KIEV, Sept. 6 - ING Bank N.V. could be International Finance Corporation's counterparty for the emission reductions sourced from greenhouse gas mitigation project in Ukraine, which will produce Emission Reduction Units (ERUs) under the Joint Implementation mechanism of the Kyoto Protocol, and possibly ‘Early Reductions’ prior to 2008.

The IFC reported that the board is to consider the project on Oct. 1.

ING Bank will add significant value to domestic companies by helping these companies commercialize their carbon assets, introducing them to international business practices and standards as well as encouraging compliance with required environmental standards in the respective domestic jurisdictions. ING Bank may also pass on advances provided by IFC, as a Trustee of the Government of Netherlands, to the underlying project companies to meet capital expenditure and other upfront costs.