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Published: Friday 19 July, 2013

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Last year, Germany in common with other European countries devolved some of its Kyoto Protocol obligations down to the leve factory outlet online l of individual enterprises, nearly 2000 in all.

Mainly power stations and large industrial concerns, they now know how much carbon dioxide or other greenhouse gases they will be permitted to emit up to 2007.

KfW, a Frankfurtbased banking group with a balance sheet roughly three times the size of the entire New Zealand banking sector, has set up a buyers pool as a service to those enterprises.

It acts as an intermediary between them and potential sellers such as the recipients of 10 million credits allocated so far by the New Zealand Government to windfarms and other projects that will reduce local emissions.

Bernhard Zander, first vicepresident of the KfW Carbon Fund, said yesterday: The general perception is that the first period, up to 2007, will not be too difficult for the companies, but the limits may get tighter after that.

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The power companies especially have a long time horizon and will try to ensure they are not short of emission rights in the future.

That is significantly less than the prices prevailing on the internal European emissions trading system, where prices have climbed in the past couple of months to about 17.

Zander said projectsbased credits were discounted because they involved longerterm contracts and there were delivery risks.

Although KfW is Governmentowned, it does not buy on behalf of the German Government. It is a private sector operation.

But it has to compete with Government programmes such as those run by the Netherlands and Austrian governments, representatives of whi factory outlet online ch have come calling in the past year.

Also in the market is a large World Bank carbon fund, acting for private firms and governments, with a budget of US$750 million $1.04 billion, largely from European countries. factory outlet online