Icecap completes first closing of its carbon portfolio

Icecap, the carbon emissions group, has today reached first closing of its carbon portfolio having raised aggregate commitments to buy 15 million tonnes of carbon credits from the Clean Development Mechanism and Joint Implementation markets.

The initial participants are Italian utility Enel Trade, Japanese commodity trading giant Marubeni Corporation and the Public Power Corporation of Greece.

Icecap will source and manage a portfolio of carbon credits on behalf of those firms, using a floating price model that allows buyers and sellers of carbon credits to share price and delivery risk.

“We are taking a portfolio approach to spread the risk,” explains Icecap chief executive Ron Stone.

In the past 12 months, Icecap has signed up

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