download the full PDF document - Holland Financial Centre

download the full PDF document - Holland Financial Centre



Contents1 Introduction 62 Why the Netherlands? 83 The Dutch Approach: Holland Financial CentreCO 2 working group 143.1 Working group members 154 Effective Dutch Carbon Partnership –The Luz Verde Programme of Activities 165 Carbon Trading – Overview and Research Agenda 195.1 Background 195.2 Executive Summary 20

Who is who 281 Institutions 282 Knowledge and Education Centre 343 Banks and Brokers 354 Carbon Project Developers, Asset Managersand Traders 395 Law Firms 476 Consultants 557 Service Providers 648 Exchange 67Index who is who 69

1 IntroductionThe Netherlands is not only known for its high quality fl owers,old and new windmills, and design products, but also as one ofthe best places to fi nd excellent services and solutions in thefi eld of carbon trading and fi nance.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 friendly, open -mindedeconomy. The central geographical position of the Netherlands,its excellent connectivity, the highly developed infrastructureand its multi-lingual highly educated workforce are some ofthe reasons why numerous European, American and Asiancompanies have established their offi ces in the Netherlands.Chapter 2 contains some key data of the Netherlands.Chapter 3 takes a brief look at the Holland Financial CentreCO 2 working group. This working group features a successfulapproach where public and private parties work togethertowards one unifi ed objective: a stable carbon tradingenvironment and smooth transaction cycle.Chapter 4 presents the case of a very effective Dutch CarbonPartnership around the renowned Luz Verde Programme ofActivities. It shows the broad range of capabilities in carbonand sustainable fi nance that is available in the Netherlands.Chapter 5 includes the executive summary of a report oncarbon trading commissioned by Holland Financial Centreand Duisenberg school of fi nance. The report, written by SEOEconomic Research, provides an overview of carbon tradingdevelopments and suggestions for further research.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. Most of themwill attend Carbon Markets Insight in Amsterdam and CarbonExpo in Barcelona and are eager to make these events and yourbusiness a success.We very much welcome you to the Netherlands and willbe happy to answer any questions you might have. Wewill also be glad to assist you in setting up your businesssmoothly and efficiently.Holland Financial CentreTelephone: +31 (0)20 708 5800Email: info@hollandfi nancialcentre.nl7

2 Why theNetherlands?The Netherlands is a great place to visit, work and live. SchipholAmsterdam Airport provides excellent connectivity, the costof doing business is low and the quality of life is very high. TheDutch form a talented, multilingual and ‘wired’ workforce.Gateway: Schiphol Amsterdam Airport– 284 direct connections to 93 different countries– Rated as best business airport by business travelersFRAAMSCDGBRUDUBLHRZURLUX762182062061831783042848

The Financial Development Index (FDI) 2010 and 20092010 2009rank rankEconomy ( 1 to 57) (1 to 55)United States of America 1 3United Kingdom 2 1Hong Kong SAR 3 5Singapore 4 4Australia 5 2Canada 6 6The Netherlands 7 8Switzerland 8 7Japan 9 9Belgium 10 13Source: World Economic Forum, The Financial DevelopmentReport 2010Most liveable European capitalsCityRankingVienna 1Bern 2Copenhagen 3Amsterdam 4Brussels 5Berlin 6Luxembourg 7Stockholm 8Oslo 9Dublin 10Helsinki 11Paris 12London 13Source: Mercer 20109

2.2% 1.8% 1.7%0.0% 0.0%The cost of doing business in the 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 201010

Facts & Figures of the Dutch Financial Industry– 270,000 people work in the fi nancial industry (versus 329,000in London, 318,000 in New York and 200,000 in Switzerland)– The Netherlands gives access to> 300 banks> 350 life and non-life insurance companies> 600 pension funds– Assets under Management> Dutch banks: € 2 trillion> Dutch pension fund industry: € 700 billion> Dutch life companies: € 310 billion> Dutch investment funds: € 200 billion> Dutch private equity industry € 22.5 billionHolland Financial CentreThe Netherlands has a strong reputation in the fi nancial industryas 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 fi nancial sector, the government and the regulators. Theyinclude banks, insurers, trading fi rms, pension funds, assetmanagers, audit fi rms, law fi rms and the government. As ajoint venture, the purpose of the Holland Financial Centre is tostrengthen the fi nancial sector in the Netherlands.The Dutch fi nancial industry has a particularly strong reputationin the areas of sustainability (Finance and Sustainability),pension-related expertise and management (RetirementManagement), innovative, reliable and cost-effi cient globalpayment systems (Financial Logistics) and as a centre forsecurities trading (Trading Venue). The Holland Financial Centrefocuses on these priority areas.11

The Holland Financial MapThe map shows the 100 biggest fi nancial companies in theNetherlands, including all address details.The Holland Financial Map can be downloaded via the website:www.hollandfi or ordered viainfo@hollandfi nancialcentre.nl12

Centre for Finance & SustainabilityThe Holland Financial Centre for Finance & Sustainability(CFS) is dedicated to promoting the fi nancing of the transitiontowards a sustainable economy. For this the Centre will initiateand share (new) knowledge regarding fi nancing and investingas well as apply this knowledge to fi nancial innovations. CFSfocuses on four different themes:– Financing the transition to sustainable energy includingclean tech– Carbon trading and fi nancing– Financing of sustainable projects– Sustainable investmentFor these themes CFS functions as knowledge centre and‘gateway’ for the fi nancial sector. CFS by its very nature isinternationally focused and we are happy to share availableknowledge globally.13

3 The DutchApproach:Holland FinancialCentre CO 2working groupAt Holland Financial Centre we work with working groupsfocused on different themes. One of the main topics is carbontrading and fi nancing, and the Holland Financial Centre CO 2working group has proven to be very valuable for marketparticipants and stakeholders, including banks, traders andbrokers as well as emission authorities, ministries, complianceparties 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 fi nance, includinglegal. Another key driver is Holland Financial Centre’s point ofdeparture: joint public-private cooperation. As a neutral platformHFC is able to bring together relevant parties from all sectors, ascan be seen from the list of working group members below.The working group structure is useful and effi cient, especiallywhen there is market turmoil, like the recent suspension of trans -actions in national registries. The members of the working groupare easy to connect and are able to solve potential problems (inthis case resulting in the formation of a small task force).The same structure made it possible for the Netherlands torespond quickly and effectively during last year’s VAT frauds. Infact, the Dutch approach to these frauds served as an examplefor measures at the European level.More generally, the working group ensures that implementationand execution of international carbon trading rules and regulations,including the directives on the EU Emissions TradingScheme, are carried out with an eye on the interests of allstakeholders and the practical implications for trading andtransactions.14

3.1 Working group membersAuthorities– AFM (Financial Markets Authority)–– 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– KPMG– Deloitte– Climatefocus– Carbonmetrics– CarbonroosterLaw Firms– De Brauw Blackstone Westbroek– CMS Derks Star BusmannCompliance – energy– Statkraft– Eneco– VattenfallCompliance – other– Confederation of Netherlands Industry and Employers (VNO-NCW)– Association of non-domestic energy and water consumers(VMEW)Other– Green Gas International– Intertrust15

4 EffectiveDutch CarbonPartnership –The Luz VerdeProgramme ofActivitiesLuz Verde is the world’s fi rst domestic energy effi ciencyprogramme registered under the Kyoto Protocol’sProgrammatic Clean Development Mechanism (CDM). TheLuz Verde programme seeks to reduce greenhouse gasemissions and alleviate poverty through the free distributionand installation of up to 30 million energy-saving CarbonFluorescent Light bulbs (CFLs) across Mexico. It is a landmarkand award winning transaction which refl ects many innovativeaspects, both in terms of the underlying project activitygenerating emissions reductions, as well as the creative dealstructure.Dutch partnershipCool nrg developed the Luz Verde Programme of Activities(PoA) and will implement the full programme in partnershipwith a number of Mexican and international companies andorganizations. Among these, a Dutch partnership comprisingEneco Energy Trade as purchaser of the carbon credits, PhilipsLighting as CFL manufacturer and supplier, ING CommercialBanking as project loan provider and De Brauw BlackstoneWestbroek as legal counsel, contributed to the successfulimplementation of the fi rst project.Pioneering conceptStarting with the distribution of 1 million CFLs in the stateof Puebla in November 2009, the Programme uses localpartnerships with national retail chains to access a widenetwork of targeted households, as well as building grassrootssupport and momentum through media campaigns publicisingthe benefi ts of tangible energy savings and creating widespread16

climate change awareness. Up to 30 similar projects underthe Programme of Activities are planned, giving away up to 30million CFLs and generating up to 7.5 million carbon credits(Certifi ed Emission Reductions).This Programme of Activities is unique in many respects. Mostimportantly, it is the fi rst CDM Programme of Activities that wasregistered by the United Nations CDM Executive Board, actingas the pioneering project which served to kick-start stronginterest across the private and public sectors.It is also the fi rst accredited Gold Standard Programme ofActivities, and has the strong support of the Gold StandardFoundation.Programmatic CDM has been widely anticipated as a wayto successfully integrate the twin aims of local sustainabledevelopment and large-scale emissions reductions. TheProgramme of Activities model allows several CDM projectactivities to be rolled out under a single Programme. Onlythe framework Programme of Activities needs to be formallyapproved by the CDM Executive Board, and additional projectactivities may subsequently be included and scaled to yieldlarge scale carbon savings. Luz Verde, as one of the fi rstProgramme of Activities and the most advanced worldwide,stands as a testament to the strong potential for developingcountries in the energy effi ciency sector.InnovationLuz Verde incorporates several innovative aspects across itstechnical design, marketing strategy, and implementation plan:– Pioneering technology in ‘smart meters’ used to remotelymonitor energy usage across households, with the ability toachieve real-time monitoring of carbon savings;– Creative distribution strategy through partnering with twoleading local retail partners;– A high profile media and education strategy involvingmultimedia partners and local celebrities to increaseawareness of the benefi ts of energy effi ciency and action onclimate change.Another unique feature of Luz Verde is its innovative projectfi nancing structure which required close cooperation between17

Cool nrg as borrower, ING Commercial Banking as projectloan provider and Eneco as carbon credit buyer to delivera creative and effective solution. International law fi rm DeBrauw was responsible for drafting the fi nance documents andcentral to their challenge was that key elements of the standardEmission Reduction Purchase Agreement and project loandocumentation had to be adapted to align the interests of allparties involved.Sustainable developmentWhen it is fully implemented the Programme of Activities willdeliver tangible social benefi ts, through saving low-incomehouseholds in Mexico a combined US$165 million per year inreduced electricity bills, contributing signifi cantly to alleviatingpoverty across the country. In Mexico, for the poorest 40% ofthe population, changing 4 traditional light bulbs to CFLs willsave every year the equivalent of about one week’s income(more than US $20 a year). A further benefi t of Luz Verde is thatit creates awareness of the consequences of climate changeand the ability to participate in direct action at the personal andcommunity level.Award winning performanceThe whole concept of the project and the efforts of the projectpartners were recognised when the Luz Verde Programme ofActivities was awarded ‘Carbon Finance Deal of the Year’ inEnvironmental Finance magazine’s 2010 Awards.18

5 Carbon Trading– Overview andResearch Agenda5.1 BackgroundHolland Financial Centre, specifi cally the Centre for Finance& Sustainability, supports Duisenberg school of fi nance indeveloping a Programme on Finance & Sustainability. As partof the Programme, Duisenberg school and Holland FinancialCentre intend to offer top-notch education and conduct cuttingedge research in this challenging fi eld.In designing the curriculum and a research agenda, HFC andDuisenberg have asked SEO Economic Research to conduct abroad, high-level literature overview on fi nance & sustainability.The survey has resulted in four reports, each providing aliterature overview on one aspect of fi nance & sustainability.One report is about carbon trading and the other threeare about fi nancing the transition to sustainable energy;innovations in fi nancing environmental and social sustainability,and sustainable investment.The executive summary which follows is a reprint from thesummary in the report on Carbon Trading written by SEOEconomic Research. At the end of the summary SEO suggestsareas for further research. The summary provides an excellentoverview of developments and food for thought with thesuggested research. The complete report can be downloadedfrom the website of Holland Financial

5.2 Executive SummaryFrom Pigou and the Kyoto Protocol…The conceptual underpinnings for carbon trading began withPigou (1920), who pointed to the benefi ts of taxing companiesfor the negative externality emanating from pollution. Fortyyears later, Coase (1960) noted the reciprocal nature of harmfuleffects and referred to trade as an effi cient, effective marketbasedmechanism to regulate these effects. Other economistslater applied his insights specifi cally to environmentalproblems.Notwithstanding some earlier activities, it was only with theKyoto Protocol, signed in 1997 by 37 industrialized countriesand the European Community, carbon trading really became aneconomic force to take into account. Carbon trading occurs oncompliance markets and voluntary markets.…to carbon trading on voluntary marketsAcademic literature points at two reasons why economicagents are active on voluntary carbon markets. The fi rst arepublic relations and ethical motives. Offsetting emissions bybuying credits that represent emission reduction elsewheremight signal a sustainable image (relevant mainly forcompanies) or might simply ‘feel good’. Pre-compliance is thesecond motive for voluntary trade, and refers to trade pendingfuture regulation – e.g. because it is expected that certainvoluntary rights might eventually become part of a compliancemarket. Contrary to compliance markets, voluntary trade isgenerally not based on legal obligations to reduce emissions.Trade volumes on voluntary markets are much more modestthan trade volumes on compliance markets. Still, these marketshave shown fi erce growth in recent years.…and on compliance marketsCompliance markets are based on regulation and mostlyrefer to cap-and-trade schemes. In a cap-and-trade schemegovernments set a limit (or cap) on the permitted level ofgreenhouse gas emissions, and allocate emission allowancesin accordance with this cap. By granting an (increasingly)insuffi cient amount of emission allowances, these permits havea (growing) value and, vice versa, emissions entail (growing)20

private costs. In this way negative externalities are priced.The Kyoto Protocol is the backbone of most compliancemarkets. The Protocol provides in three trade mechanisms.Participants can:– trade in Assigned Amount Units (AAUs);– earn credits by investing in emission reduction projectsin other member countries (the Joint Implementationmechanism, or JI), and/or– earn credits by investing in emission reduction projects indeveloping countries (the Clean Development Mechanism,or CDM).After ratifying the Kyoto Protocol, the EU implemented theEU Emission Trading Scheme (EU ETS), which has becomethe largest carbon trading market in the world. Essentially,it is based on the same mechanisms as Kyoto, with trade inEuropean Union Allowances (EUAs) and a link with JI and CDM.An important difference is that each country explicitly assignsits allocated allowances to sector and company level, based onNational Allocation Plans (NAPs). There are other compliancemarkets – e.g., the Regional Greenhouse Gas Initiative in NorthAmerica and the Greenhouse Gas Abatement Scheme inAustralia – but the real waiting is on a US Federal cap-and-tradescheme. After repeated delay, however, the plans for an energybill including cap-and-trade were abandoned mid-2010.Emission reduction targets in the Kyoto Protocol only cover theperiod 2008-2012 (the fi rst trading period). The CopenhagenConference in December 2009 did not bring new targets, sonegotiations continue. An impending lack of reduction targetsimplies a lack of caps, and thus puts carbon trading under theProtocol at risk. After the fi rst (pilot) trading period 2005-2007(Phase I), the second trading period in the EU ETS (2008-2012, Phase II) is also coming to an end. The EU, however, diddecide on reduction targets for the post-2012 period (2013-2020, Phase III). This implies continuity for EU ETS trade, evenin absence of new (legally binding) international post-Kyotoemission reduction targets. However, this precise relationshipbetween a new global agreement on emission reduction andthe future of EU ETS (Phase III) is under exposed in the currentdebate.21

…resulting in pricing of carbon emissionA single global price for carbon is not (yet) in sight, becausethere is no global carbon market and thus no politicalconsensus and supporting infrastructure. Still, market-linkingthrough project-based and other mechanisms encouragearbitrage, and this should reveal a global carbon price range.The primary drivers of carbon prices are – at least in the longterm – the number of credits created, the expected demandfrom industry, and the ease of closing any shortfall betweensupply and demand, using technology and investmentsavailable during the relevant commitment period.Financial data show that carbon prices are highly volatile.The traded commodity is artifi cially ‘created’ and based onnumerous methods to decrease emissions – from energyeffi ciency to renewable energy sources – implying that pricedetermination is highly arbitrary.…and new financial marketsBased on the foundation of trading in emission reductionrights – in AAUs, EUAs, CERs, ERUs and RMUs – new fi nancialmarkets have emerged. Contractual and fi nancial instrumentsare being developed to allow trading and to manage risks.Markets in spot, future and option contracts are increasinglymaturing. The usual agents – brokers, traders, banks and thelike – are providing intermediation services, and the fi nancialsector at large is looking to seize the opportunities provided bycarbon trading, resulting in new insurance products, derivativesand loan schemes. The development of fi nancial markets hasbeen an important element in funding emission reductionprojects and activities. Generally referred to as ‘CarbonFinance’, trade in emission reduction rights awarded to projectsprovides revenue streams and leverage for other sources offi n a n c e .Assessing the success of Carbon TradingOne of the main objectives of Carbon Trading is to reduce GHGemissions. Its success, and more specifi cally the success of itsunderlying mechanisms, is therefore most often measured interms of resulting emission reduction or – as a proxy for this –the volume of emission rights traded. Assessing effectivenessis, however, highly complicated because the impact ofcarbon trading has to be isolated from other policy measures,22

economic developments and potential over-allocation, thelatter providing opportunities to comply with obligationswithout having to reduce emissions.…directly based on effectiveness of the KyotomechanismsLooking at Kyoto’s AAUs, the low level of trade in allowancespoints to a lack of success. The main reason for this is thefailure to impose actual emission constraints on (mainly) formerSoviet Union and east European countries. Baseline emissionprojections did not foresee the recession following the collapseof the Soviet Union and thereby overestimated emissions.These countries could therefore remain well below emissiontargets, without having to invest in emission reduction projects.This has caused concerns on the environmental legitimacyof trading in AAUs. The excess credits of these countries aregenerally referred to as ‘hot air’ and several countries havedeclared not to buy these rights.Of the project-based Kyoto mechanisms, CDM has beendeemed a success while JI has had start-up problems andas a result JI trading activity is expected to be low until 2012.Notwithstanding its success, CDM has also been subject tocriticism. The concept of ‘additionality’ – the question whetherthe reduction achieved by a project is additional to any thatwould occur without project activity – remains hotly debated,primarily due to its arbitrary nature. A second point of critique isthe restricted scope of CDM. Success has focused on specifi ccountries – most importantly neglecting the least developedcountries – specifi c sectors and specifi c project types. In orderto exploit the full abatement potential, barriers to enlarge itsscope need to be addressed by public and private fundingsolutions. Finally, transaction costs of CDM are consideredto be high. Although this has improved with simplifi ed rules,concerns remain.…and of the EU ETSMany view Phase I of the EU ETS as a success, having laid thegroundwork for the biggest emission trading scheme in theworld. However, effectiveness in terms of reducing emissionshas so far been limited. Cap levels during the fi rst tradingperiod were set too high, failing to impose real restrictions, andemissions actually increased. Phase II is again expected to23

assessed in a more indirect way. The question is then whetherit indeed provides incentives to invest in emission reductionprojects (or assets). Carbon trading infl uences the businesscase for investments by its impact on cash fl ows and risk.Allowance prices impact the value of surrendered allowances,the sales revenue of free allowances, and the cost of otherenergy sources. Thereby they impact cash fl ows. Moreover,price volatility and uncertainty on carbon trading regulationimpact risk. Effectiveness of both channels can be increasedby improving carbon trading regulation. A lack of permitscarcity results in low prices, and thus in insuffi cient incentivesvia the cash fl ow channel. This is addressed in the new ECdirective, but the challenges to determine effective fi xed caplevels – amidst of economic and political dynamics – remain.A lack of long -term policy certainty – or of trust in keepingpolicy promises – increases the cost of capital and diminishesinvestment incentives via the risk channel. More research isrequired to fully understand the impact on the investmentbusiness case via these two channels in order to fi ne-tunethe regulatory framework. Studies on project selection i.e.,choosing between whether to invest in emission reductionassets or not and determination of threshold prices for whenthese investments becomes fi nancially attractive, could providea good starting point.Room for further researchThis report will be used by Duisenberg School of Finance whichis currently designing a research agenda for its Programme onFinance & Sustainability. Box 1 hopes to contribute to DSF’sefforts in this area, by summarizing blind spots in the researchareas encountered during the course of writing this report.25

Box 1 Subjects for future researchIncluded in this box are areas for further research that wereencountered when composing this literature overview. Withineach area potential research questions have been defi ned.The list of research areas and questions is by no meanscomprehensive, but should offer an interesting starting pointto defi ne further research.Assess success (of Kyoto and EU ETS) tradingmechanisms– How to improve ways to assess success and defi nesuccess factors, which is conditional for adjustments andfurther improvements? For instance:> How to measure actual fi nancial fl ows towardsemission reducing investments resulting from themechanisms, both directly as in terms of leveragingadditional private capital?> How to separate the infl uence of trading mechanismsfrom the impact of economic factors, policyinstruments, and (potential) over-allocation?> How to measure additionality of Green InvestmentSchemes under the JI mechanism? What can belearned from standards already used in assessingadditionality of CDM?Improve success (of Kyoto and EU ETS) tradingmechanisms– How to improve determination of cap levels in order toguarantee permit scarcity in a changing economic andpolitical environment?– If auctions are used to allocate permits, can the use ofreserve prices (i.e., minimum auction prices) increaseeffectiveness?– How to determine which sectors under the EU ETS areat risk to ‘carbon leakage’ based on economic criteriaand how to take this analysis into account in the (hybrid)allocation methodology announced by the EC?26

Global versus local regulation– How do international and localw agreements interact?– Can the importance of international/global reductiontargets be quantifi ed?– Can the importance of global versus local markets bequantifi ed?– What are the costs and other consequences of failuresto signal clear international reduction targets (e.g.,Copenhagen)? E.g., what is the precise relationshipbetween (legally binding) international agreements andthe continuity of local elaborations such as EU ETS?– Can instruments be designed to prevent these costs?Voluntary markets– What is the effect of the rapid increase of standards onvoluntary trade volume and prices?Source: SEO Economic Research27

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 NLJuliana van Stolberglaan 3, 2595 CA Den HaagThe NetherlandsT +31 (0)88 602 70 00Sietske Boschma and Johan Havinga are employed by AgentschapNL. On behalf of the Dutch Ministry of Infrastructure andthe Environment, Agentschap NL manages CERUPT and JointImplementation (JI) projects for the Dutch Ministry of EconomicAffairs, Agriculture and Innovation. In addition AgentschapNL is responsible for the legal transfer of written approvals forCDM projects on behalf of the Dutch Ministry of Infrastructureand the Environment and JI projects for the Dutch Ministry ofEconomic Affairs, Agriculture and Innovation.Johan HavingaT +31 (0)88 602 24 32Johan.Havinga@agentschapnl.nlSietske BoschmaT +31 (0)88 602 26 04Sietske.boschma@agentschapnl.nl28

Amsterdam InbusinessWeesperstraat 89, 1018 VN AmsterdamThe NetherlandsT +31 (0)20 552 33 28www.amsterdaminbusiness.comAmsterdam Inbusiness is the offi cial foreign investment agencyof the Amsterdam Metropolitan Area.Amsterdam accepts its responsibility and has specifi ed thefollowing practical climate ambitions:– A climate-neutral municipal organization in 2015– 40% reduction in CO 2 emissions in 2025, compared to 1990– From 2015 onwards all buildings will be build climate neutralIn line with recommendations by the Intergovernmental Panelon Climate Change (IPCC), which is based on a reductionin greenhouse gasses of 80-90% by 2050 for developedcountries, Amsterdam must strive to achieve a 75% reductionin CO 2 by 2040. Naturally, to ultimately become independentof fossil fuels Amsterdam will have to continue working on theAmsterdam Climate Programme after 2040.Amsterdam is working on the Amsterdam Climate Programmein accordance with the principle of Trias Energetica, anapproach that results in an optimum reduction of CO 2 .Three pathways will be pursued simultaneously to create asustainable future:1. Energy savings2. Maximum use of sustainable energy3. Increase the sustainability and effi cient use of fossil energy.Reiniera van Pallandt, Financial Sector

Dutch Emissions Authority (NEa)Prinses Beatrixlaan 2, 2595 AL Den HaagThe 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 NOx Registries;– perform supervisory inspections;– impose sanctions, if necessary;– ensure surrender of suffi cient emission allowances.Bas Kroon, Adviseur Afdeling Registratie EmissiehandelT +31 (0)70 339 94 94Bas.kroon@minvrom.nlEuropean Climate FoundationTournooiveld 4, 2511 CX Den HaagThe 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 teamfrom a range of professions and nationalities. The ECF isaffiliated to the ClimateWorks global network of philanthropicorganizations.30

MissionECF promotes climate and energy policies in Europe that willhelp limit global warming to less than 2°C, and ensure at least a30% reduction of greenhouse gas emissions in Europe by 2020.To that purpose, ECF is dedicated to developing andimplementing well-crafted climate and energy policies thatgreatly reduce Europe’s greenhouse gas emissions.ECF identifi es 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 identifi ed 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 emissionsThe 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).Martijn Broekhof, AssociateT +31 (0)70 711 96 08M +31 (0)6 2517 9095Martijn.broekhof@europeanclimate.org31

Holland Financial CentreCentre for Finance & SustainabilityGustav Mahlerplein 3-115, 1082 MS AmsterdamP.O. Box 75926, 1070 AX AmsterdamThe NetherlandsT +31 (0)20 708 58 00www.hollandfi nancialcentre.nlGerard van Baar, Managing DirectorT +31 (0)20 708 58 12M +31 (0)6 1380 91 86Vanbaar@hollandfi nancialcentre.nlPeter R. KosterT +31 (0)20 708 58 13M +31 (0)6 5026 75 67Koster@hollandfi nancialcentre.nlMinistry of Economic Affairs, Agriculture and InnovationBezuidenhoutseweg 30, 2594 AV Den HaagThe NetherlandsT +31 (0)70 379 89 11Maurits Blanson Henkemans, Senior Policy offi cerEmission TradingDirectorate General for Energy and Telecom and MarketsT +31 (0)70 379 63 28M +31 (0)6 1137 6317L.j.m.blansonhenkemans@minez.nlRenate Elling, Policy offi cer Climate Change and EmissionTradingDirectorate General for Energy and Telecom and MarketsT +31 (0)70 379 72 25R.Elling@minez.nl32

Ministry 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.nlSteef Akerboom, Coordinating Dealer Capital MarketsS.c.akerboom@minfi n.nlMinistry of Infrastructure and the EnvironmentRijnstraat 8, 2515 XP Den HaagP.O. Box 20951, 2500 EZ Den HaagThe NetherlandsT +31 (0)70 339 39 39Paul van der Lee, Climate & Air Quality dictorateT +31 (0)70 339 34 59Paul.vanderlee@minvrom.nlVBDO(Vereniging van Beleggers voor Duurzame Ontwikkeling)Dutch Association of Investors for Sustainable DevelopmentP.O. Box 504, 4100 AM CulemborgThe NetherlandsThe Dutch Association of Investors for Sustainable Development(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.33

Giuseppe van der Helm, Executive Director VBDOT +31 (0)345 53 26 53Giuseppe.vanderhelm@vbdo.nlSigi Simons, PR / Communications offi cerT +31 (0)345 51 01 25Sigi.simons@vbdo.nl2 Knowledge and Education CentreDuisenberg school of financeGustav Mahlerplein 117, 1082 MS AmsterdamThe NetherlandsT +31(0)20 525 85 90www.dsf.nlinfo@dsf.nlDuisenberg school of fi nance is a partnership of the fi nancialindustry and universities with the ambition to offer and supportinnovative research and top quality academic education in coreareas of fi nance and law.Strong connection with industryThe school’s partners from industry have a shared vision: asingle, distinctive fi nancial academic institution that pavesthe way in creating new thinking in fi nance – a way of thinkingthat integrates the latest fi nancial industry knowledge anddevelopments with intellectual foresight. DSF’s partners are:ABN Amro, AEGON, APG, De Nederlandsche Bank, HouthoffBuruma, ING, NYSE Euronext, RBS and SNS Reaal.Top FacultyDSF attracts leading fi nance, economics and businessacademics from institutes like LSE, Columbia University,Harvard University and Oxford University. In addition toacademics, some of DSF’s faculty are current or formerexecutives from the fi nancial industry. This combination ofacademic and industry knowledge in the DSF classroom formsthe core of DSF’s educational philosophy and is pivotal topreparing well-rounded, highly capable future fi nancial leaders.34

Research DepartmentDuisenberg school of fi nance establishes thought leadershipin research, is well connected with regulatory bodies at an(inter)national level and participates in the regulatory debate.Duisenberg school of fi nance’s research department has twopillars: behavioral fi nance (integration of rational fi nancialstrategies and human behavior) and regulation (re-orientationof regulation in fi nancial sector). In addition, Duisenbergis currently setting up a third pillar relating to fi nance &sustainability (using fi nancial techniques to create value in asustainable way).Carbon TradingOne of the topics that DSF’s research and education in thearea of fi nance & sustainability focuses on is carbon trading.Information on student courses, executive training and researchoutput with respect to this topic is available on our website.B.J. (Bernd Jan) Sikken, Programme Director Finance andSustainabilityT +31 (0)20 525 16 11Bernd.jan.sikken@dsf.nl3 Banks and BrokersABN AMRO – Carbon TradingGustav Mahlerlaan 10, 1082 PP AmsterdamThe NetherlandsABN AMRO is a Dutch based fi nancial services provider. In thefi nancial markets segment, ABN AMRO offers a broad rangeof amongst others treasury and commodity related products.Carbon trading is one of the specialist niches ABN AMRO isactive in. ABN AMRO’s Carbon team is based in Amsterdam.The team has a large background in fi nancing carbon projects(CDM and JI) and setting up sales structures for clients, whichare mainly medium and or large corporates as well as theaviation industries – and in the near future the shipping industry.Products in the current carbon portfolio of ABN AMRO are;– EUA: European Union Allowances issued under EUEmissions Trading Scheme (EU ETS) and a unit permits theholder to emit one metric tonne of CO 2 or equivalent;35

– CER: Certifi ed Emissions Reduction is a Kyoto Protocolunit equal to one metric tonne of CO 2 equivalent. CERsare generated by Clean Development Mechanism (CDM)projects under the guidance of United Nation FrameworkConvention on Climate Change (UNFCCC);– ERU: Emissions Reduction Unit is a Kyoto Protocol unitequal to one metric tonne of CO 2 equivalent. ERUs aregenerated for emission reductions or emission removalsfrom Joint Implementation (JI) project under the guidanceof United Nation Framework Convention on Climate Change(UNFCCC).Seb WalhainT +31 (0)20 535 72 95M +31 (0)6 5337 4799Seb.walhain@nl.abnamro.comPeter de WaalT +31 (0)20 535 71 56M +31 (0)6 2280 Commercial BankingEmissions ProductsP.O. Box 1800, 1000 BV AmsterdamThe Netherlandswww.ingbank.comEmissions Products is a business unit of ING CommercialBanking. It was established in 2006 to meet growing clientdemand for specialist carbon market services, as well as toexplore business opportunities resulting from the United NationsFramework Convention on Climate Change (UNFCCC) KyotoProtocol, and the EU Emissions Trading Scheme (EU ETS).Emissions Products’ main activities are advisory services forthe technical, regulatory and marketing development of CleanDevelopment Mechanism and Joint Implementation (CDM & JI)emission reduction projects and carbon credit based projectfi nance. In 2009 the team led the way for commercial banks inthe carbon market when it structured two of the fi rst carboncredit based project fi nance loans – a project loan to the fi rst36

ever CDM Programme of Activities (Luz Verde, Mexico – winnerof the Environmental Finance Awards ‘Carbon Finance Deal ofthe Year 2010’) and the fi rst loan based pre-fi nancing of aJI emission reduction sale contract (KDM-DTEK, Ukraine).Bottom Line:Your business benefi ts from our carbon market knowledge andproject fi nance expertise.ING is a global fi nancial institution of Dutch origin offeringbanking, investments, life insurance and retirement services.With more than 100,000 employees we serve over 85 millionprivate, corporate and institutional customers in over 40countries in Europe, North America and Latin America, Asiaand Australia. ING is a top performer in sustainability, and isincluded in the FTSE4Good and the Dow Jones SustainabilityIndexes.Stephen HibbertT +31 (0)20 563 51 92M +31 (0)6 5477 80 23Stephen.hibbert@ingbank.comPeter van EijndhovenT +31 (0)20 652 35 79M +31 (0)65 021 30 41Peter.van.eijndhoven@ingbank.comRabobankGlobal Financial MarketsCroeselaan 18, 3521 CB UtrechtThe NetherlandsT +31 (0)30 216 00 00www.rabobank.comRabobank is one of the fi rst banks to enter the carbon marketas one of the investors in the World Bank Prototype CarbonFund (PCF) in 2000. The bank is actively servicing clients inthe EU that are managing risk in carbon portfolios both in theEUA and CER market, highlight trading opportunities in thespot and forward market and attractive liquidity transactionopportunities.37

As the world’s leading agricultural bank with a proven recordof sustainability we source primary CERs in areas where wehave knowledge, experience and a track record, namely Food& Agriculture and Renewable Energy in Latin America and Asia.Within these areas Global Financial Markets will source projecttypes from the banking network with the true spirit of bestpractice working in partnership with Project Finance and theCorporate Bank.Daan Dijk, Managing Director Sustainable BusinessDevelopmentD. Dijk@Rn.Rabobank.nlSTX ServicesKeizersgracht 307, 1016 ED AmsterdamP.O. Box 17051, 1001 JB AmsterdamThe Netherlandswww.stxservices.comSTX Services (STX) is “The Environmental TransactionsCompany” of Europe. We share market insights, provide marketinformation and enable transactions both over-the-counter andthrough specialized market exchanges.STX is unique. It is the only company in Europe that covers25 different environmental products. These products can bedivided into three categories: Bio Fuels, Green Certifi cates andEmission 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.38

Tim van der Noordt, Managing DirectorT +31 (0) 20 535 77 71Tim.vandernoordt@stxservices.comYlvo de Groot, Finance DirectorT +31 (0) 20 535 7794Ylvo.degroot@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.comDo-incMauritskade 55 D, 1092 AD AmsterdamThe NetherlandsT +31 (0)20 846 36 50F +31 (0)87 784 25 is at the forefront of the carbon market, combining over 21years of experience in the fi eld of carbon project development,climate change, sustainable development and renewable 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 has been39

involved or responsible for over 15 successful CDM & GoldStandard project registrations. Furthermore Do-inc was keyconsultantto the Gold Standard version two update process.Edwin DalenoordT +31 (0)6 4136 97 90E.dalenoord@do-inc.netEneco Energy Trade B.V.Rivium Quadrant 75, 2902 LC Capelle aan den IJsselP.O. Box 96, 2900 AB Capelle aan den IJsselThe 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,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, fi nancing arrangements and risk40

management services for project owners, project developersand carbon aggregators.Robert de Boer, Director Alternative EnergyT +31 (0)10 475 67 70M +31 (0)6 2501 0304R.p.deboer2@eneco.nlMark Meyrick, Head of Carbon DeskT +31 (0)10 457 50 90M +31 (0)6 1569 1166M.meyrick@eneco.nlJan-Willem Beukers, Carbon Emissions OriginatorT +31 (0)10 457 53 96J.beukers2@eneco.nlHai Jiang, Carbon Trading ManagerT +31 (0)10 457 63 10M +31 (0)6 2185 9148H.jiang@eneco.nlGlobal Carbon BVBuilding DGraadt van Roggenweg 328, 3531 AH UtrechtThe NetherlandsT +31 (0)30 298 23 10F +31 (0)70 891 07 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 Bulgaria, 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.41

Strengths of Global Carbon BV:– A growing portfolio of currently 42 JI projects with areduction potential of 54 million tonnes CO 2 offsetting theemissions of 5.4 million European households– Market leader in UN approved projects (Track 2) inBulgaria, Ukraine and Russia with a 50% market share of allregistered JI projects and a 45% market share of all verifi edreductions– 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, Bulgaria, Ukraine, and theRussian Federation– 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.comGreen Gas InternationalZuiderhof, 3rd fl oorJachthavenweg 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 fi nancial 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 and42

maintenance, carbon credits and fi nance. 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 and aimingto generate a million credits a year, thereby helping customersand communities worldwide to reduce their carbon footprint, in acommercially viable way. Buyers can purchase Certifi ed EmissionReductions (CERs) and Emission Reduction Implementation(JI) compliance markets while voluntary carbon offsets can bepurchased from projects developed under voluntary 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 12th (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.Raj Kumar, Carbon Revenue ManagerClaudia Mennen-Vermeule, CFOLei Wu, Commercial Business and Carbon AnalystMabanaft Global Carbon MarketsWilhelminakade 101 (43rd fl oor), 3072 AP RotterdamThe NetherlandsT +31 (0)10 290 69 41Mabanaft Global Carbon Markets (Mabanaft) is part of the Marquardand Bahls group. The Marquard & Bahls group combinesa truly entrepreneurial spirit with a long term strategic focus. Thecompany is active worldwide and has assets on all continents.43

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’sexperienced trading desk. The key members have been activein the international carbon market since its start in 2004, havean excellent 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.nlStatkraftGustav 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 investmentsin hydropower, wind power, gas power and district heatingin the European and Nordic regions and our R&D activitiesinto osmotic power. SN Power is Statkraft’s instrument fordeveloping new generating capacity outside Europe. Set up in2002, it is jointly owned by Statkraft (60%) and Norfund (40%).44

SN Power’s mission is to invest in, own and operate hydro- andwind power projects 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 costumers’ 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 Certifi ed 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 valuefor their business. We will continue our efforts by developingnew high-standard, innovative solutions.Based on our experience in the EU-ETS we formed a GlobalCarbon Team in 2010 to prepare for new business opportunitiesin a rapidly changing carbon market. This team is supportedby account managers in Statkraft and SN Power’s differentregional offi ces to bring our knowledge and products closerto our partners in Europe and worldwide. The combinationof our responsible role as global green energy developer, ourinnovative solutions for our partners and our competent teammakes us a strategic player in the carbon market: today and inthe future.Stef Peters, Managing DirectorT +31 (0)20 795 78 00info@statkraft.nl45

Vattenfall Carbon FundP.O. Box 41920, 1009 DC AmsterdamThe NetherlandsT +31 (0)88 098 54 97The Vattenfall Carbon Fund (VCF) is the central marketaccess for Clean Development Mechanism (CDM) and JointImplementation (JI) projects for the Vattenfall Group. Founded100 years ago, Vattenfall is one of Europe’s largest generatorsof electricity, with a generation portfolio including hydro,nuclear, lignite, hard coal, wind, natural gas, oil, geothermal,photovoltaic and biomass. One of Vattenfall‘s strategicambitions is to be Number One for the Environment. Climatechange resulting from emissions of carbon dioxide andother greenhouse gases is one of the greatest environmentalchallenges of our time. Vattenfall‘s strategic focus here ison Making Electricity Clean. By eliminating the emissions ofgreenhouse gases from the operations VCF intends to becomeclimate-neutral. As a prime buyer and end user of CO 2 emissionreductions, VCF is interested in technically and operationallysound projects. We source and procure carbon credits fromCDM/JI projects from all over the world. Based on our longexperience in the CDM/JI market, we have established solid andlong-term relationships with 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 EnergyTrading– 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 ScaleWorking Group– is managed by a team based in Amsterdam46

Michael BerendsMichael.berends@vattenfall.com5 Law FirmsDe Brauw Blackstone WestbroekClaude Debussylaan 80, 1082 MD AmsterdamP.O. Box 75084, 1070 AB AmsterdamThe NetherlandsT +31 (0)20 577 17 71www.debrauw.comamsterdam@debrauw.comDe Brauw was one of the fi rst law fi rms in the world to becomeactive in climate change and carbon fi nance. We started backin 2001, by assisting the Dutch State in setting up carbon funds,and have been advising a broad range of international clientsever since. Our work comprises all legal and policy aspects ofcarbon transactions and projects, and we are at the forefrontof developments under the Kyoto Protocol, the EU EmissionsTrading Scheme and other regional, national and voluntaryframeworks.As one of the pioneering law fi rms in this innovative fi eld, DeBrauw advises companies, utilities, fi nancial institutions, NGOs,development banks and governments on greenhouse gasemissions trading, emission reductions purchase agreements,cooperation contracts, settlement arrangements, projectset-up and organization, as well as fi nancing, regulatory andtax aspects and trading platforms. In a number of internationaltransactions we work together with leading fi rms in otherjurisdictions and coordinate the involvement of local lawyers.On a national level, we advise and represent several majoroperators in matters relating to the allocation of emissionallowances and compliance under the EU ETS.De Brauw is actively involved in discussions with policy makersand regulators on matters ranging from implementation ofinternational regulations to development of new policies.Our carbon practice has grown substantially over the last fewyears and the team is now located in our Amsterdam, London,New York and Beijing offi ces. De Brauw is an active member47

of the International Emissions Trading Association (IETA) andinvolved in the development of standard forms of tradingagreements on CDM, JI, EU ETS and AAU transactions underGreen Investment Schemes.De Brauw is ranked fi rst tier on Climate Change (euro-wide)by Chambers Global 2010 and on Energy and Environment& Planning by The Legal 500 EMEA 2010. We were projectcounsel of the Carbon Finance Deal of the Year 2010 (the LuzVerde Programmatic CDM Project), and our climate changework was ranked “outstanding” in the 2010 Financial TimesInnovative Lawyers Report.Rutger de Witt Wijnen, Partner (Chair of HFC’s CO 2 workinggroup)T +31 (0)20 577 10 90Rutger.dewittwijnen@debrauw.comSander SimonettiT +31 (0)20 577 16 03Sander.simonetti@debrauw.comViviana Luján GallegosT +31 (0)20 577 17 85Viviana.lujan@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 Kyoto48

fl exible mechanisms (i.e. the Clean Development Mechanism(CDM) and Joint Implementation (JI)), structuring of carbonbased fi nancial and insurance products, advising operators andaircraft operators on their carbon reduction obligations underthe EU ETS, all aspects of carbon fi nance and funds, voluntarymarket products and trading, environmental liability risktransfer structures, renewable and bio-fuel trading and weatherand catastrophe risk management products.Clifford Chance is a market leader in the fi eld of energy and otherprojects and we are continuously expanding our prominent rolein related environmental law and planning advice. Furthermore,we are advising clients on investments in green energy/renewableenergy. We have been involved in setting up green funds and havebeen advising clients on investing in such funds. Finally, the depthof our network has been benefi cial in various mandates to clientswishing to have a full understanding of regulatory regimes in thecountries where they do business. Our clients include some ofthe world’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.comCMS Derks Star BusmannMondriaantorenAmstelplein 8A, 1096 BC AmsterdamP.O. Box 94700, 1090 GS AmsterdamThe NetherlandsCMS Derks Star Busmann is a full service law fi rm in theNetherlands. Our 220 lawyers, civil-law notaries and tax adviserswork for businesses, institutions and government bodies.We are part of CMS, the largest provider of legal and tax advicein Europe. By combining deep local expertise with internationalstandards of service and cross border consistency and49

coordination, we assist our clients with all aspects of nationaland international law.CMS Derks Star Busmann has a core team of specialists indifferent practice areas with an industry focus on energy. Thismultidisciplinary energy team has a special focus on climatechange, which is now inescapably one of the most importantpolicy issues at the national, EU and international level.Our energy team has been advising corporates and fi nancialinstitutions on a broad range of climate change regulation,emissions trading and clean energy technologies. Areas ofexpertise include regulatory advice on the EU ETS and itsimplementation in the Netherlands, Projects under the CleanDevelopment Mechanism (CDM), secondary market tradingdocumentation (ISDA, EFET and IETA). In addition, we adviseon carbon capture and storage (CCS) and clean energy projectsin the fi eld of biomass, solar and wind.Our climate change practice draws on expertise fromaround our international CMS network, including corporate,environment, projects, competition, intellectual property, taxand banking practice groups.Cecilia van der Weijden, Partner Energy & UtilitiesT +31 (0)20 301 64 11Cecilia.vanderweijden@cms-dsb.comDLA Piper Nederland N.V.Amstelveenseweg 638, 1081 JJ AmsterdamP.O. Box 75258, 1070 AG AmsterdamThe Netherlandswww.dlapiper.nlCharles Destrée and Rik Mellenbergh of DLA Piper Amsterdam,Finance & Projects Team, advise on carbon trading in theNetherlands. They especially advise on the transfer and theregistration requirements of carbon trading according to Dutchlaw.Charles DestréeT +31 (0)20 541 93 64Charles.Destree@dlapiper.com50

Rik 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 fi nance, corporate law,contract law, sector-specifi c regulations, environment and EUand competition law. The team thoroughly understands theregulatory environment in which our clients operate. This alsoforms the basis for our emission trading practice. HouthoffBuruma’s experts has extensive experience in the energy sector,advising companies on renewables and emission trading andreduction related issues, acting for national and international oil,gas and electricity companies both upstream and downstream.Most recently in advising and litigating 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 (whichis almost depleted) to cover the needs of Enecogen’s CCGTpower station that will become operational in Q4 2011.With over 300 lawyers Houthoff Buruma is one of the largest lawfi rms in the Netherlands.Willem de Nijs BikT +31 (0)20 605 61 & 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 0051

R o t t e r d a m o f fi c eBlaak 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, fi nancial 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 New Energy team.This team is part of the Loyens & Loeff Energy team, a dedicatedteam of specialist advisers offering high-end regulatory, legaland tax advice on all relevant energy sector developments,including oil & gas, power & utilities and new energy. The NewEnergy team has a specifi c focus on sustainable (or renewable)energy sources and durable energy solutions, including carbontrading. Our team is well known for advising clients on legal andtax issues related to the (financial) trade in CO 2 and NO x emissionrights. We assist our clients, for example, in disputes on CDM orJI schemes. Our advisers have furthermore ample experiencein advising investment banks and investment funds on thestructuring of carbon fi nance projects, either in the Netherlandsor abroad. The New Energy team operates right at the front ofregulatory and tax developments relevant to carbon rights andtrading, including advising (international) utilities on carboncapture and storage (CCS) projects both in the Netherlands andoffshore. Clients furthermore include financial institutions, energyintensive industrial producers and air carriers.Max Oosterhuis, Partner, Corporate/energyT +31 (0)10 224 67 30max.oosterhuis@loyensloeff.comNiels Muller, Senior Associate, taxT +31 (0)20 578 52 33niels.muller@loyensloeff.com52

Roland de Vlam, Senior Associate, regulatoryT +31 (0)20 578 55 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 andfi nancing, derivatives and renewable energy. We representa wide range of market participants involved in the carbonmarkets including producers, developers, purchasers,regulated industries, fi nancial institutions and dealers based inthe Netherlands and elsewhere. We are regular counsel to theAmsterdam-based power and gas exchange, and advise a pan-European platform for trading and auctioning environmentalcommodities and energy contracts. We help clients inproject development, fi nancing and structuring and creatingmarketable credits, and have experience in advising on the EU-ETS, 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 fi eld of carboncapture and storage. We are preferred counsel to UNEP Risoeand have worked on capacity building projects, for example inTanzania and Surinam.53

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.comStibbe N.V.Strawinskylaan 2001, 1077 ZZ AmsterdamP.O. Box 75640, 1070 AP AmsterdamThe NetherlandsT +31 (0)20 546 06 06info@stibbe.nlStibbe is one of the leading advisors in the emerging tradein emission rights. We have established an expert group onemissions trading that provides high-level advice on tax,administrative, civil and commercial aspects of emissionstrading, with a focus on inter-company trading. Our lawyersregularly contribute to seminars and ministerial working groupswith regard to emissions trading. We have been acting onbehalf of various clients in administrative proceedings.While the trade in emission rights is considered to be aneffi cient way to achieve the Kyoto targets, it has a hugeimpact on the companies involved. We are able to providethese companies with innovative advice on their legal andadministrative obligations arising from emissions tradingregulations.Jan Reinier van AngerenT +31 (0)20 546 01 95M +31 (0)6 2041 46 18Janreinier.vanangeren@stibbe.comKirsten BergerT +31 (0)20 546 04 79M +31 (0)6 12 96 73 83Kirsten.berger@stibbe.com54

6 ConsultantsAccentureAccenture is a global management consulting, technologyservices and outsourcing company. Accenture has identifi edsustainability 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 governmentsand 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 36 96wytse.kaastra@accenture.com55

BECOP.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 identifi es 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-basedtooling (e.g. Carbon Manager).– 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 informationon your 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.56

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-activeand collaborative Corporate Responsibility support tomultinationals integrating and embedding sustainabilitystrategy and practice within their organization.Maxim Luttmer, Manager Climate & EnergyT +31 (0)6 5026 0659Luttmer@beco.nlCarbon rooster advisory servicesBeets 54, 1475 JD BeetsP.O. Box 13, 1474 ZG OosthuizenThe NetherlandsT +31 (0)6 5169 14 46www.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.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 fi nancing.The Dutch government’s recent NER auction was advised byAlbert de Haan.Nikkie de HaanNikki.deHaan@carbonrooster.com57

Climate 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 multidisciplinary teamworks closely with companies, governments and nongovernmentalorganizations on reducing emissions in energy,households, industry, agriculture and forestry.Climate Focus is an independent expert in international andnational climate law, policies, project design and fi nance.We have been pioneering carbon markets ever since theirinception. We aim to fi nd 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 fi nance;– due diligence and feasibility assessment;– capacity building and training.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 of incountryand specialized partners.Adriaan Korthuis, Director, ProjectsT +31 20 262 10 31A.korthuis@climatefocus.com58

Charlotte Streck, Director, PolicyT +1 202 540 22 73C.streck@climatefocus.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 fi nance, fi nancialmanagement, 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. Wenot only build on assurance, valuation and market analyses toaddress how carbon will affect the bottom line today, but we alsolook at value created in tomorrow’s markets while understandingthe changes in stakeholder requirements. We help you assessyour current and future carbon impacts and offer servicesin developing governance structures, organization designand developing transacting risk management procedures,for companies that trade in carbon markets. We combine ourcommodity transacting experience with an understandingof the carbon markets, to offer services in assessing offsetproject risks, developing marginal abatement cost curves andconducting portfolio optimization analysis to take advantage ofcarbon market based mechanisms (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 Organisation (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’sfi nancial advisory services to clients. The combined carbon59

management knowledge and fi nancial advisory competencescreate a new hub of sustainability excellence, highlightinga combination of strategic insights and deep knowledge ofcomplex challenges impacting organizations across all industriesand sectors. The highly skilled people from both organizationsenabling us to offer an increased range and depth of carbon andsustainability advice to a broader number of clients.Drs. Anneke Sipkens MBA, Director Sustainability StrategyInnovationT +31 (0)88 288 87 31M +31 (0)6 8355 5267ASipkens@deloitte.nlEcofysPO Box 8408, 3503 RK UtrechtThe NetherlandsOur energy-based way of life faces serious challenges relatedto climate change, resource depletion and unequal distributionof 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:“A Sustainable Energy Supply for Everyone”We are working together with our clients in realizing thismission.The carbon market strategies unit within Ecofys supportsgovernment clients in the design of effective carbon marketpolicies. We evaluate existing polices and help our governmentclients to improve these policies by identifying black spotsand weaknesses. With our consultancy work for the EuropeanCommission, we for example contributed heavily to theEU Emission Trading Scheme in its current form. Nongovernmentalorganizations are supported by studying theeffectiveness of existing and upcoming policy instrumentsrelated to the carbon market and (industrial) energy effi ciency.60

We support corporate clients to incorporate energy effi ciencyand sustainable energy into their daily business by informingthem on current and upcoming energy and carbon marketpolicies, by studying the options for energy effi ciency and GHGmitigation and by bringing these together in integrated energyand carbon strategies. Services include supply chain carboncost analyses, product and organizational carbon foot printing,ETS monitoring and verifi cation and defi ning strategies towardsthe Clean Development and Joint Implementation mechanisms.Maarten Neelis, Unit Manager carbon market strategiesT +31 (0)30 6623402M.neelis@ecofys.comEmissierechten.nlEverard Meijsterlaan 10, 3533 CM UtrechtThe– Knowledge transfer and training: frequent comments,market analysis and columns in magazines. Training coursesand workshops for companies on the carbon market, since2001, from Amsterdam to Johannesburg to Thessaloniki.– Legal consultancy: overviewing all the legal areas relatedto emissions trading, assisting companies with regardingCO2 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);– Strategic consultancy: showing carbon marketopportunities, assessing the carbon value of projects; howto optimize carbon fi nance and price setting in carboncapture and storage projects– Carbon market innovation: how to link the carbon marketwith the upcoming EU Domestic Offsets system; how to linkthe carbon market with new sectors: agriculture (soil carbon,bio char), build environment, transportation, deforestation(REDD+)61

Jos Cozijnsen, consulting attorney emissions tradingM +31 (0)6 2153 86 78jc@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 assist ourclients in managing power, gas, oil, and carbon positions. Wedo so by advising for instance on a company risk profile or theirbenchmark strategy regarding trading carbon and energiesand by actively managing positions. Energy Global has astrong academic background and applies all kinds of modelsand 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.nlKPMG Sustainability & Carbon TradingLaan 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, experiences andenergy from multiple disciplines enables us to provide uniqueinsights that help our clients better understand, improve andreport on their environmental, social and economic performance.62

In a carbon-restricted economy carbon trading is more than amethod employed to control CO 2 emissions; it is an effectiveinstrument to give greenhouse gas emissions a price. Awell-functioning emissions trading system will result in a costeffective investment in emission reduction measures. Withsuch a system the overall emissions can be further reduced atthe lowest possible costs. It also creates a level playing fi eldfor energy intense industries taking into account the price ofcarbon in investment decisions. Although emissions tradingshowed start-up problems during the fi rst years (e.g. overallocation in the EU) we believe that emissions trading has abright future with a fair global trading scheme as the ultimategoal.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.Barend van Bergen, PartnerT +31 (0)20 656 45 06Vanbergen.barend@kpmg.nlSustainalyticsDe Entree 83, 1101 BH AmsterdamP.O. Box 22703, 1100 DE AmsterdamThe Netherlandswww.sustainalytics.comSustainalytics provides environmental, social and governance(ESG) research and analysis, and responsible investment servicesto investors around the world. Sustainalytics provides globalperspectives and solutions, underpinned by local experienceand expertise, to values-based and mainstream investors thatbelieve ESG information and assessments are a critical elementin making informed, long-term investment decisions. With nearly20 years of experience in the Responsible Investment (RI) andSocially Responsible Investment (SRI) markets Sustainalyticsis a reliable research provider. Sustainalytics provides a globalperspective with local expertise with offi ces in Amsterdam,Boston, Frankfurt, Madrid and Toronto.63

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 also offerscustomized products and services related to research oncarbon emissions.To discuss how Sustainalytics’ carbon in-house teamcan benefi t to your corporate strategy, please contactSustainalytics.Diederik TimmerT+ 31 (0)20 205 00 08Diederik.timmer@sustainalytics.com7 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 functionality64

and see to it that the fund will be imbedded with reputableproviders of 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 apioneer 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 he 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 procedures thatpotentially delay the projects issuance of Carbon CreditsBased on a long and successful track record Intertrust notonly offers several standard agreements but also tailor madesolutions on a Project by Project basis including negotiationon terms and conditions of Custody Agreement; incorporatingProject based Emission Right Purchase Agreement provisionsto a custom made Custody Agreement.65

Jaap C.M. Veerman, Team Manager Carbon DeskT +31 (0)20 521 47 95M +31 (0)6 5132 7151Jaap.veerman@intertrustgroup.comGeorges Debats, Relationship Manager Carbon DeskT +31 (0)20 521 48 67M +31 (0)6 2915 9932Georges.debats@intertrustgroup.comOrangefield Fund servicesTeleportboulevard 140, 1043 EJ AmsterdamThe NetherlandsT +31 (0)20 540 58 00Orangefi eld offers a dedicated team of legal and fi nancialprofessionals 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 fl ows, 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 BernoskiT +31 (0)20 54 08 18M +31 (0)6 3178 0689Frederik.Bernoski@Orangefi eldtrust.comNicole van BungeM +31 (0)6 1139 6129Nicole.van.Bunge@Orangefi eldtrust.com66

United TrustWTC, Tower A, 4th 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.And we continue to develop sustainable environmental markets.United’s environmental-market services per se include tradingand brokering, escrow and fi nancing, clearing and custody. Asan umbrella organization, United offers full access to servicessurrounding environmental markets:Hydroelectric power and fuel, solar, and wind energy.These are the relevant energy sectors today. And these areasare pillars of the fi nancial-services expertise we offer toinvestors and governments.Robert Stroeve, CEOT +31 (0)20 575 27 278 ExchangeClimexP.O. Box 12628, 1100 AP Amsterdam ZuidoostThe NetherlandsT +31 (0)20 305 62 00www.climex.comClimex is a leading Netherlands based exchange forenvironmental commodities and energy contracting.Established in 2003, Climex provides continuous Spot Tradingin EUAs, CERs and ERUs for the entire market, auctioning ofall carbon products (EUAs, CERs, ERUs and VERs) and Energycontracting and auctioning for Electricity, Gas and Guarantiesof Origin/ Renewable Energy Certifi cates. Climex is unique67

ecause of its easy to use secure internet based tradingplatforms, with APX ENDEX as its central counterparty. Climex,targets small & large, experienced & inexperienced traders andoffers low trading fees with no annual fees and high liquidity.Climex was the fi rst to execute a cleared CER and ERU spottrade in Europe, the fi rst to organise online EUA, CER and VERauctions and organised many public governmental online EUAauctions. Over 16 TWh, worth € 450 million of energy contractshave been auctioned on Climex Energy Auction, with contractsranging from € 10,000 to € 120 million.Jeroen van de Kletersteeg,

Index who is who33 Asset Management 39AABN AMRO – Carbon Trading 35Accenture 55AFM (Authority for the Financial Markets) 28Agentschap NL 28Amsterdam Inbusiness 29BBECO 56De Brauw Blackstone Westbroek 47CCarbon rooster advisory services 57Climate Focus 58Clifford Chance 48Climex 67CMS Derks Star Busmann 49DDarwin Platform 64Deloitte 59DLA Piper Nederland N.V. 50Do-inc 39Duisenberg school of fi nance 34Dutch Emissions Authority (NEa) 30EEcofys 61Eneco Energy Trade B.V. 40Energy Global 62European Climate Foundation 30GGlobal Carbon BV 41Green Gas International 4269

HHolland Financial CentreCentre for Finance &Sustainability 32Houthoff Buruma 51IING Commercial Banking 36Intertrust 65KKPMG Sustainability & Carbon Trading 62LLoyens & Loeff N.V. 51MMabanaft Global Carbon Markets 43Ministry of Economic Affairs, Agriculture and Innovation 32Ministry of Finance 33Ministry of Infrastructure and the Environment 33NNautaDutilh 53OOrangefi eld Fund services 66RRabobank 37SStatkraft 44Stibbe N.V. 54STX Services 38Sustainalytics 63UUnited Trust 67VVattenfall Carbon Fund 46VBDO(Vereniging van Beleggers voor Duurzame Ontwikkeling) 3370

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