CEF Carbon: . Established in October 2008 . Wholly owned subsidiary of CEF (Pty) Ltd (PFMA schedule 2) . Provide advisory, financial and operational services to Emission Reduction Project developers, including Clean Development Mechanisms (CDM) and Voluntary Carbon projects. . Assists buyers in acquisition of Certified Emissions Reductions (CERs) and Voluntary Emission Reductions (VERs). . Also focuses on delivering and marketing carbon credits from CDM projects undertaken by other CEF subsidiaries as well as third parties. . Facilitate the transfer of carbon credits to buyers predominantly in the EU . CEF Carbon further has as a dormant subsidiary CEF Carbon UK Ltd which is the holder of the European Union Emissions Trading Scheme (EU ETS) registry account. . Established joint venture subsidiary Carbon Stream Africa in 2008 with GreenStream Network, partly funded by the Norwegian Agency for Development Cooperation (NORAD): a specialist entity focused on the development of Project Design Documents (PPDs), which are prescriptive documents required as part of the formal UN approval process for CDM projects.