Belzberg and partners to launch US carbon credit exchange
16 January 2008 | 3393 views | 0
Canadian brokerage services firm Belzberg Technologies has signed a letter of intent with biodiesel firm AgriFuels, derivatives brokerage IA Englander and The Freedom Group to launch a US carbon credit exchange for renewable fuels later this month.
The companies have formed a new venture, called Renewable Trading Services, to develop Rinmark, an Internet based exchange platform for the purpose of trading Renewable Identification Number (RIN)credits. These are part of the Renewable Fuel Standard (RFS) legislated by the US Renewable Fuels, Consumer Protection, and Energy Efficiency Act of 2007.
This act is the legislative vehicle for reducing the carbon footprint of motor fuels on the environment in the US. RINs are serial numbers assigned to ethanol and other bio-fuels when originally manufactured or introduced into the US marketplace.
Under the terms of the letter of intent, Belzberg will hold 24% of Renewable Trading Services.
Trading will begin 30 January. Belzberg says the next phase of electronic trading will commence by the end of the first quarter of this year.
"This state-of-the-art RIN exchange platform has been designed by Belzberg Technologies, with both business and the financial institutions in mind," says Sid Belzberg, CEO of Belzberg Technologies and chairman of RIN Market Exchange.