Most Read Contributor in Netherlands, February 2017
Luz Verde is the first-ever Clean Development Mechanism (CDM)
project under a Programme of Activities (PoA) to receive carbon
credits under the Kyoto Protocol. On 28 December 2012, the UN
issued 19,000 certified emission reductions (CERs) to the project,
which was developed by Cool nrg International with project
financing from ING Bank, advised by De Brauw as lead counsel. This
first issuance was hailed by the
UN Framework Convention on Climate Change as a milestone in the
evolution of the global carbon market because programmatic CDM has
the potential to "scale up" and get carbon finance to the
world's poorest regions.
Stephen Hibbert, global head of carbon and energy efficiency at
ING Commercial Banking: "ING is proud to have been the project
loan provider for the first project. The successful CER issuance
proves the operating model for programmatic CDM and is a tribute to
the vision, pioneering spirit and perseverance of the Cool nrg
Cool nrg Chairman Nic Frances: "We are very excited to have
delivered the world's first CERs from programmatic CDM. Cool
nrg is committed to delivering projects that are innovative, reduce
CO2 and help communities. Our Cuidemos project meets all those
goals. The amount of CO2 reduction associated with this issuance is
equivalent to planting more than 100,000 trees, and 98% of the
light bulbs went to families in the three poorest demographic
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The implementation of the mandatory exchange of initial and
variation margin for non-cleared OTC derivative trades in the EU
commenced on 4 February for financial counterparties with the
largest derivatives portfolios.
Nevertheless, a RAIF's investment policy is subject to certain risk diversification requirements laid down by the CSSF.
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