World Bank Completes Sale of CERs with Morgan Stanley for the Adaptation FundMay 7, 2010 1:27 PM
The World Bank as Trustee for the Adaptation Fund completed a sale of 600,000 tons of certified emission reductions (CERs) during the period from April 27 to May 5, 2010. The CERs were sold at an average price of €14.05 per ton.
The World Bank (International Bank for Reconstruction and Development) serves as Trustee for the Adaptation Fund, and conducts CER sales for the Fund. The primary funding for the Adaptation Fund comes from a two percent share of proceeds of all CERs issued under the Clean Development Mechanism. The World Bank sells CERs on behalf of the Adaptation Fund regularly on exchanges and through over-the-counter transactions with approved dealers. Through May 5, 2010 the World Bank has monetized over €67 million worth of CERs.
Morgan Stanley was appointed as the dealer for the sales. The end buyers of the CERs were from Morgan Stanley’s client base which is widely diversified across sectors and regions.
About the Adaptation Fund: The Adaptation Fund has been established by the Parties to the Kyoto Protocol of the UN Framework Convention on Climate Change to finance concrete adaptation projects and programs in developing countries that are Parties to the Kyoto Protocol. The Fund is financed with 2% of the Certified Emission Reduction (CERs) issued for projects of the Clean Development Mechanism (CDM) and with funds from other sources. (Source: www.adaptation-fund.org).
About Morgan Stanley: Morgan Stanley MS is a leading global financial services firm providing a wide range of investment banking, securities, investment management and wealth management services. The Firm's employees serve clients worldwide including corporations, governments, institutions and individuals from more than 1,300 offices in 42 countries. For further information about Morgan Stanley, please visit www.morganstanley.com.
Angela Furtado, Washington D.C.
Jennifer Sala, New York
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