World Bank Completes Sale of CERs with Credit Suisse for the Adaptation Fund

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Sep 15, 2010, 12:12 ET

WASHINGTON, Sept. 15 /PRNewswire-FirstCall/ -- The World Bank as Trustee for the Adaptation Fund completed a sale of 500,000 tons of certified emission reductions (CERs) during the period from August 27th to September 10th, 2010.

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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 September 10th, 2010 the World Bank has monetized over US$124 million worth of CERs for the Adaptation Fund.

Credit Suisse was appointed as the dealer for the sales. The end buyers of the CERs were diversified across sectors and regions, including corporations offsetting carbon emissions and firms complying with the European Union Emissions Trading Scheme (EU ETS).

"We are pleased to work with the World Bank in this important effort to help the Adaptation Fund promote sustainable development around the globe," said Paul Tregidgo, managing director and vice chairman of the Credit Suisse Global Markets Solutions Group.

"Credit Suisse appreciates the opportunity to leverage our global emissions market trading expertise and diverse client base on behalf of the World Bank," said Adam Knight, managing director and head of global commodities at Credit Suisse.

Credit Suisse AG

Credit Suisse AG is one of the world's leading financial services providers and is part of the Credit Suisse group of companies (referred to here as 'Credit Suisse'). As an integrated bank, Credit Suisse offers clients its combined expertise in the areas of private banking, investment banking and asset management. Credit Suisse provides advisory services, comprehensive solutions and innovative products to companies, institutional clients and high-net-worth private clients globally, as well as to retail clients in Switzerland. Credit Suisse is headquartered in Zurich and operates in over 50 countries worldwide. The group employs approximately 48,300 people. The registered shares (CSGN) of Credit Suisse's parent company, Credit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York. Further information about Credit Suisse can be found at www.credit-suisse.com.

Investment Banking

In its Investment Banking business, Credit Suisse offers securities products and financial advisory services to users and suppliers of capital around the world. Operating in 57 locations across 30 countries, Credit Suisse is active across the full spectrum of financial services products including debt and equity underwriting, sales and trading, mergers and acquisitions, investment research, and correspondent and prime brokerage services.

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).

Disclaimer

This press release was produced by and the opinions expressed are those of Credit Suisse as of the date of writing and are subject to change. It has been prepared solely for informational purposes and is not to be deemed as an offer to sell, or a solicitation of an offer to buy, any security, commodity, future or other financial instrument or derivative thereof or the provisions of an offer to provide investment services in any state or country and this material does not constitute investment research, a research recommendation, or substantive research or analysis. Any reference to past performance is not necessarily a guide to the future. The information and analysis contained in this publication have been compiled or arrived at from sources believed to be reliable but Credit Suisse does not make any representation as to their accuracy or completeness and does not accept liability for any loss arising from the use hereof. Credit Suisse may, from time to time, participate in transactions in the markets referred to herein, and/or have a position or effect transactions in the instruments or derivatives thereof.

SOURCE Credit Suisse AG