 82m.van.beuge@houthoff .comWillem de Nijs Bik, Partner Corporate M&AT +31 (0)20 605 61 66w.de.nijs.bik@houthoff.comLoyens & Loeff N.V.Amsterdam offi ceFred. Roeskestraat 100, 1076 ED AmsterdamP.O. Box 71170, 1008 BD AmsterdamThe NetherlandsT +31 (0)20 578 57 85F +31 (0)20 578 58 00Rotterdam offi ceBlaak 31, 3011 GA RotterdamP.O. Box 2888, 300 CW RotterdamThe NetherlandsT +31 (0)10 224 62 24F +31 (0)10 412 58 39www.loyensloeff.comLoyens & Loeff is a Benelux fi rm providing top-tier legal and taxadvice to international businesses, financial institutions andgovernmental organizations. With around 400 tax experts and400 lawyers and civil notaries, we are reputed for effectivelystructuring and supervising both domestic and internationaltransactions. We provide our services from six Benelux offi ces.Carbon trading activities are covered by our Energy team,a dedicated team of specialist advisers offering high-endregulatory, legal and tax advice on all relevant energysector developments, including oil & gas, power & utilitiesand renewables. Our Energy team has a specifi c focus onsustainable (or renewable) energy sources and durable energysolutions, including carbon trading. Our team is well known foradvising clients on legal and tax issues related to the (financial)trade in CO 2 and NO x emission rights. We assist our clients, forexample, in disputes on CDM or JI schemes. Our advisers havefurthermore ample experience in advising investment banks andinvestment funds on the structuring of carbon finance projects,either in the Netherlands or abroad. The Energy team operates53

ight at the front of regulatory and tax developments relevantto carbon rights and trading, including advising (international)utilities on carbon capture and storage (CCS) projects bothin the Netherlands and offshore. Clients furthermore includefinancial institutions, energy intensive industrial producers andair carriers.Max Oosterhuis, Partner, Corporate / Energy teamT +31 (0)10 224 67 30max.oosterhuis@loyensloeff.comNiels Muller, Senior Associate, Tax / Energy teamT +31 (0)20 578 52 33niels.muller@loyensloeff.comRoland de Vlam, Senior Associate, Regulatory / Energy teamT +31 (0)20 578 55 17roland.de.vlam@loyensloeff.comNautaDutilhStrawinskylaan 1999, 1077 XV AmsterdamP.O. BOX 7113, 1007 JC AmsterdamThe NetherlandsT +31 (0)20 717 10 00Weena 750, 3014 DA RotterdamP.O. BOX 1110, 3000 BC RotterdamThe NetherlandsT +31 (0)10 224 00 00www.nautadutilh.comNautaDutilh is an independent law fi rm in the Benelux. We areamong the largest law fi rms in Europe, with over 400 lawyers,civil law notaries and tax advisers in offi ces in Amsterdam,Brussels, London, Luxembourg, New York and Rotterdam.Our carbon emissions trading team brings together a widerange of skills in environmental law, project development andfinancing, derivatives and renewable energy. We representa wide range of market participants involved in the carbonmarkets including producers, developers, purchasers,regulated industries, financial institutions and dealers basedin the Netherlands and elsewhere. We are regular counsel to theAmsterdam-based power and gas exchange, and advise a pan-European platform for trading and auctioning environmental54

commodities and energy contracts. We help clients inproject development, financing and structuring and creatingmarketable credits, and have experience in advising on theEUETS, AAUs CER and VERs, as well as the Kyoto mechanisms(CDM, JI), emissions reductions purchase agreements (ERPA),auctions, trading rules and project developments agreements.We have developed a unique track record in the field of carboncapture and storage. We are preferred counsel to UNEP Risoeand have worked on capacity building projects, for example inTanzania and Surinam.Harm Kerstholt, PartnerT +31 (0)10 224 05 52M +31 (0)6 5130 4865harm.kerstholt@nautadutilh.comJaap Jan Trommel, PartnerT +31 (0)20 717 15 81M +31 (0)6 5109 2824jaapjan.trommel@nautadutilh.comSimmons & SimmonsSimmons & Simmons is a leading international legal practicewith more than 800 legal staff in 19 locations situated in keybusiness and financial centres across Europe, the Middle Eastand Asia.With considerable experience in both the development andapplication of environmental and climate change law and policyworld-wide, Simmons & Simmons’ environment and climatechange practice has long been recognized as a leader withinthis expanding and increasingly complex field.We have a focused multidisciplinary team advising in this area– comprising specialist lawyers from the fi rm’s environment,projects, funds, corporate finance, private equity, commercialreal estate and tax practice areas. With recognized expertisewe are closely aligned with finance and corporate playersincluding traders and investors.We provide clients with timely advice on all aspects of climatechange including:– supporting clients deliver novel cleantech and renewableenergy technologies;55

– approaches to financing and funding carbon offsetting andsequestration projects;– setting up carbon funds and investing the proceeds;– assessing alternative energy and climate projects forinvestment purposes including equity investments andfl o t a t i o n s ;– participating in emission trading systems;– negotiating carbon contracts and emission reductionpurchase agreements (ERPAs);– advising on tax and accounting treatment of carbon assetsand liabilities.We apply our sector expertise in support of a select group ofNGOs including Carbon Leapfrog, the Legal Response Initiative(with WWF and Oxfam and others) and the Gold Standard, and sostay closely involved in the overarching UN political process anddevelopments at the community level.Simmons & Simmons was the fi rst international law fi rm to achieveCarbonNeutral status across all of its offi ces worldwide in 2006.Rutger de Witt Wijnen, PartnerT +31 (0)20 722 23 26rutger.dewittwijnen@simmons-simmons.comViviana Luján GallegosT +31 (0)20 722 23 17viviana.lujan@simmons-simmons.comStibbe N.V.Strawinskylaan 2001, 1077 ZZ AmsterdamP.O. Box 75640, 1070 AP AmsterdamThe NetherlandsT +31 (0)20 546 06 06info@stibbe.nlStibbe is a Benelux law fi rm with offi ces in Amsterdam, Brussels,Luxemburg, London, New York and Dubai.Stibbe is one of the leading advisors in the Dutch energysector with a dedicated team of lawyers advising on a widerange of matters in this sector. We have established an expertgroup on emissions trading that provides high-level advice onadministrative, civil, tax and commercial aspects of emissions56

trading, with a focus on inter-company trading. Our lawyersregularly contribute to seminars and ministerial working groupswith regard to emissions trading. We have been acting on behalfof various clients in administrative proceedings. In addition weadvise clients on allocation aspects as well as in respect of alarge CCS project.We are able to provide our clients with innovative advice on theirlegal and administrative obligations arising from the regulationson emission rights.Jan Reinier van AngerenT +31 (0)20 546 01 95M +31 (0)6 2041 4618janreinier.vanangeren@stibbe.comKirsten BergerT +31 (0)20 546 04 79M +31 (0)6 1296 7383kirsten.berger@stibbe.com6 ConsultantsAccentureAccenture is a global management consulting, technologyservices and outsourcing company. Accenture has identifiedsustainability as one of its key growth drivers and is veryactive in the carbon markets via several of its core offerings.Through its Commodity Trading and Risk Managementservices, Accenture helps its clients in the energy, utilities,heavy industry (steel, cement, chemicals) and mining sectorsbecome high performers in this emerging and fast movingbusiness sector. Accenture supports them, from strategy toexecution, in the identifi cation, design and implementation ofstrategies, processes, systems and infrastructure for integratedenergy and emissions risk management. From operating modeland capability assessments all the way to the global turnkeyimplementation of a new trading business unit, Accenture hasthe experience, comprehensive capabilities, scale and globalreach to deliver high performance solutions for emissionstrading and risk management.Accenture is also active in the carbon markets through itsSustainability Services group, where it supports governments57

and companies across multiple areas linked to carbon trading,including climate change regulation and strategy, energy andemissions management, operational excellence, low carboninfrastructure and carbon markets infrastructure and systems.With a team of over 1000 consultants globally, the practiceleverages Accenture’s core offerings, such as AccentureAdvanced Industrial Solutions, Accenture Plant AutomationSolutions or Accenture Smart Buildings Services, to help itsclients make carbon markets more an opportunity than a risk.Wytse KaastraT +31 (0)20 493 83 57M +31 (0)6 5157 3696wytse.kaastra@accenture.comBECOP.O. Box 11305, 3004 EH RotterdamThe NetherlandsBECO is an internationally operating consulting company insustainable development.Climate Change is an increasingly important issue for theinternational corporate community. It presents risks andopportunities to organizations, their investors, and theirstakeholders. To help your company seize the opportunitiesand eliminate the threats, BECO has developed a set of CarbonManagement services. Services that provide a systematicapproach that looks at both the revenue and cost side andinvolves areas outside the scope of a normal energy oroperational effi ciency review. It highlights climate change asa strategic issue for your company and identifies practicalemission reduction actions.Our solutions portfolio (globally and locally)– Strategic climate risks and opportunity assessments; takinginto account operations such as production locations, locallaws and policies, customer base and market strategy,– Carbon footprint for your organization, your products oractivities throughout the supply chain.– Carbon footprint tooling – determine your carbon footprintfor your organization or products with our web-based tooling(e.g. Carbon Manager).58

– Life Cycle Analyses (LCAs) for specifi c products or productranges.– Climate Product Declarations (CPDs), specifi cally designedto answer client’s demands for LCA or carbon information onyour products.– Energy – assessments through a structured review of yourplant, offi ces and equipment – as part of carbon reductionprograms.– Training and workshops on carbon management – e.g. GHGprotocol (footprint), emission reduction technologies, andbest practices.– Compliance audits to determine if your climate strategy and/or a GHG inventory is accurate, complete and transparent –for external communication or for offi cial certifi cation.In partnership with our clients (private and public sector)we continually strive to strengthen the synergy betweenpeople, planet and profi t. We achieve this via tailor-made andresults orientated solutions, bringing together a combinationof practical support, innovative tools and policy reviewservices. BECO provides stakeholder-oriented, pro-active andcollaborative Corporate Responsibility support to multinationalsintegrating and embedding sustainability strategy and practicewithin their organization.Maxim Luttmer, Manager Climate & EnergyM +31 (0)6 5026 0659luttmer@beco.nlCarbon rooster advisory servicesBeets 54, 1475 JD BeetsP.O. Box 13, 1474 ZG OosthuizenThe NetherlandsM +31 (0)6 5169 1446www.carbonrooster.cominfo@carbonrooster.comFounded in 2007 by Albert de Haan, former head CarbonBanking Fortis Group and co-founder European ClimateExchange (ECX largest global emissions trading Exchange),Carbon Rooster Advisory Services BV is specialized in strategicadvice for governments and companies on how to implementCarbon trading into the organization.59

Our large network makes it possible to implement strategiesfast and sustainable. New activities and investments in newtechnologies for renewable power generation makes CarbonRooster Advisory Services BV a well skilled company forassisting in project development and financing.The Dutch government’s recent NER auction was advised byAlbert de Haan.Nikki de Haannikki.deHaan@carbonrooster.comClimate FocusSarphatikade 13, 1017 WV AmsterdamThe NetherlandsT +31 (0)20 262 10 30www.climatefocus.cominfo@climatefocus.comClimate Focus is an advisory company committed to thedevelopment of policies and projects that reduce greenhousegas emissions. Our international and multidisciplinaryteam works closely with companies, governments andnongovernmental organizations on reducing emissions inenergy, households, industry, agriculture and forestry.Climate Focus is an independent expert in international andnational climate law, policies, project design and finance.We have been pioneering carbon markets ever since theirinception. We aim to find a creative and unique solution forevery single client, ranging from the development of policies toprotect the rainforest to structuring greenhouse gas mitigationprojects in the energy sector. Our advice is rooted in a profoundknowledge of climate change policies, emission tradingschemes and project development.Climate Focus offers:– climate law and regulatory advice;– policy development and implementation;– project design and development;– carbon finance;– due diligence and feasibility assessment;– capacity building and training.60

Climate Focus has offi ces in Amsterdam, Washington DC andBeijing and representatives in São Paulo, Lisbon and Brussels.We complement our core team with a broad network ofincountry and specialized partners.Adriaan Korthuis, Director, ProjectsT +31 (0)20 262 10 31a.korthuis@climatefocus.comCharlotte Streck, Director, PolicyT +1 202 540 22 73c.streck@climatefocus.comClimate Neutral GroupDonkerstraat 19a, 3511 KB UtrechtThe NetherlandsT +31 (0)30 232 61 71info@climateneutralgroup.comwww.climateneutralgroup.comClimate Neutral Group is a socially engaged venture thatstrives to achieve a climate neutral world – a world in which ouractions as individuals and organizations do not have a negativeimpact on the climate. Our mission is to assist businesses andorganizations in the transition to climate neutrality, in otherwords, to move towards a net zero carbon footprint. Everyorganization emits greenhouse gases to varying degrees andso, unintentionally, has a negative impact on the climate. Thisis why we provide step-by-step guidance for businesses andorganizations that choose to develop and implement climateneutralproducts, events or business operations:– ‘Goal’ phase: setting CSR/sustainability goals. CNGconsultants assist in making the right choices and togetherwe will draw up a hands-on plan consisting of costs, needsand results. The outcome of this goal-setting phase is inputfor the subsequent phases.– ‘Insight’ phase: calculation of the CO 2 footprint – whichprocesses cause the CO 2 emissions within the organizationor product line or which emissions are generated during anevent? Result is a report for a detailed insight in climateimpact.61

– ‘Action’ phase: in order to reduce CO 2 emissions CNGconsultants assist in making realistic reduction plans andeventual a plan to increase the commitment and awarenessof staff and other stakeholders. Compensation of CO 2emissions by investing in one of CNG’s renewable energyprojects (Gold Standard and VCS).– ‘Climate neutrality’ phase: the organization is now climateneutral.Comparison of initial goals with the result, re-aimgoals on regularly basis. CNG can support and provide acommunication plan in order to inform business partners– and other stakeholders – about the results.CNG offers, in each phase, a wide range of services such asworkshops, scans, training and coaching.CNG manages a diversified portfolio of carbon reductionprojects. In several innovative cases CNG develops projectsitself under the Gold Standard or VCS standards.René Toet, Managing DirectorT +31 (0)30 232 61 71info@climateneutralgroup.comMichiel Tijmensen, Carbon Portfolio ManagerT +31 (0)30 232 61 71M +31 (0)6 2934 2910michiel.tijmensen@climateneutralgroup.comDeloitteAdmiraliteitskade 50, 3063 ED RotterdamThe NetherlandsT +31 (0)10 272 11 20Deloitte offers a broad range of integrated services withinareas that include accounting, tax, corporate finance, financialmanagement, mergers and acquisitions and outsourcing.Deloitte combines deep experience in executable strategydevelopment, tax advisory, accountancy and audit with anunderstanding of climate change risks and opportunities.We not only build on assurance, valuation and marketanalyses to address how carbon will affect the bottomline today, but we also look at value created in tomorrow’smarkets while understanding the changes in stakeholder62

equirements. We help you assess your current and futurecarbon impacts and offer services in developing governancestructures, organization design and developing transactingrisk management procedures, for companies that trade incarbon markets. We combine our commodity transactingexperience with an understanding of the carbon markets, tooffer services in assessing offset project risks, developingmarginal abatement cost curves and conducting portfoliooptimization analysis to take advantage of carbon market basedmechanisms (allowances and offsets).Deloitte conducts several hundred emissions verifi cationsper year for EU ETS requirements for large emitters, aswell as verifi cations in other mandatory markets. TohmatsuEvaluation and Certifi cation Organization (TECO), a DeloitteJapan subsidiary, is accredited as a Designated OperationalEntity (DOE). TECO’s accreditation allows us to serve clientsthroughout the globe by conducting validations under the CleanDevelopment Mechanism (CDM) of the UNFCCC.Deloitte recently acquired Dcarbon8 and ClearCarbonConsulting Inc., both of which will be integrated into Deloitte’sfinancial advisory services to clients. The combined carbonmanagement knowledge and financial advisory competencescreate a new hub of sustainability excellence, highlightinga combination of strategic insights and deep knowledgeof complex challenges impacting organizations across allindustries and sectors. The highly skilled people from bothorganizations enabling us to offer an increased range and depthof carbon and sustainability advice to a broader number ofclients.Drs. Anneke Sipkens MBA, Director Sustainability StrategyInnovationT +31 (0)88 288 87 31M +31 (0)6 8355 5267asipkens@deloitte.nlEcofysP.O. Box 8408, 3503 RK UtrechtThe NetherlandsOur energy-based way of life faces serious challenges relatedto climate change, resource depletion and unequal distribution63

of fossil reserves. At Ecofys we know that a solution for theseglobal challenges exists. There are numerous ways to useenergy more effi ciently allowing us to manage current energysources more carefully. We are also surrounded by sustainableenergy in vast amounts. Based on this we formulated ourmission: “Sustainable Energy for Everyone”Together with our clients we work on realizing this mission in apractical and sustainable manner.The market-based mechanisms unit within Ecofys servesclients with services related to the policy cycle of market basedenergy and climate policies such as emission trading, projectbased mechanisms (CDM, JI, domestic off-setting) and whitecertifi cate schemes. We evaluate existing policies and helpgovernmental bodies in designing good and effi cient policyinstruments. With our consultancy work for the EuropeanCommission we contributed heavily to the EU Emission TradingScheme in its current form. We support corporate clients toincorporate energy effi ciency and sustainable energy into theirdaily business by informing them on current and upcomingenergy and carbon market policies, by studying the options forenergy effi ciency and GHG mitigation and by bringing thesetogether in integrated energy and carbon strategies.Maarten Neelis, Unit Manager market based mechanismsT +31 (0)30 662 32 41m.neelis@ecofys.comEmissierechten.nl / Jos Cozijnsen MMAEverard Meijsterlaan 10, 3533 CM UtrechtThe Netherlandswww.emissierechten.nlwww.co2prices.eu– Legal consultancy: overviewing all the legal areas relatedto emissions trading, assisting companies with regardingCO 2 allocation procedures. Complex legal situations: e.g.situation of carbon permits and allowances after sellingand bringing down production; ownership of allowancesafter thefts; ownership of allowances in co-siting situation(industrial/CHP).64

– Strategic consultancy: showing carbon market opportunities,assessing the carbon value of projects; how to optimizecarbon finance and price setting in carbon capture andstorage projects.– Carbon market innovation: how to link the carbon marketwith the upcoming EU Domestic Offsets system; how tolink the carbon market with new sectors: agriculture (soilcarbon, biochar), build environment, transportation, aviation,deforestation (REDD+).– Knowledge transfer and training: frequent comments, marketanalysis and columns in magazines. Training courses andworkshops for companies on the carbon market, since 2001,from Amsterdam to Johannesburg to Thessaloniki.Jos Cozijnsen, consulting attorney emissions tradingM +31 (0)6 2153 8678jc@emissierechten.nlEnergy GlobalKipstraat 3B, 3011 RR RotterdamThe NetherlandsT +31 (0)10 290 69 85www.energyglobal.nlEnergy Global is a Rotterdam based energy portfolioManagement Company. For more than 10 years, we assistour clients in managing power, gas, oil, and carbon positions.We do so by advising for instance on a company risk profileor their benchmark strategy regarding trading carbon andenergies and by actively managing positions. Energy Globalhas a strong academic background and applies all kinds ofmodels and techniques to make expectations about future pricemovements, associated risks, and embedded risk premiumsin contracts. Energy Global has developed Concordia whichis a portfolio management information system that providesinsights in market values, risks, and positions in energy andcarbon markets.Ronald Huisman, PartnerT +31 (0)10 290 69 85ronaldhuisman@energyglobal.nlJan van Wingerde, Partnerjanvanwingerde @energyglobal.nl65

Ernst & YoungBoompjes 258, 3011 XZ RotterdamP.O. Box 2295, 3000 CG RotterdamThe Netherlandswww.ey.comWe wish to optimize our own sustainability performance aswell as that of our clients. By doing so, we will contribute tocreating an economic climate in which the importance ofsustainability is fully acknowledged. Our contribution relieson a combination of professional knowledge in a variety ofdisciplines, including reporting, internal control, audit, tax,risk management, performance improvement and strategicinformation management. This is our core business and this ishow we make a difference.Ernst & Young typically enables organizations to achieve theirambitions in their carbon transformation. Our services rangefrom audit services to advisory services. In the carbon marketwe support our clients with a variety of service including:1. Preparation & Enablement of a low-carbon strategy includingCO 2 reporting and assurance2. The preparation of carbon footprints3. Delivering support on CDM projects4. Performing audits in the light of the European TradingScheme (ETS) or supporting in compliance matters5. Advisory on the GreenHouse Gas protocolWe are able to draw upon knowledge from all parts of the worldand to respond to challenges promptly and flexibly. Our clientsderive great benefi ts from this approach because Ernst & Youngis a highly integrated global organization. All our disciplinesoffer knowledge, skills and experience in the broad field ofsustainability. We regard sustainability as a multidisciplinarytheme which demands a multidisciplinary approach. Byembedding CR into our service offering, we can help clientsturn risks and challenges into opportunities, generate revenueand reduce costs. The catalyst of our integrated service offeringis the multidisciplinary Climate Change and sustainabilityServices Team, which brings together all key skills requiredfrom the specialist fields of our Service Lines.66

Paul van de LooT +31 (0)88 407 88 50M +31 (0)6 2908 4069paul.van.de.loo@nl.ey.comDick de WaardT +31 (0)88 407 27 33M +31 (0)6 2125 1901dick.de.waard@nl.ey.comKPMG Climate Change & SustainabilityLaan van Langerhuize, 1070 DB AmsterdamThe NetherlandsAt KPMG our advisory teams respond to the complex businesschallenges facing our clients by adopting a global approachthat spans professional disciplines, industry sectors andnational borders. We work within multi-disciplinary teams withbackgrounds in business risk, compliance, finance, tax, auditand certifi cation – fusing together the creativity, experiencesand energy from multiple disciplines enables us to provideunique insights that help our clients better understand, improveand report on their environmental, social and economicperformance.In a carbon-restricted economy carbon trading is more thana method employed to control CO 2 emissions; it is an effectiveinstrument to give greenhouse gas emissions a price. A wellfunctioningemissions trading system will result in a costeffective investment in emission reduction measures. Withsuch a system the overall emissions can be further reducedat the lowest possible costs. It also creates a level playingfield for energy intense industries taking into account theprice of carbon in investment decisions. Although emissionstrading showed start-up problems during the fi rst years (e.g.over allocation in the EU) we believe that emissions tradinghas a bright future with a fair global trading scheme as theultimate goal.The challenges of sustainability are constantly changing andwe respond by continually developing our knowledge and ideasand by welcoming new colleagues. We are proud to work withformer UN climate chief Yvo de Boer, as part of our internationalSustainability practice.67

Barend van Bergen, PartnerT +31 (0)20 656 45 06vanbergen.barend@kpmg.nlYvo de Boer, Special Global AdvisorT +31 (0)20 656 66 22PwC Sustainability & Climate Change ServicesThomas R. Malthusstraat 5, 1066 JR AmsterdamThe NetherlandsT +31 (0)88 792 00 20F +31 (0)88 792 97 92www.pwc.nlClimate change has emerged as one of the mostimportant political and business issues of our time.PricewaterhouseCoopers (PwC) has been working with policymakers and companies since 1997, helping to analyze issuesand develop practical solutions for our clients.With a network of more than 700 sustainability and climatechange professionals across the globe, PwC offers a broadrange of advisory, assurance, tax and other professionalservices that collectively guide clients through the complexitiesof climate change and emissions trading.– What’s the best way to manage our climate change andemission trading risk?– How can we calculate our carbon emissions across our valuechain?– What is the impact of our climate change and sustainabilityperformance on our future bottom line?– How can we maximize value from our Clean developmentmechanism (CDM) and Joint implementation (JI) projects?– What are the latest developments on accounting and taxissues?– How should we manage the verifi cation and complianceprocesses?– What is the business case for alternative fuels?PwC offers six primary service offerings to address thesechallenges:– Strategy formulation68

– Carbon finance and transactions– CDM and JI project design and development– Carbon risk management and carbon health check– Greenhouse gases data management, reporting, andverifi cation– Public policy and deliveryHans Schoolderman, Partner Sustainability Services PwCAccountants N.V.M +31 (0)6 5119 0860hans.schoolderman@nl.pwc.comJeroen Kruijd, Senior Manager Sustainability Services PwCAccountants N.V.M +31 (0)6 5115 8880jeroen.kruijd@nl.pwc.comSoil & More International BVHoofdstraat 24, 3972 LA DriebergenThe NetherlandsT +31 (0)88 007 95 00F +31 (0)180 89 04 20www.soilandmore.cominfo@soilandmore.comSoil & More International is an internationally establishedcompany with as core business composting, sustainabilityassessment (carbon footprinting of companies and theirproducts) and grower development services.Founded in 2007 on the principle that economy and ecology areinextricably linked, our objectives is to create commercial valuethrough ecological and ethical innovation.Soil & More is currently active with projects in Brazil, Egypt,Ethiopia, India, Kenya, Mexico and South Africa.With our composting / carbon emission reduction projects weproduce about 130,000 tons of compost annually and with thatreduce greenhouse gas emissions of approximately 160,000tons CO 2 -e per year.SMI also developed software for comprehensive carbonfootprinting agricultural supply chains and is experienced withlinking carbon emission reduction, sustainable agriculture andfood security.69

Aart van den Bos, managing partnerM +31 (0)6 5178 8924aart.vandenbos@soilandmore.comSustainalyticsDe Entree 83P.O. Box 22703, 1100 DE AmsterdamThe Netherlandswww.sustainalytics.comSustainalytics provides environmental, social and governance(ESG) research and analysis, and responsible investmentservices to investors around the world. Sustainalytics providesglobal perspectives and solutions, underpinned by localexperience and expertise, to values-based and mainstreaminvestors that believe ESG information and assessments area critical element in making informed, long-term investmentdecisions. With 20 years of experience in the ResponsibleInvestment (RI) and Socially Responsible Investment (SRI)markets Sustainalytics is a reliable research provider.Sustainalytics provides a global perspective with localexpertise with offi ces in Amsterdam, Boston, Frankfurt, Madrid,Paris, Timisoara and Toronto and representatives in Brusselsand Copenhagen.As a partner of the Carbon Disclosure Project since 2008,Sustainalytics has developed in-depth knowledge of therisks and opportunities resulting from existing and upcomingcarbon regulations. Sustainalytics has established an in-houseteam that specializes in carbon market research and countryenvironmental performance analysis. Sustainalytics alsooffers customized products and services related to researchon carbon emissions. To discuss how Sustainalytics’ carbonin-house team can benefi t to your corporate strategy, pleasecontact Sustainalytics.Diederik Timmer, Managing DirectorT +31 (0)20 205 00 08diederik.timmer@sustainalytics.com70

7 Service ProvidersDarwin PlatformHFC-PlazaGustav Mahlerplein 3, 1082 MS AmsterdamThe NetherlandsT +31 (0)20 462 66 44www.darwinplatform.cominfo@darwinplatform.comDarwin Platform was established especially to supportnew fund management initiatives. With a team of industryprofessionals Darwin Platform provides funds with adviceand an institutionalized infrastructure. Normally this wouldtake years to build, with a large expenditure to set-up andsignifi cant maintenance budget. Darwin Platform can beregarded as in-sourced support to the COO function wherebythe fund manager is able to benefi t from infrastructure andexpertise available. It also allows the fund manager to focusand concentrate on its core expertise, managing assetsand generating investment returns. Due to the evolution inrequirements over the last few years and stricter regulations,independent fund managers are faced with detailed duediligence by potential investors. The services of DarwinPlatform go beyond the middle and back offi ce functionality andsee to it that the fund will be imbedded with reputable providersof audit, fund administration and custodial services.The services of Darwin in relation to independent risk andcompliance monitoring provide reassurance to both thedirectors of the fund as well as its investors.Mr. Clayton Heijmancheijman@darwinplatform.comT +31 (0)20 462 66 44IntertrustPrins Bernhardplein 200, 1097 JB AmsterdamThe NetherlandsT +31 (0)20 521 47 77The Carbon Custody and Administration Services of Intertrustis part of the service offering of Intertrust. Starting as a71

pioneer in the carbon market Intertrust is now the leadingprovider of carbon trust services. By combining long expertiseof traditional corporate and trust services with our carbonexpertise, Intertrust offers tailor made custody, administrationand management services to a wide range of carbon marketparticipants.Having a custodian safeguarding a Carbon Project enablescarbon buyers and sellers amongst others to:– Eliminate the need to register other parties as a projectparticipant.– Mitigate settlement risks, caused by the delay of theissuance of Carbon Credits.– Eliminate legal ownership risk: no uncertainty and/ordisputes over who is the legal owner of the Carbon Credits.– Mitigate further administrative barriers: related to regulatoryrisk, additional host country administrative proceduresthat potentially delay the projects issuance of CarbonCredits Based on a long and successful track recordIntertrust not only offers several standard agreements butalso tailor made solutions on a Project by Project basisincluding negotiation on terms and conditions of CustodyAgreement; incorporating Project based Emission RightPurchase Agreement provisions to a custom made CustodyAgreement.Jaap C.M. Veerman, Team Manager Carbon DeskT +31 (0)20 521 47 95M +31 (0)6 5132 7151jaap.veerman@intertrustgroup.comNorthern TrustWTC, Zuidplein 36, H-Tower, 1077 XV AmsterdamThe NetherlandsT +31 (0)20 799 77 48www.northerntrust.comNorthern Trust has entered into a partnership with Trucostto offer environmental emission analytics, measuring howcorporate environmental performance impacts financialperformance, enabling investors to effectively measure thecarbon footprint of their portfolios. The total level of greenhouse72

gas (GHG) emissions for each company is calculated andconverted into metric tonnes of carbon dioxide equivalents(CO 2 -e).The carbon footprint of each company is then calculated as thetonnes of carbon emissions (CO 2 -e) generated per year per US$million of revenue generated.Trucost’s data covers the world’s major investment indicesincluding 4,500 of the largest companies by marketcapitalization. Trucost’s advanced model means all companiesin an index are analysed, not only those that discloseenvironmental information.Using Northern Trust analytics in partnership with Trucost data,clients may measure and reduce investment risk from carbonand other environmental impact costs – whilst maintainingoverall investment strategy and financial performance.– Measure the carbon footprint of equity holdings.– Identify the largest contributors by company and sector.– Compare portfolio carbon performance to major indices andbetween managers and peer groups.– Compare portfolio carbon performance alongside traditionalrisk and style analysis and alongside country, region andsector characteristics.– Reduce carbon exposure of existing strategies byrebalancing investment holdings.– Improve stock selection by integrating environmental datainto traditional financial metrics.– Manage reputational risk by communicating solidenvironmental credentials to stakeholders and regulatorybodies.– Engage with companies to improve their environmentalperformance and financial returns.In addition, clients may use Trucost’s data and analysis oncorporate environmental impacts to apply the UN Principles forResponsible Investment.Wim van Ooijen, Senior Vice President, Institutional InvestorGroupT +31 (0)20 799 77 48M +31 (0)6 1082 9528F +31 (0)20 799 78 89wvo1@ntrs.com73

Orangefield Fund servicesTeleportboulevard 140, 1043 EJ AmsterdamThe NetherlandsT +31 (0)20 540 58 00Orangefield offers a dedicated team of legal and financialprofessionals to assist with fund set up, maintenance of funds,providing administration, accounting and (investor) reportingservices as well as custody and transfer agency services.As fund administrator, we can offer one point of contact forthe entire fund structure, including. We are accustomed toperforming our tasks within the broader scope of fund set upand are therefore aware of project deadlines.We can provide for partnership accounting as well as take careof the capital accounts and the administration of the individualinvestors. Besides this, we can prepare and analyze the fundbudget, forecast cash flows, monitor the distribution process,and valuate investments (based on approved pricing models).Furthermore, we can calculate the carried interest, NetAsset Value, the share price of the fund and management/performance fees.Frederik BernoskiM +31 (0)6 3178 0689frederik.bernoski@orangefield.comNicole van BungeM +31 (0)6 1139 6129nicole.van.bunge@orangefield.comUnited TrustWTC, Tower A, 4 th FloorStrawinskylaan 411, 1077 XX AmsterdamThe NetherlandsT +31 (0)20 575 27 27www.united-itrust.cominfo@united-itrust.nlThe modern carbon markets were created by a handful ofpeople worldwide. United Trust is privileged to retain morethan one of these carbon pioneers on its team. Early on, weacknowledged the energy sector’s need for clean technologies.74

And we continue to develop sustainable environmental markets.United’s environmental-market services per se include tradingand brokering, escrow and financing, clearing and custody.As an umbrella organization, United offers full access toservices surrounding environmental markets: Hydroelectricpower and fuel, biomass, solar, and wind energy. These arethe relevant energy sectors today. And these areas are pillarsof the financial-services expertise we offer to investors andgovernments.Robert Stroeve, CEOT +31 (0)20 575 27 33robert.stroeve@united-itrust.nl8 Auction Platforms and ExchangesAPX-ENDEXAtlas Arena Amsterdam, Australia Building, 3 rd fl o o rHoogoorddreef 7, 1101 BA AmsterdamThe NetherlandsT +31 (0)20 305 40 00F +31 (0)20 305 40 01info@apxendex.comwww.apxendex.comSince November 2011, APX-ENDEX offers exchange tradingof Industrial Wood Pellets contracts including 3 month,3 quarter and 3 calendar contracts. The biomass exchangeaims to provide the market participants in the wood pelletscommodities with the necessary tools to further stimulate thedevelopment of this commodity and also provide security andstability to the market.The wood pellets are being used as a substitute for coal in thecoal-fi red power plants and thus reducing the carbon footprint.The growing importance of wood pellets in power productionhas led to a need among power producers for a transparentmarket platform where pellets can be bought and sold.The development of the biomass exchange follows a twophasedapproach. In phase one, the exchange started with75

non-cleared products, meaning the physical settlement isarranged bilaterally between the counterparties after thetrade has been concluded. Phase two, scheduled to takeplace in the course of 2012, will include the developmentand implementation of clearing services for wood pelletscontracts, thereby providing further financial security tomarket participants.APX-ENDEX is Europe’s premier provider of power andgas exchange services for the wholesale market, operatingtransparent platforms for short term and futures trading in theNetherlands, the United Kingdom and Belgium. Established in1999, APX-ENDEX provides exchange trading, central clearing& settlement and data distribution services. APX-ENDEX hasover 400 memberships from more than 15 countries. APX-ENDEX offers benchmark data and provides industry indices.Belpex is a 100% subsidiary of APX-ENDEX. APX-ENDEX’soffi ces are located in Amsterdam, Brussels, London andNottingham.Eric-Jan Hadderingh, Head of CommunicationsT +31 (0)20 305 40 00e.hadderingh@apxendex.comClimexWorld Trade Center B-Tower, 10 th fl o o rStrawinskylaan 10331077 XX AmsterdamThe NetherlandsT +31 (0)20 305 62 00www.climex.comClimex is a leading auction platform for environmentalcommodities and energy contracting based in the Netherlands.Established in 2003, Climex facilitates auctions for all carbonproducts (EUA’s, CER’s, ERU’s and VER’s). Climex’s subsidiaryEnergieKeuze facilitates Energy contracting for Electricity, Gasand Guarantees of Origin/Renewable Energy Certifi cates viaauctions.Climex provides both buyers and sellers of carbon credits asave trading environment and facilitates the carbon markets76

with the Climex electronic auction platform to achieve effi cientand transparent price discovery.Climex has a long track record in auctioning environmentalcommodities. The Climex electronic auction platform is easyto use and proven secure. Climex has an extensive and globalmarket reach.Climex and EnergieKeuze together have facilitated over 600auctions.Climex’s is a 100% subsidiary of Rabobank International.Jeroen van de Kletersteeg, General Managerjeroen.van.de.kletersteeg@climex.com77

Index who is who33 Asset Management 38AABN AMRO – Carbon Trading 35Accenture 57AFM (Authority for the Financial Markets) 26Agentschap NL 26Allen & Overy 47amsterdam inbusiness 27APX-ENDEX 75BBECO 58CCarbon rooster advisory services 59City of The Hague 28Climate Focus 60Climate Neutral Group 61Clifford Chance 50Climex 76CMS Derks Star Busmann 48DDarwin Platform 71De Brauw Blackstone Westbroek 49Deloitte 62DLA Piper Nederland N.V. 51Do-inc 39Duisenberg school of finance 33Dutch Emissions Authority (NEa) 29EEcofys 63Emissierechten.nl 64Eneco Energy Trade B.V. 39Energy Global 65Ernst & Young 66European Climate Foundation 2978

FFairClimateFund 40GGlobal Carbon BV 42Green Gas International B.V. 43HHolland Financial Centre -Centre for Finance & Sustainability 31Houthoff Buruma 52IING Commercial Banking 35Intertrust 71KKPMG Climate Change & Sustainability 67LLoyens & Loeff N.V. 53MMabanaft Global Carbon Markets 44Ministry of Economic Affairs, Agriculture and Innovation 31Ministry of Finance 31Ministry of Infrastructure and the Environment 32NNautaDutilh 54Northern Trust 72OOrangefield Fund services 74PPwC Sustainability & Climate Change Services 68RRabobank 37SSimmons & Simmons 5579

Soil & More International BV 69Statkraft 45Stibbe N.V. 56STX Services 37Sustainalytics 70TtheGROUNDS 34UUnited Trust 74VVattenfall Carbon Fund 46VBDO(Vereniging van Beleggers voor Duurzame Ontwikkeling) 3280

ColophonMarch 2012Holland Financial CentreAddressGustav Mahlerplein 3-115, 1082 MS AmsterdamThe NetherlandsPost AddressP.O. Box 75926, 1070 AX AmsterdamThe NetherlandsT +31 (0)20 708 58 00info@hollandfi nancialcentre.nlHolland Financial Centre for Finance & SustainabilityGerard van Baar, Managing Director