To facilitate inter-changeability between a diversity of GHG emission reduction products that may be generated under corporate and national initiatives as well as under the Kyoto Protocol mechanisms. (Note: The Kyoto Protocol provides for both emission reduction credits in the form of ERUs and CERs, as well as for emission allowances in the form of assigned amounts (AAUs). The repository will aim to create a common tradeable unit in the form of a carbon allowance).

The carbon repository would be backed up by a B2B trading platform helping to establish price discovery, clear positions, minimise transaction cost and drive activities in the emerging carbon emissions market.

The initial meeting of the EMDG will be held on 16 November 2000 in The Hague, The Netherlands, to coincide with COP6, which is expected to agree upon a framework for the development of an international carbon market. The EMDG meeting is expected to set the stage for the preparation of a development plan and implementation schedule. Some 30 major energy companies are expected to participate in the meeting.

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For further information, please call:

Frank Joshua, Global Director for Greenhouse Gas Emissions Trading
Arthur Andersen (London)
Tel. (44) 20 7304 8096 or e-mail
frank.joshua@uk.arthurandersen.com

Martin Bartlam, Credit Lyonnais (London)
Tel. (44) 20 7214 5359 or e-mail.
martin.bartlam@dcmc.creditlyonnais.fr

Jack Cogen, President, Natsource (New York)
Tel. (1) 212 232 5335 or e-mail.
jcogen@natsource.com