Goldman Sachs Group Inc. today announced a strategic alliance with Blue Source LLC to market U.S. greenhouse gas emission reductions.
The firms said that they have entered a strategic alliance that combines Goldman’s expertise in commodities trading and financial risk management with Blue Source’s climate change portfolio. Goldman Sachs will structure and market a broad range of verified emissions reductions resulting from certain greenhouse gas reduction projects in Blue Source’s portfolio, including those associated with methane management from coal mining, wastewater treatment, landfills and animal waste; energy efficiency; carbon capture and sequestration from fertilizer and natural gas production; and industrial gas destruction.
As part of the alliance, Goldman Sachs has purchased an equity stake in Blue Source.
“Combining the market reach and trading capabilities of Goldman Sachs with the project development skills and supply position of Blue Source is not only a winning combination, but an important step in the development of the North American carbon market,” said Bill Townsend, CEO of Blue Source. “This unique agreement is the next step for Blue Source as the US carbon market evolves from voluntary to compliance. We have been able to develop a high-quality portfolio of independently verified emission reductions from projects based in North America, and this new alliance creates an exceptional opportunity to reach a broad range of offset buyers through a highly experienced and well-trusted institution.”
“Goldman Sachs is committed to leveraging the first-mover position of Blue Source and its extensive experience and relationships to provide best-in-class risk management to North American voluntary and compliance buyers,” said Leslie Biddle, global head of commodity sales at Goldman Sachs. “Interest in the pre-compliance carbon market in the US is growing rapidly and we are excited to be able to offer our clients immediate access to a diverse selection of emission reductions to manage their carbon risk.”
Goldman Sachs buys into carbon-credit developer
- By: James Langton
- October 27, 2008 October 27, 2008
- 11:40