carbon credit banks

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    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
    New Horizon said the bank would operate along the same lines as
    a financial institution - creating, trading and lending on carbon
    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

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