The
Carbon Managers of the Multilateral Carbon Credit Fund (MCCF) have
appointed Fortis Intertrust Netherlands as service provider for the
fund. Fortis Intertrust is responsible for the structuring, trust
management and administration of the special purpose vehicle created
(Carbon Purchase Intermediary - CPI). The MCCF is sponsored by both
the European Bank for Reconstruction and Development (EBRD) and the
European Investment Bank (EIB). The MCCF, launched in December 2006,
is one of the few carbon funds dedicated specifically to countries from
Central Europe to Central Asia. It consists of the Project Carbon Fund,
and the Green Carbon Fund. The Project Carbon Fund has commitments of
EUR 150 million from six countries and six companies. The Green Carbon
Fund is dedicated to Green Investment Schemes (GIS) and as of today has
commitments totalling EUR 40 million.
The MCCF was developed from the outset using an intermediate
structure involving three independent, private sector companies (the
'Carbon Managers'). These Carbon Managers originate, negotiate and
monitor transactions for the acquisition of carbon credits from the
sellers (Project Companies). The three Carbon Managers are GreenStream
Network (Finland), ICF Consulting Ltd (UK) and Royal Haskoning (The
Netherlands). The acquisition of those carbon credits is contracted
through the CPI, under back-to back contracting arrangements between
the Project Company, the CPI and Participants (with or without the
intermediation of EBRD, depending on whether or not the Participant is
a Sovereign). Fortis Intertrust, a wholly-owned subsidiary of Fortis, is the
world's premium quality provider of trust and corporate management
services and has been a frontrunner in the emerging carbon markets,
having a strong environmental team in place.
GreenStream Network is a leading Northern European actor in the
carbon emission reduction and renewable energy markets. GreenStream
develops and manages investment vehicles and provides advisory and
intermediary services based on its in-depth knowledge in these markets.
ICF Consulting Ltd, an ICF International company, partners with public-
and private-sector clients to deliver consulting services and solutions
in the fields of climate change, energy and power markets, and the
environment. Royal Haskoning is a multidisciplinary firm that operates
internationally. Consultants, architects and engineers advise on
environment, industrial installations, water, spatial development,
infrastructure & transport, architecture & building, building
services, project management, coast & rivers, harbours and maritime
projects. The EBRD, owned by 61 countries and two intergovernmental
institutions, aims to foster the transition from centrally planned to
market economies in countries from central Europe to central Asia.