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Thursday, 3 March 2011

Vitol Ranked Ahead of JPMorgan as Developer of Tradable Emission Credits


By Mathew Carr - Mar 3, 2011 12:00 AM GMT

Vitol Group, the world’s largest independent oil trader, was ranked as 2010’s most productive developer of projects yielding tradable emission credits, according to a survey by Bloomberg New Energy Finance.
Vitol Group’s Carbon Resource Management sought credits last year for projects that may yield 11.1 million metric tons of United Nations-overseen emission credits through 2020, according to the ranking. JPMorgan Chase & Co. (JPM)’s EcoSecurities unit ranked second, with projects that may yield 8.6 million tons of credits in the period.
New Energy Finance, the London research firm owned by Bloomberg LP, used public data to assess the performance of companies seeking credits last year under the Clean Development Mechanism and Joint Implementation programs. The CDM is the second-biggest greenhouse gas market by traded volume after the EU cap-and-trade program.
Third in the ranking was Eco Asset Inc., with 7.2 million tons, while Barclays Plc (BARC)’s Tricorona Carbon Asset Management unit was fourth, with 6.5 million tons, according to a report e- mailed by New Energy Finance. Noble Carbon Credits, a unit of Singapore-basedNoble Group Ltd. (NOBL), was fifth, with 5.1 million tons expected.
Vitol, based in Geneva, said last month it increased its stake to 100 percent in Carbon Resource Management as part of a strategy to develop emission-reduction projects after 2012. Terms of the deal weren’t disclosed.
Carbon Resource Management didn’t make last year’s rankings by New Energy Finance. Barclays’ Tricorona unit was ranked third last year, while JPMorgan’s EcoSecurities was fifth.

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