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Climate Exchange plc Acquires 25% stake in enVex
1st July, 2008
In a move that is expected to accelerate the development of global carbon emissions trading, Climate Exchange plc, operator of the world’s largest carbon emissions marketplaces, has today acquired a 25% stake in enVex.
enVex was established by Macquarie Capital Group and the Financial & Energy Exchange to develop a range of tradable contracts in environmental asset classes, including carbon emissions, which will help Australian companies transition to a low carbon economy.
Climate Exchange plc has extensive experience in carbon trading markets through its wholly owned subsidiaries the Chicago Climate Exchange (CCX) and the European Climate Exchange (ECX). CCX pioneered carbon markets through its voluntary but legally binding cap and trade system while ECX provides Europe’s leading marketplace for trading carbon dioxide emissions attracting over 90% of the exchange-traded volume in the European market.
enVex Chairman, The Hon. Bob Carr, said “Climate Exchange plc is the global leader in the development of carbon markets and we are delighted to welcome them into the enVex consortium”.
Global carbon markets more than doubled in value to USD $64 billion in 2007.1 enVex will work with Climate Exchange plc to identify opportunities to link Australian markets to larger markets in Europe and North America.
Climate Exchange plc Executive Chairman, Dr. Richard Sandor, said “Climate change is a global issue which requires a global solution and our investment in enVex will complement our existing operations in North America and Europe providing a unique opportunity to offer standardised contracts across all time zones”.
Mr Vincent Cornes, General Manager of enVex, said “there are very strong synergies between our respective businesses and we are working to identify opportunities to provide our clients with access to a truly global range of products”.
Key Climate Exchange plc executives Mr Neil Eckert, Chief Executive Officer, and Mr Matthew Whittell, Chief Financial Officer, have been appointed to the enVex board effective immediately.
Media contacts:
Mr Vincent Cornes
General Manager
enVex
Phone: +61 2 8815 9505
Mobile: +61 419 470 924
Dr Richard Sandor
Executive Chairman
Climate Exchange
Phone: +1 312 554 3350
1. State and Trends of the Carbon Markets 2008, World Bank
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- 1 July 2008 Climate Exchange plc Acquires 25% stake in enVex In a move that is expected to accelerate the development of global carbon emissions trading, Climate Exchange plc, operator of the world’s largest carbon emissions marketplaces, has today acquired a 25% stake in enVex.
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