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