Dresdner Bank and Gazprombank Form Joint Venture, Launch Carbon Trading

The carbon trading market keeps expanding, as the world keeps warming. (For what it's worth, I have yet to wear a hat this month.)

German bank Dresdner and the Russian Gazprombank (affiliated with Gazprom, one of the world's largest energy groups) announced this week that they have launched a new joint venture for carbon trading. The JV is called Carbon Trade & Finance Sicar and registered in Luxembourg. The project will be primarily led by Dresdner's investment banking arm Dresdner Kleinwort.

According to the press release, the joint venture will "invest in primary projects generating CO2 certificates through the mechanisms of the Kyoto protocol with a view to repackaging these credits for resale to investors on a secondary market basis."