ICF Consulting is Strategic Advisor for First Greenhouse Gas Emissions Project Receiving Approval Through the Clean Development Mechanism

LONDON, UK, July 29, 2003 - A landfill gas management project supported by ICF Consulting on behalf of its client VEGA in Brazil, a subsidiary of French company SUEZ Environnement, was one of two projects that today became the first to have their methodologies approved by the Executive Board of the Clean Development Mechanism (CDM). The Clean Development Mechanism is one of the so-called "flexibility instruments" included under the Kyoto Protocol and enables carbon credits to be earned by approved projects resulting in greenhouse gas (GHG) emission reductions in developing countries.

"We are pleased to have served as advisors on a project achieving such a significant international milestone under the Clean Development Mechanism," says Abyd Karmali, ICF Consulting's Director of European Climate Change Services. "The Clean Development Mechanism is an innovative market-based mechanism that will have significant environmental and economic relevance for companies operating under emission constraints. It enables companies to achieve compliance with emission constraints at least cost, contribute to sustainable development in the country hosting the project, and provides significant new revenue opportunities resulting from a new class of environment assets." Mr. Karmali continued, "On this project, ICF Consulting's role was to provide strategic support to SUEZ and its Brazilian subsidiary at all steps of the CDM project cycle leading up to an independent validation, provided by a third party. Working closely with our client, we undertook a baseline study, designed a monitoring and verification protocol, and prepared the project design document (PDD). Our support to VEGA demonstrates that a well designed project document built on a robust and credible analytical foundation can help companies achieve alignment among their environmental, social, and financial objectives."

Marcos Ferreira, ICF Consulting's Managing Director of Brazil operations, adds, "Brazil offers significant opportunities for companies to develop cost-effective projects to reduce greenhouse gas emissions. We believe this project sends a very positive signal to companies in Brazil and elsewhere that the Clean Development Mechanism is finally open for business and that projects that maintain a high standard of environmental integrity will be granted carbon credits that can be used either to manage a company's emissions risk exposure or generate additional revenue for environmental investments."