carbon credit banks

SYDNEY, Nov 20 AAP - New Horizon Energy Ltd said today it had
established a Carbon Credit Bank which would trade in credits
created by using renewable energy technologies.
The renewable energy company said the Carbon Credit Bank was the
latest in its portfolio of strategic climate change related
business.
New Horizon said the bank would operate along the same lines as
a financial institution - creating, trading and lending on carbon
credits.
The bank would form an important adjunct to New Horizon's plan
to generate energy at Renewable Energy Parks to be developed at a
number of sites around Australia, it said.
New Horizon said the carbon credits would be created by
requiring each of its projects to adhere to acceptable credit
creation protocols
These credits would be accounted using internationally
recognised standards to determine the exact number of credits
available to be sold or traded, it said.
"New Horizon will act as a clearing house for straight buying
and selling of both Kyoto compliant and Kyoto-non-compliant carbon
credits but will also generate income from arbitrage and margin
lending in credits to satisfy corporate activity," New Horizon
executive director Antonio Gelonesi said.
"In our carbon credit future, we will see demand for carbon
credit trading steadily increase as established industrial
companies struggle to meet their greenhouse obligations."
New Horizon also said studies were underway on 20 to 30 sites
across Australia to identify whether they were suitable for
Renewable Energy Parks.
A decision on these sites was expected within the next two to
three months.
New Horizon shares were half a cent higher at 10 cents at 1100
(AEDT).
AAP