ICF International Study Finds EUR 5.6 Billion in Overall Capital is Now Subscribed to a Variety of Carbon Funds

Study Evaluates 50 Different Carbon Funds to Assist Participants in the Carbon Market

Business Editors/Environment Writers/Energy Writers

COLOGNE, Germany--(BUSINESS WIRE)--May 2, 2007--Today at Carbon Expo 2007, ICF International (NASDAQ:ICFI) is releasing a comprehensive report entitled Carbon Procurement Vehicles: Investor's Guide 2007. The past few years have seen a multitude of new carbon procurement vehicles and carbon funds, which offer investors another means of participating in the carbon market. ICF's updated study enables investors to understand the characteristics of carbon procurement vehicles and make qualified decisions when (a) buying or selling carbon credits to these entities, or (b) investing for compliance or voluntary reasons. The study is based on in-depth interviews with carbon funds managers and thorough analysis of publicly available information. Procurement vehicles are analysed in depth according to evaluation criteria differentiated for investors, buyers, and sellers of carbon credits.

"Several key developments have occurred in the carbon funds market since late 2005 when we undertook our previous edition of this study," said Natalia Gorina, senior consultant in ICF's London office. "The newest funds entering the market are designed to generate cash returns for investors rather than carbon credits for compliance purposes. Also, carbon funds are moving upstream, from a process of simply signing Emission Reductions Purchase Agreements to focusing on direct project investment and development. Another key trend is increased interest, shown by several funds, in carbon asset classes in the voluntary segment of the carbon market."

"Our analysis shows that the number and subscribed capital of carbon procurement vehicles have grown steadily in the past few years. There are now 50 different carbon procurement vehicles with 5.6 billion euros of subscribed capital as of April 2007," said Abyd Karmali, managing director of ICF's European operations. "The overall profitability of these vehicles is still to be demonstrated. Their main challenges are the ability to source high-quality projects in a highly competitive market and the ability to capitalise on price differentials between primary and secondary carbon credit markets. In our view, so far only a few vehicles disclose adequate information on their operational and financial performance. We welcome the recent announcement from rating agencies, which intend to rate carbon funds to ensure greater transparency in the market."

ICF International (NASDAQ:ICFI) partners with government and commercial clients to deliver consulting services and technology solutions in the energy, environment, transportation, social programmes, defense, and homeland security markets. The firm combines passion for our work with industry expertise and innovative analytics to produce compelling results throughout the entire programme life cycle, from analysis and design through implementation and improvement. Since 1969, ICF has been serving government at all levels, major corporations, and multilateral institutions. More than 2,000 employees serve these clients worldwide. ICF's Web site is www.icfi.com.

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ICF International

Abyd Karmali, +44.7977.091.823


Stacey Hohenberg, +1.703.218.2504