Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. (MUMSS) is the brokerage and investment banking arm of Mitsubishi UFJ Financial Group (MUFG), one of the largest and most diversified financial groups in the world. MUMSS was formed in May 2010, as an MUFG majority-owned joint venture with Morgan Stanley’s Japan operation.

In February 2001, MUMSS (then Tokyo-Mitsubishi Securities) diversified into the field of climate change, with the establishment of a specialized consultancy, CEF, providing services to promote Clean Development Mechanism (CDM) and Joint Implementation (JI) projects. The group has established itself as one of the leading consultants in the field. Our approach is characterized by close dialogue with host country project proponents and government officials.

CEF has over thirty-five full-time, multi-lingual consultants positioned around the globe. Our diverse team brings together a variety of different academic and professional backgrounds together with proficiency in languages such and Bahasa Indonesia, Bahasa Malaysia, Bulgarian, Chinese (Mandarin), English, French, Hindi, Japanese, Portuguese, Russian, Spanish, Thai, Filipino and Ukrainian.

We pride ourselves on attention to detail in order to produce high quality Project Design Documents (PDDs) that move smoothly through the validation/determination process. In addition to producing PDDs and assisting in discussions with the DOE, our experience extends to dealing with DNAs/DFPs from around the world for CDM and JI approvals. CEF has also provided capacity building services in cooperation with host country governments, including Ecuador, India, Kazakhstan, Latvia, Macedonia, Mexico, the Philippines, Serbia, Sierra Leone, Tajikistan, Ukraine and Uzbekistan. Our capacity building services capitalize on CEF’s extensive experience and focus on the practical aspects of the CDM and JI.

A consultancy’s level of expertise is typically demonstrated in the success of new baseline and monitoring methodology applications. These are subjected to rigorous scrutiny by the Methodology Panel and the CDM Executive Board. CEF has been responsible for authoring numerous successful applications for revisions of existing methodologies and is a world leader in new methodology development, with eight large-scale and three small-scale methodologies approved to date, and yet more in development.

CEF has submitted a total of 98 projects to the UNFCCC including 96 CDM and 2 JI projects. Some examples of projects we are working on can be seen on the following pages.

Project owners often ask for our assistance not only with the development of CDM/JI projects, but also with the placement (sale) of the resultant CERs/ERUs. Our services for the placement of CERs/ERUs start with assisting project owners in determining the optimal timing to sell based on careful analysis of the client's needs, the risk profile, the market outlook and other related factors.

CEF will then compile a list of suitable investors from our extensive network and after consultation with the project owner, prepare an investment brief and contact the selected investor candidates with a view to eliciting competitive offers for the project’s credits. CEF will continue to assist the project owner (seller) during negotiations of an Emission Reduction Purchase Agreement (ERPA), the key contract which stipulates the terms of the sale of CERs/ERUs. Many sellers value this service highly, as it is often the first time that they engage in ERPA negotiation while the buyer they deal with is well experienced.

Sometimes, rather than the approach outlined above, project owners simply ask CEF to function as a buyer. If this is the case, we are happy to discuss a direct purchase of the project CERs/ERUs. In this case the purchase may often be accompanied by an agreement that CEF will be primarily responsible for the CDM/JI development process.

The approval of a project for CDM/JI is not the end of the story. In fact, many projects have suffered rejection or significant delay due to their failure to comply with monitoring and issuance procedures.

In ensuring successful monitoring and issuance, CEF draws on its intimate knowledge of the relevant rules and regulations, and assists the project owner in identifying all items that must be monitored, followed by the development of effective monitoring protocols based on both CDM/JI requirements and the project owner's existing organizational structure. Furthermore, CEF will help prepare, in accordance with the information provided by the project owner, the monitoring report required for the issuance of CDM/JI credits. We also offer assistance with issuance and delivery procedures.

CEF's services for monitoring and issuance can be either included in a comprehensive overall service package, or provided under a separate agreement.