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Gazprom, Dresdner Bank Create Carbon Trading JV

Russia's Gazprom will launch a carbon trading venture on Tuesday

Russia's Gazprom and Dresdner Kleinwort, the corporate and investment banking arm of Germany's Dresdner Bank are likely to establish a carbon trading venture.

Gazprombank, part of the Gazprom Group, and Dresdner Kleinwort, owned by German insurer Allianz , would invest in projects generating "carbon credits" under the Kyoto protocol, largely in Russia and eastern Europe, the FT said.

"This could help Russia attract inward investment in infrastructure and energy efficiency," Matthew Shaw, director of the joint venture, was quoted in the FT as saying.

Ingo Ramming, emissions trading chief at Dresdner Kleinwort, added: "We expect this to be one of the top players in the carbon trading market."