Western Climate Initiative, Inc. (“WCI, Inc.”) is a non-profit corporation formed in 2011 to provide administrative and technical services supporting the implementation of state and provincial greenhouse gas (“GHG”) emissions trading programs. Aiming to fight climate change in the most cost-effective way, our Participating Jurisdictions (California, Quebec and Nova Scotia) have established the largest carbon market in North American and the only multi-sector cap-and-trade program managed by governments from two (2) different countries, the United States and Canada. The WCI partnership covers a population of more than 50 million people and about 3 trillion USD / 4 trillion CAD in gross domestic product (GDP).
WCI, Inc. is seeking an experienced and qualified contractor to develop and provide financial services administration, including corporate trust services and other tasks further described in this solicitation (“Financial Services”) that are required to prepare and conduct the Canadian financial services activities of its provincial GHG allowances auctions and reserve sales (collectively, “Auctions”).
The Financial Services requested are required to support only the Canadian Participating Jurisdiction Auction activities related to: (a) the implementation of multi-jurisdiction joint allowances auctions (“Joint Auctions”), such as the current California-Quebec Joint Auctions which are held on a quarterly basis, and (b) jurisdiction-specific reserve sales as needed.
WCI, Inc. currently contracts with Deutsche Bank North American Trust Company (“Deutsche Bank”) to provide both the Canadian-based and United States-based financial services. The proposer ultimately awarded the contract under this solicitation (“Contractor”) will be expected to be able to coordinate efforts and cooperate with Deutsche Bank, or provide contingency services further described in Task 5, as needed.
Financial services administration described in this solicitation require coordination and integration with other WCI, Inc. services including CITSS, the Auction and Reserve Sale Administrator, and the United States-based financial services administrator. These services are managed by separate third-party contractors. To ensure limited impact on Participating Jurisdictions and other WCI, Inc. services, Canadian-based financial services need to be consistent and compatible with current U.S. -based financial services.
The Contractor may need to expand the Financial Services to support other jurisdiction-specific allowance Auctions or Joint Auctions with more jurisdictions.
The Financial Services namely require holding funds on behalf of each auction participant (“Participant”) and Participating Jurisdictions to complete transactions for allowances purchased at any auction. As such, the Contractor must provide corporate trust services in a manner that exposes Participants to the lowest risk possible.
If your organization is interested and able to provide such Financial Services, WCI, Inc. encourages your organization to submit a proposal.
