TOKYO, Japan, October 16, 2002 — Mitsui & Co., Ltd announced Wednesday that it will enter the greenhouse gas emission trading business in Japan in alliance with CO2e.com, LLC (CO2e), a Cantor Fitzgerald company.
As part of the alliance, Mitsui & Co., together with its subsidiary Mitsui & Co. (U.S.A.), Inc. New York, N.Y., will invest $1.2 million in exchange for a minority stake in CO2e. Mitsui & Co. will also have board representation. Mitsui & Co. and CO2e have a team of brokers in place to begin brokering greenhouse gas emissions and providing related services to clients in Japan.
Through the alliance with CO2e, Mitsui & Co. will provide solutions to help its existing customers to understand, mitigate and manage the risks and opportunities of climate change. The two companies will also explore the possible future launch of a joint venture that will serve the wider Asian region.
CO2e has an international team of transaction specialists and marketplace technology experts in London, New York, Toronto and Tokyo. The business provides brokerage services related to greenhouse gases, renewable energy and other environmental products.
Through links with Cantor Fitzgerald Environmental Brokerage Services (EBS), the dominant emissions broker in the United States for over 10 years, CO2e has a unique advantage in developing the emerging American greenhouse gas emissions market.
CO2e also implements trading technology and risk management software together with eSpeed, Inc., a subsidiary of Cantor Fitzgerald and the leading developer of electronic marketplaces.
Mr Omachi, General Manager of Business Initiative & Transformation Dept., Mitsui & Co. (U.S.A.) Inc. commented, “This agreement is especially poignant for many of us at Mitsui, as it culminates discussions begun two years ago with Carlton Bartels, President and Chief Executive Officer of CO2e until his life and the lives of his colleagues Adam White and John Willett were tragically taken on September 11, 2001.
Carlton’s vision and enthusiasm has truly shaped the Global Greenhouse Gas market. While the foundation these men have laid provides us with a constant reminder of their lives, they will be missed.”