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Brazil Property News: Sao Paulo sells carbon credits
27th September 2007 02:02
Sao Paulo has sold green-house gas credits at Brazil's first auction of this kind, under the guidelines of the Kyoto protocol emissions trading plan.
Dutch-Belgian bank, Fortis, bought the credits for $18.5 million (£9.4 million) on the Brazilian stock exchange.
Other major firms bidding included Goldman Sachs, Morgan Stanley and the European commodities unit of Merrill Lynch.
Environmental campaigning organisation, Greenpeace, was pleased with the deal.
"In the past these deals have been worked out in private," Marcelo Furtado, director of Greenpeace's Brazilian campaign told Associated Press. "It's a victory for society to have this additional accountability."
Fortis won the right to emit 808,405 metric tons of carbon dioxide at the price of $22.90 (£11.50) per metric ton.
Under the provision of the Kyoto Treaty companies which generate large amounts of polluting emissions can offset this by buying credits from projects that remove contaminants.
Brazil's position at the heart of this bidding process reflects its progressive attitude on green issues.
President Lula has recently returned from a tour of Scandinavia, where he promoted the Brazilian biofuel industry to countries such as Sweden, which is currently in the process of switching all vehicles to biofuel by 2020.
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