World Bank fund sells 500,000 U.N. carbon credits

LONDON Tue Apr 5, 2011 8:25am EDT

LONDON (Reuters) - The World Bank said on Tuesday it had sold 500,000 U.N.-backed certified emissions reductions (CERs) for its adaptation fund which finances clean energy projects in developing countries.

The value of the deal was not disclosed. The sale was of pre-2012 issued CER futures, a source familiar with the matter told Reuters.

CERs for December 2011 delivery were trading at around 13 euros ($18.44) a tonne on Tuesday.

The end buyers were not revealed but were spread across a range of sectors and regions, the bank said.

Bank of America Merrill Lynch acted as a dealer for the sale and has now sold a total of 1.6 billion CERs on behalf of the fund.

The World Bank sells CERs on behalf of its adaptation fund regularly on exchanges and via over-the-counter transactions with dealers.

Since May 2009, it has monetized over $148 million of CERs.

(Reporting by Nina Chestney; editing by Jason Neely)


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