CLIMATE CHANGE DIVISION • Clean development mechanism. Projects that involve real emission reductions, and, if they fulfil all the requirements set by the United Nations, they generate some emission rights. • Estimate of Carbon Footprint and Offset Emissions. Every activity entails greenhouse gases emissions. A responsible attitude towards this reality is to implement strategies to reduce them and offset those which cannot be avoided. In order to do so, an inventory of the emissions is done and to offset them we invest in projects that reduce the atmospheric pollution. • Intermediation, buy, sale of emission rights. We look for, buy and sell all type of emission rights. It does not only consist in putting into contact the buyer and the seller. We provide an added value contributing our experience in such a way that we participate actively in the negotiation of the conditions, the operation design and the contract. Besides, we are members of BlueNext, main world environmental trading exchange in the spot market of emission rights. • Desing of strategies of emission rights portfolio. There are different types of emission rights depending on their legal nature (CERs, VERs, EUAs, AAUs…). Moreover, there are different trading plans of emission rights; namely, Kyoto plan, European plan, voluntary plan, where each company has different obligations and objectives. Each of them is aimed at a different purpose. A good management strategy of the emission rights guarantees its success. • Hydrological Studies. The climate change is a reality against which we must fight but to which we must also adapt. To do so, hydrological studies that evaluate how the phenomenon affects the hydrological basins are carried out, thus, suitable basin and water management policies can be planned.