Ethical investment: News
Fund launch targets carbon gas emissions market 31/01/2005
Fortis Bank, Caisse des Dépôts, and the IXIS Corporate & Investment Bank are cooperating to launch the European Carbon Fund.
It is the first non-governmental investment fund dedicated to investing in financial instruments that could help combat the greenhouse gas effect. Fortis said it would be putting €15 million into the fund, alongside €25 million from Caisse des Dépôts.
The fund has an overall subscription target of €100 million. Fortis and Caisse des Dépôts will be providing the majority of the directors on the fund's board, while IXIS does the hands on investment management.
IXIS said the fund would be purchasing CO2 emissions allowances in order to create the liquidity needed for this new market and provide the coverage needed by the 12,000 facilities subject to greenhouse gas regulations.
The fund is being structured as a Luxembourg Sicav.
