Caisse des Dépôts et Consignations, Euronext and Powernext prepare a European grant of emission permits CO2

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Community No. 2003 / 87 / EC establishes the European commitment to fight against climate change by establishing a system of exchange of gas emission quotas for greenhouse in the Union. The efficiency of the emissions trading system will be verified in terms of the quality of the "price signal" issued by the market, based on transactions that will actually be carried out and recorded it. The confrontation of supply and demand in one place will ensure greater liquidity in this market.

It is in this context that the Caisse des Dépôts et Consignations, Euronext and Powernext wished to join their expertise to develop an organized cash allowances or permits to emit CO2 based on four principles:

• the performance guarantee transactions based on a harmonized delivery settlement mechanism and secure annihilating defaults and quota delivery defects CO2,

• price transparency and their attachment

• non-discriminatory access and anonymity for participants

• simplicity of an integrated trading on the delivery system, open to all participants who have an account in one of the 25 registers CO2 emissions in Europe.

The December 14 2004, the Caisse des Dépôts et Consignations, Euronext and Powernext signed a letter of intent laying the foundation for this collaboration. The launch of this market - whose modalities are being finalized - is expected in March 2005.

Note d'econologie: If the idea is an interesting advance, because a little more responsible for "polluting" companies, it would be more than desirable that some of these exchanges benefit the R & D real solutions via a tax for example. But it is very likely that this system enriches only the dealers, bankers and other "eco" goldenboys ... .to the complete detriment of environmental advances!

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