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Planet Ark World Environment News Rabo intermediary in Dutch greenhouse gas projects

Date: 23-Jan-03
Country: NETHERLANDS

Over the next two years, Rabo will close contracts in developing countries on behalf of the Dutch government for sustainable energy projects.

Rabo said it was the first private financial institution to strike such a deal with the Dutch Ministry for Housing and Environmental Affairs.

Under the 1997 Kyoto Protocol, the Dutch have undertaken to cut greenhouse gas emissions by six percent with half of the decrease to be realised outside the Netherlands.

Rabo said it would use its international network to trace so-called Clean Development Mechanism (CDM) projects such as wind parks, biomass powered energy plants and solar energy projects in the developing countries.

Buying emission reductions in these countries would not only be beneficial to the global environment but would also boost local technological know-how and economic developments, the bank said in a statement.

No financial details of Rabo's agreeement with the Dutch state were disclosed.

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Reuters
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