Russian energy group Gazprom will make its first significant foray into carbon trading on Tuesday through a joint venture with Dresdner Bank that could open up a €15bn ($19.4bn, £9.8bn) market.

The joint venture between Gazprombank, part of the Gazprom Group, and Dresdner Kleinwort will invest in projects generating “carbon credits” under the Kyoto protocol, mainly in Russia and eastern Europe.