Deutsche Bank helped the Irish Environmental Protection Agency (EPA) to raise €2.4 million ($3.3 million) this week through the sale of excess European Union carbon allowances.
The Bank bought 185,000 allowances from the EPA to distribute through its global network of clients. EU allowances are carbon credits used in the EU Emissions Trading Scheme (ETS).
Deutsche Bank’s Head of Environmental Financial Products Structuring David Costa-D'sa said: “This is the first trade we have completed with the EPA and our long-standing relationship with the Irish government and trading expertise enabled us to execute quickly and efficiently on its behalf.”
“Working with the EPA reflects the breadth of our client base and we are delighted to continue cooperating with it,” he said.
Deutsche Bank has a market-leading carbon emissions trading team and ranked number one in Energy Risk’s 2010 Awards for each of secondary CERs/Options, EUA Options and research.
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