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Profit from carbon-emissions legislation
Quote: “One of the more exotic instruments traded on the JSE allows holders to profit from global carbon-emissions legislation.

The note is the product of Sterling Waterford, a company that is perhaps better known for its efforts to produce an ambitious R7bn ethanol plant.

Simply, Sterling Waterford’s note promises to deliver the holder the right to pollute the equivalent of one metric tonne of carbon dioxide on April 2008.

Its last trading price was R89,50 (euro9) is a discount of 44% to the price of the European equivalent, a European Union Allowance (EUA) with delivery in December 2008.”