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Johannesburg - Nedbank Capital said on Thursday it has sold more than 98 000 tonnes of carbon offsets to the PPR group, a major French consortium specialising in luxury brands such as Gucci, Yves Saint Laurent, Sergio Rossi and Puma.
Kevin Whitfield, head of African treasuries, carbon and financial products, said the transaction was a prime example of the growing international trade in carbon offset programmes as firms sought to reduce their carbon footprint.
"This transaction is an excellent reference for us as we continue to grow our presence in the carbon market in South Africa, elsewhere in Africa and in other parts of the world," said Whitfield.
The carbon credits are linked to Wildlife Works' leading REDD (Reduced Emissions from Deforestation and Degradation) project in Kenya, which takes into account the needs of the local community and biodiversity.
Nedbank Capital has been involved with the project since November 2009, during which time it has acquired more than one million tonnes of carbon offsets for the Nedbank Group's own carbon neutrality requirements and for sale to other organisations.
The Kenyan project is the world's first validated and verified REDD programme.
PPR offset the 2010 carbon emissions from Puma and PPR's headquarters through its transaction with Nedbank Capital.
Nedbank Group [JSE:NED], which became South Africa's first carbon neutral financial organisation in 2009, is a leading player in the carbon offset trading market and sees strong growth potential as sustainability receives growing focus from a wide range of corporations.
Kevin Whitfield, head of African treasuries, carbon and financial products, said the transaction was a prime example of the growing international trade in carbon offset programmes as firms sought to reduce their carbon footprint.
"This transaction is an excellent reference for us as we continue to grow our presence in the carbon market in South Africa, elsewhere in Africa and in other parts of the world," said Whitfield.
The carbon credits are linked to Wildlife Works' leading REDD (Reduced Emissions from Deforestation and Degradation) project in Kenya, which takes into account the needs of the local community and biodiversity.
Nedbank Capital has been involved with the project since November 2009, during which time it has acquired more than one million tonnes of carbon offsets for the Nedbank Group's own carbon neutrality requirements and for sale to other organisations.
The Kenyan project is the world's first validated and verified REDD programme.
PPR offset the 2010 carbon emissions from Puma and PPR's headquarters through its transaction with Nedbank Capital.
Nedbank Group [JSE:NED], which became South Africa's first carbon neutral financial organisation in 2009, is a leading player in the carbon offset trading market and sees strong growth potential as sustainability receives growing focus from a wide range of corporations.
