The World Bank declined requests by Trading Emissions Plc to renegotiate carbon credit-purchase agreements between the bank’s climate funds and emerging-nation suppliers, according to Simon Shaw, adviser to the company.
The bank’s stance is preventing Trading Emissions from recasting contracts that require the London investor in greenhouse gas reductions to buy so-called offset credits at prices that are about 53 percent above the current market levels, Shaw said. “So far, they’ve refused” to enter renegotiations, Shaw said today in a phone interview.
