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Australian Climate Exchange
Press
Release
2nd
May 2008
FIRST
OVERSEAS GREENHOUSE CREDITS TRADE TODAY ON AUSTRALIAN
EXCHANGE
VER+ Offsets from Russian Project Traded within
24 hours of listing on the ACX
Australia’s
first greenhouse gas emissions trading exchange,
the Australian Climate Exchange (ACX), added to
its reputation as a market innovator today as
the first greenhouse gas offsets from an overseas
project sold within 24 hours of being listed on
the exchange. To date all units offered for sale
on the exchange had been verified emission commodities
from domestic abatement projects.
The
offsets come from the internationally respected
VER+ label, attesting to the fact that they have
been verified by German compliance and audit giant
TUV SUD, one of the best known and respected UNFCC
Designated Operating Entities and operators of
the Blue Registry.
Tim
Hanlin, managing director of ACX, said the listing
of the VER+ offsets on the exchange is another
significant milestone for carbon trading in Australia
and he was proud of the team that has worked tirelessly
to ensure that once again ACX achieved this market
“first”.
“The
product origination team has been working through
the issues of listing and more importantly delivering
verified abatement from non-domestic projects
since the newly elected Prime Minister announced
Australia’s intention to ratify Kyoto at
the Bali COP/MOP in December.”
“The
fact that these VER+ credits were snapped up within
24 hours of listing is not only a vindication
of our due diligence but also a signal that the
Australian buyer has become more sophisticated,”
Mr Hanlin said.
The
VER+ offsets are sourced from a Russian gas pipeline
upgrade project where the ageing infrastructure
and market structure meant that without the value
of the credits neither the gas supplier, pipeline
owner or retailer had any financial incentive
to prevent the highly destructive methane (23
times the global warming potential of CO2) escaping
through the joints valves and meters in the gas
distribution network.
Rob
Cawthorne, managing director of the Carbon Reduction
Institute (CRI), who bought the VER+ offsets on
behalf of one of their clients, said the project
was not only environmentally and financially additional
it also had the benefit of resource stewardship.
“Access
to overseas credits gives CRI the opportunity
to offer our clients a wider portfolio of verified
emission reduction with additional sustainability
benefits. We also value the transparency of ACX’s
exchange” Mr Cawthorne said
ACX
executive and head of the origination team that
brought the product to market, Manus Higgins,
stressed that while the project quality and the
credibility behind TUV SUD’s VER+ label
was important the real value was in the provenance
assurance that the registries provide.
“A
great deal of the work was done by the respective
registrars of the Blue Registry and ACX Registry
Services in working out the procedures for transferring
good title between the buyer and the seller. Now
we have this process sorted out, we see a huge
market opening up in VER+” Mr Higgins said.
100
tonnes of the VER+ product traded today on the
ACX at AU$8.00 per tonne which represents a discount
of 85cents a tonne on the local product. “
I expect to see the overseas and local products
approach parity in co0ming months as the market
becomes more sophisticated” Mr Hanlin said
ACX,
which is a Melbourne based exchange, is a pioneering
joint venture between the Australia Pacific Exchange
(APX) and Australian Climate Exchange Ltd and
was launched by APX chairman Ray Schoer on 23
July 2007.
For
further information:
Tim
Hanlin
Managing Director
Australian Climate Exchange
Ph: 08 9347 8002
Mobile 0419 910 096
Website
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Climate Exchange
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