Climate Change Capital

www.climatechangecapital.com

Climate Change Capital is a leading investment banking group specialising in the commercial opportunities created by a low carbon economy. It advises and invests in companies who recognise that combating global warming is both a necessity and an economic opportunity. Its activities, which also include investment management and financing emission reductions, are undertaken to make the world’s environment cleaner while at the same time delivering attractive financial returns.

Climate Change Capital has been at the forefront of the carbon market, playing key roles in the design and implementation of the Kyoto mechanisms since their inception. Its Carbon Financing group develops and manages funds that invest in companies and projects involved in the reduction of greenhouse gases.

The Carbon Financing group has expertise in project and carbon finance, international law, policy and entrepreneurship. Its experience ranges from large investment banks to small project development companies; environmental ministries to international law firms.

Clifford Chance LLP

www.cliffordchance.com

Clifford Chance is the first law firm to have a dedicated worldwide Environmental and Climatic Trading practice with 67 practitioners spanning 17 countries. The firm specialises in all aspects of climatic and environmental law including trading carbon credits both under the Kyoto and EU Schemes, advising operators on their carbon reduction obligations under the EU ETS, financing of Kyoto projects and the structuring of carbon based financial and insurance products. Clifford Chance has been at the forefront developing industry standard allowances trading documentation including leading the harmonisation process for the EFET, IETA and ISDA documents and drafting the latest IETA ERPA.

ENDESA

www.endesa.com

Endesa is the largest operator in the Spanish electricity industry and the leading private electricity multinational in Latin America. It has a significant presence in the South European electricity market : Italy, Portugal, France. Endesa operates in the electricity markets of 15 countries on three continents.

Endesa engages mainly in the generation, transmission, distribution and supply of electricity. The Company also operates in the gas industry, in other energy industries (mainly cogeneration and renewable energies) and in service industries that contribute value to our core business.

As part of our Strategic Plan for the Environment and Sustainable Development, Endesa is committed to reduce and compensate harmful greenhouse gas emissions that are causing global warming. Endesa participates in numerous initiatives and activities combating climate change. Among these is Endesa’s participation in the Community Development Carbon Fund managed by the World Bank.

In November 2005 Endesa launched the Endesa Climate Initiative with the aim of purchasing 15 million tonne of emission reductions from projects in developing countries and emerging markets. This initiative has been very well received by the market and is resulting in Endesa investing in renewable energy and waste management projects in countries as diverse as China, Chile, Mexico and Brazil.

TFS Energy

www.tfsbrokers.com

Founded in 1985, Tradition Financial Services (TFS) is a market leader in the inter-dealer brokering of OTC physical and derivative products. With offices in the world's major financial centres, the Company covers global foreign exchange, commodity, equity, freight, precious metals, property and pulp & paper markets. Additionally, the TFS Energy division brokers energy and derivative products.

TFS Energy brokers a full spectrum of energy and energy-related markets with OTC businesses operational globally in electricity, natural gas, crude oil and refined products, coal, environmental products and weather derivatives. Its full-service desks in Stamford, New York, Houston, London, Frankfurt, Sydney, Melbourne, Singapore, Dubai and Johannesburg provide futures and OTC specialist trade execution, research and market analysis to hundreds of investment banks, commercial banks, energy producers, utilities, trading companies, hedge funds and consumers. Today, it employs over 150 voice brokers and has dedicated NYMEX floor clerks in natural gas and crude oil. Daily TFS conducts hundreds of energy transactions on its’ electronic dealing system that gives clients full market transparency in these increasing volatile times. Recent development work has lead to full STP capability on this system. The latest addition to markets that the company covers has seen the company successfully enter and conclude deals in the CDM and JI markets.

The Golden Standard

www.cdmgoldstandard.org