World Bank sells 500,000 U.N. carbon offsets

(Reuters) - The World Bank has sold 500,000 United Nations-backed carbon offsets for the U.N.'s adaptation fund, Credit Suisse (CSGN.VX [8]), which acted as a dealer for the sale, said in a statement.

The transaction took place during the period Aug. 27 to Sept. 10, and the end-buyers varied across sectors and regions, Credit Suisse said.

The value of the transaction was not disclosed.

The offsets, called certified emissions reductions (CERs), closed at 13.69 euros ($17.75) a tonne on the European Climate Exchange on Sept. 10.

The World Bank sells CERs on behalf of the adaptation fund regularly on exchanges and through over-the-counter transactions with approved dealers.

The bank has monetised over $124 million worth of CERs for the fund up to Sept. 10.

The adaptation fund was set up by the U.N. to finance projects to help poor nations adapt to climate change. (Reporting by Nina Chestney [9]; editing by James Jukwey)