The launch of CDC Climat. A new step forward in the Caisse des Dépôts strategy to cope with the climate challenge

Transcription

1 The launch of CDC Climat A new step forward in the Caisse des Dépôts strategy to cope with the climate challenge Press Conference 4 February

2 The L ambition ambitious du aim groupe Caisse des of the Dépôts Caisse (PD) des Dépôts Group Sustainable development: a strategic focal point for Caisse des Dépôts, developed in depth in 2009 The stakes: scarce resources and public goods: energy, climate, biodiversity, space and population The future winners of globalisation: the economies that succeed in meeting these planetary challenges The aim of the Caisse des Dépôts Group: to contribute innovative solutions for these challenges and to adapt France to globalisation Innovative know-how and expertise, built over the long term 1998, following the Kyoto Protocol: initial thinking by the Caisse des Dépôts Group based on climate policies Today: a key player in carbon finance with a Europe-wide role In the face of the uncertainties regarding international policies, we are now at a turning point In line with public policies to combat climate change, we want to act now As long-term investors, Caisse des Dépôts can take measured risks, while inspiring trust 2

3 International context: looking beyond Copenhagen After Copenhagen, international negotiations are on going: May 2010 in Bonn December 2010 in Mexico City We can rely on three pillars of post-2012 climate policy the European allowance system with the Energy-Climate package ( in 2020) the Clean Development Mechanism the development of allowance trading systems: United States, Australia, New Zealand, Southeast Asia, China (Panda standard), even Brazil In the short and medium term: maintain, develop and diversify the demand for carbon market infrastructures the demand for carbon credits for regulated and voluntary offset Uncertainties, but climate policies are gradually being built on on a national, regional and international scale market players are reconfiguring and organising now 3

4 The competitive environment Initial consolidation: recent transactions Takeover of Ecosecurities by JP Morgan Ecosecurities: developer and investor in emission reduction projects Takeover of One Carbon by Orbeo: One Carbon: developer and investor in emission reduction projects Takeover of TZ1 by Markit and partnership with BONY-Mellon: TZ1: registry operator Markit: leader in financial information and index production For the players in in carbon finance, the next two years will be decisive for taking post-kyoto positions 4

5 Recognised know-how and expertise CDC Climat, a solid foundation for activities in three areas Market infrastructures Trustworthy financial services: VCS register for voluntary offset, REI (registry backoffice), Seringas (national registry software), GCP (carbon asset back-office, in the project stages) Carbon market operators: BlueNext exchange (40%) Investments in carbon assets Carbon funds: European Carbon Fund, Post-2012 Carbon Fund, Fonds Capital Carbone Maroc, Domestic projects Broker: Sagacarbon (wholly owned subsidiary) Research Three areas: European Union Emissions Trading Scheme Role of regional authorities Project mechanisms Expertise, conferences and publications All of of these assets will be transfered to to CDC Climat by Caisse des Dépôts. State-mandated management of of the French national registry will continue to to be provided by Caisse des Dépôts 5

6 An ambitious and balanced development project With CDC Climat, Caisse des Dépôts plans to devote an additional 250m by 2015 to its investments in tools to combat climate change Threefold focus of development Take part in the international development of carbon market infrastructures: registries, exchanges, services Increase and diversify investments in carbon assets: direct investments and new carbon funds Open further avenues of research on the economics of climate change 6

7 Carbon market infrastructures (registries, exchanges, services) Bring security and reliability to carbon markets in Europe and around the world Promote the development of BlueNext in Europe and beyond Market shares and the challenges of European auctions Key role in the new carbon market infrastructures with NYSE Euronext: North America, China Enhance our development of registries and services with European and international partners Support new European operators in the field of environmental finance Enhance the role of of the Paris marketplace in in international carbon finance 7

8 Investments in carbon assets Increase and diversify investments in carbon assets in 2010: launch a line of direct investments ( 50m) develop and manage new funds in partnership with other long-term investors (a commitment of 160m), directed towards the areas least covered by the market Create a high-level management team: an investment doctrine consistent with that of Caisse des Dépôts strict policies for overseeing financial and operating risks Support the development of Sagacarbon particularly in the areas of CDM (Clean Development Mechanism) application CDC Climat will thus master the whole chain of value of the carbon assets in which it invests Reduce carbon emissions by 25 Mt per year 8

9 Research in the economics of climate change Mission Climat of Caisse des Dépôts will become the Research Department of CDC Climat. Il will continue to play its role as an independent expert serving the European marketplace and the general public. CDC Climat Research will open up new avenues of research: prospects for enhancing carbon sequestration through the French timber-wood industry international analysis of carbon markets international financing mechanisms carbon taxes CDC Climat Research will strengthen its ties with academic research: support for the Climate Economics Research Programme (CERP) introduced by the chair of Finance and Sustainable Development at Université Paris Dauphine and Ecole Polytechnique Become the European reference in in the research of of the economics of of climate change 9

10 CDC Climat Organisation Risks General Secretary Carbon market infrastructures Investments in carbon assets Research Registries and services New developments BlueNext (with NYSE Euronext) Metnext (with Météo France and NYSE Euronext) New developments New participation Existing funds: European Carbon Fund Post-2012 CF FC Carbone Maroc Direct investments New funds: France Europe Mediterranean Africa Sagacarbon Management team Existing activities Research programmes Think tanks and discussion clubs New developments CERP: contribution of CDC Climat to the Chair Dauphine- Polytechnique (EDF- Calyon- CDC) Development of international partnerships internationaux 10

11 CDC Climat s main strengths Supported by the Caisse des Dépôts Aim of 250m investments to tackle climate change Long-term investment strategy More than 10 years of experience in carbon finance Rigorous environmental objectives but flexibility and rapid response to adapt to market uncertainties Diversified economic model (financial services, investor in carbon assets, incubator-developer) High-level, neutral, independent research Solid, reliable partners Long-term investors: EIB, KfW, CDG (Morocco), NIB, ICO NYSE Euronext Values: Security, Trust, Expertise An experienced, motivated team, combining skills from Caisse des Dépôts and profiles from the world of carbon finance 11

12 Conclusion: Taking concrete action against climate change 4 key objectives of Caisse des Dépôts for CDC Climat: reduction of 25 million tonnes of CO2 emissions per year, i.e. 5% of annual French emissions safe, reliable infrastructures in an emerging market, support for the Paris marketplace and for the development of innovative European players new clients and partners for the Caisse des Dépôts Group in globalisation: European governments, industrialists subject to allowances, carbon finance players, NGOs/projects A trustworthy player in in carbon finance Concrete action to to combat climate change 12