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Purchase of certificates

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A trader sells on previously acquired certificates generated by climate protection projects, thus carrying the delivery risk. In this so-called secondary market, the Foundation concluded purchase agreements with the firms Amsterdam Capital Trading, Barclays, Bunge, EcoSecurities, Fortis, Mercuria, Merrill Lynch, Shell, South Pole Carbon, SwissRe, Trading Emissions and Vitol.

Various spot contracts were concluded for the immediate delivery of Kyoto certificates. As a rule, these spot transactions made use of an internationally customary standard agreement. The price was negotiated bilaterally and consisted of the current trading price at relevant exchanges (Bluenext, EEX) as well as a project-specific premium. Delivery and payment generally took place a few days after the transaction was completed.

A total of 7‘874‘298 CERs were acquired in this way.