6th / 7th December 2006, Beijing
Mr. Arne Gooss
Director KfW Office Beijing
CDM in China: Opportunities for Sino-German Cooperation
2
KfW Bankengruppe at a glance
KfW银行集团概览
Promotional bank of the Federal Republic of Germany.
Founded in 1948.
Shareholders: Federal Republic of Germany (80%),
German federal states (20%).
Balance-sheet total at the end of 2005: EUR 341 billion.
3,500 employees at the end of 2005.
Rating: AAA/Aaa/AAA.
3
Brand Structure.
业务范围
促进德国经济发展 投资信贷 出口信贷
及
项目融资
对发展中国家及
转型经济国家的促进
4
KfW Bankengruppe in China
China Track Record since 1980: 9 billion Euro
自1980年以来，集团在中国贷款总额:90亿欧元
Activity业务 Government to government
loans for development
purposes
发展合作政府间的贷款
Private sector loans and equity
participations
私营部门的贷款和股权投资
Export & project finance at
commercial conditions
商业条件的出口信贷和项目融资
Staff人员 330 323 320
In China since
中国业务始于
1985 1985 1980
Staff in China
在中国办事处的人员
9 8 repres. by KfW Entwicklungsbank
由KfW开发银行代表
Total Commitments
in China
对中国的总承诺额
EUR 3,6 Billion
36亿欧元
EUR 0,4 Billion
4亿欧元
EUR 5,5 Billion
55亿欧元
Main Focus
在中国的主要服务
对象
Public sector
公共部门机构
Private sector
私营部门企业
Private / Public sector
私营部门企业/公共部门机构
5
KfW Carbon Fund
Objectives of the Fund. 碳基金目标
Background
背景
European Emissions Trading System (ETS), Linking Directive
National Allocation Plans
compliance strategies of affected companies
Provide a service instrument for German and European enterprises
wanting to use project-based certificates for compliance purposes
为德国和欧洲有意购买基于项目减排量的企业提供一种服务工具
alternative to own measures and emissions trading
no internal capacities required
risk mitigation by diversification
6
KfW Carbon Fund
Fund Concept. 碳基金方案
Purchase programme (“Buyers’ Pool”) for project-based certificates
基于项目的减排额购买计划
Purchase of compliance tools for the ETS
(CERs, ERUs, project-based EU-Allowances)
commercial orientation
KfW purchases as a trustee for participants
KfW受参与企业的委托进行购买
in its own name, for the account of participants
on the basis of individual Agency Contracts between KfW
and each participant
long term off-take contracts with suppliers of certificates (“ERPA”)
与碳减排额提供方签定长期购买协议
up to 2012 with option to extend
payment on delivery; pre-financing by KfW on a case by case basis
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KfW Carbon Fund
Contractual Structure. 合同结构
Participant 1
KfW
Project
Portfolio
(“KfW
Carbon
Fund“)
Project n
Project 3
Project 2
Project 1
Participant 2
Participant 3
Participant x
E
R
P
A
A
gency contracts
8
KfW Carbon Fund
Fund Volume. 碳基金规模
Fund volume: 计划总额度: EUR 84 million, 8400 万欧元
KfW‘s contribution from own funds: KfW 自己出资:
EUR 10 million, 最多 1000 万欧元
German Government (“seed money”): 德国政府（种子资金）:
EUR 4 million, 最多 400 万欧元
Acquisition of participants:认购参与方
1st tranche closed end of April 2006
Second tranche in preparation:
target volume of EUR 80 – 100 million
Launch of second tranche: Q1 / 2007
9
KfW Carbon Fund
Purchase Contracts (I). 购买合同(I)
Long-term purchase agreement (Forward contract)
长期购买协议
KfW will buy in its own name (AAA Buyer)
KfW以自己的名义购买(三A级购买者)
Guaranteed minimum offtake quantity
有保障的最低购买量
Contract period up to 2012 with option to extend
合同期至2012年,还可能延长
Market-based pricing (fixed or variable pricing)
价格随行就市（固定价格或浮动价格）
10
KfW Carbon Fund
Purchase Contracts (II). 购买合同(II)
Delivery options 期权交割
Early delivery option for seller early fulfillment of contract;
option to sell surplus amounts in later years in the market
为卖方提供提前交割可供选择的可能性
Right of first refusal for buyer on Additional and Future Credits
买方有按市场价格购买额外和未来减排量的首选权
Payment arrangements 付款安排
Payment on delivery as a rule通常见货付款
Prefinancing on a case by case basis
视情况提供预付款
11
KfW Carbon Fund / KfW 碳排放投资交易基金
Investment Policy. 投资策略
Eligible Project Types 符合条件的项目
Generally there are not specific limitations
总体而言无特殊限制
Exclusions in line with Kyoto and ETS:
排外条款,以京都议定书和欧洲排放交易计划为准, 具体是:
nuclear power projects
large hydro power projects (as per objectives of World Commission
on Dams)
until further notice LULUCF-activities
12
KfW Carbon Fund
Project Selection Principles. 项目挑选原则
Objective : 目标:
building up a balanced project portfolio under the aspects of risk
and return
“investment grade” project portfolio
Main criteria: 主要标准:
delivery risk (project, country, counterparty, “Kyoto”)
price per ton of CO2e
transaction costs (normally minimum of 50,000 t/pa CO2e per
transaction; bundling possible)
preparation status (delivery from 2008 at the latest)
13
KfW Carbon Fund
Time Schedule. 时间进度安排
official launch (Floating of first CDM-tender): 正式启动:
June 2004, 2004年6月29日
present status: 目前状况:
more than 200 project proposals received; about 30 projects shortlisted
four ERPAs and six LoIs signed
- sectors: renewable energies (hydro, wind, biomass) and methane
abatement (land fill, mine gas)
- countries: China, Brasilia, Egypt, Nepal, India
conclusion of further ERPAs: until mid of 2007
delivery of certificates: until 2012
The KfW Carbon Fund
德国复兴信贷银行碳基金
Mr. Bernhard Zander
First Vice President
KfW Carbon Fund
Palmengartenstrasse 5 – 9
60325 Frankfurt
Tel: +49-69-7431-4218
Fax: +49-69-7431-4775
carbonfund@
Mr. Arne Gooss
Director
KfW Office Beijing
1170, Sunflower Tower
37 Maizidian Street
Beijing 100026
China
Tel.: + 86 (10) 8527-5171
Fax: + 86(10) 8527-5175
kfwbeij@
