SYDNEY, Nov 20 AAP - New Horizon Energy Ltd said today it had established a Carbon Credit Bank which would trade in credits created by using renewable energy technologies. The renewable energy company said the Carbon Credit Bank was the latest in its portfolio of strategic climate change related business. New Horizon said the bank would operate along the same lines as a financial institution - creating, trading and lending on carbon credits. The bank would form an important adjunct to New Horizon's plan to generate energy at Renewable Energy Parks to be developed at a number of sites around Australia, it said. New Horizon said the carbon credits would be created by requiring each of its projects to adhere to acceptable credit creation protocols These credits would be accounted using internationally recognised standards to determine the exact number of credits available to be sold or traded, it said. "New Horizon will act as a clearing house for straight buying and selling of both Kyoto compliant and Kyoto-non-compliant carbon credits but will also generate income from arbitrage and margin lending in credits to satisfy corporate activity," New Horizon executive director Antonio Gelonesi said. "In our carbon credit future, we will see demand for carbon credit trading steadily increase as established industrial companies struggle to meet their greenhouse obligations." New Horizon also said studies were underway on 20 to 30 sites across Australia to identify whether they were suitable for Renewable Energy Parks. A decision on these sites was expected within the next two to three months. New Horizon shares were half a cent higher at 10 cents at 1100 (AEDT). AAP
