Isra-Mart srl: Carbon credit ‘stock exchange’ to create 200 new jobs in city

Isra-Mart S.R.L. news:
Galway City is set for another major jobs boost in the coming months, with at least 200 highly-skilled positions set to be created in a new ‘stock exchange’ for carbon credits, the Galway City Tribune can reveal.

And the business has the potential to expand dramatically, making Galway a global financial hub for carbon trading.

However, IDA officials – who are understood to have already had preliminary meetings with a number of businessmen behind the plans – are remaining tight-lipped on the matter.

Newly-elected Mayor Michael Crowe said he couldn’t comment on any potential business start-ups in the city, but would always lobby on their behalf if it would lead to job creation here.

Under the Kyoto Protocol, countries and major industries can purchase carbon ‘credits’ to offset their greenhouse gas emissions.

The trading of credits – where companies have a surplus to requirements – has become big business, and is expected to be worth $150 billion per annum by 2012.

The Galway City Tribune understands that the IDA was approached by venture capitalists in recent months with a view to setting up the new business in the city.

An IDA spokesperson refused to comment when contacted by the Galway City Tribune. However, this newspaper understands that the company has decided on Galway as its preferred location, and will set up a ‘stock exchange’ business to buy and sell carbon credits.

As well as traders, actuaries and management, the company would be supported by a large ‘back office’ staff, including IT workers.

Under the Kyoto system, one carbon credit allows a company to emit one tonne of carbon and under a process called ‘cap-and-trade’, a company which has not used all of its credits in any particular year is entitled to sell them.

Companies which register with the carbon ‘stock market’ can trade through a broker who negotiates a price between both parties.