ICF International Study Finds EUR 5.6 Billion in Overall Capital is Now Subscribed to a Variety of Carbon Funds

Today at Carbon Expo 2007, ICF International (NASDAQ:ICFI) is
releasing a comprehensive report entitled Carbon Procurement Vehicles:
Investor's Guide 2007. The past few years have seen a multitude of new
carbon procurement vehicles and carbon funds, which offer investors
another means of participating in the carbon market. ICF's updated
study enables investors to understand the characteristics of carbon
procurement vehicles and make qualified decisions when (a) buying or
selling carbon credits to these entities, or (b) investing for
compliance or voluntary reasons. The study is based on in-depth
interviews with carbon funds managers and thorough analysis of
publicly available information. Procurement vehicles are analysed in
depth according to evaluation criteria differentiated for investors,
buyers, and sellers of carbon credits.

"Several key developments have occurred in the carbon funds market
since late 2005 when we undertook our previous edition of this study,"
said Natalia Gorina, senior consultant in ICF's London office. "The
newest funds entering the market are designed to generate cash returns
for investors rather than carbon credits for compliance purposes.
Also, carbon funds are moving upstream, from a process of simply
signing Emission Reductions Purchase Agreements to focusing on direct
project investment and development. Another key trend is increased
interest, shown by several funds, in carbon asset classes in the
voluntary segment of the carbon market."

"Our analysis shows that the number and subscribed capital of
carbon procurement vehicles have grown steadily in the past few years.
There are now 50 different carbon procurement vehicles with 5.6
billion euros of subscribed capital as of April 2007," said Abyd
Karmali, managing director of ICF's European operations. "The overall
profitability of these vehicles is still to be demonstrated. Their
main challenges are the ability to source high-quality projects in a
highly competitive market and the ability to capitalise on price
differentials between primary and secondary carbon credit markets. In
our view, so far only a few vehicles disclose adequate information on
their operational and financial performance. We welcome the recent
announcement from rating agencies, which intend to rate carbon funds
to ensure greater transparency in the market."

ICF International (NASDAQ:ICFI) partners with government and
commercial clients to deliver consulting services and technology
solutions in the energy, environment, transportation, social
programmes, defense, and homeland security markets. The firm combines
passion for our work with industry expertise and innovative analytics
to produce compelling results throughout the entire programme life
cycle, from analysis and design through implementation and
improvement. Since 1969, ICF has been serving government at all
levels, major corporations, and multilateral institutions. More than
2,000 employees serve these clients worldwide. ICF's Web site is
www.icfi.com.

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ICF, particular uncertainties that could adversely or positively
affect the Company's future results include but are not limited to:
risks related to the government contracting industry, including the
timely approval of government budgets, changes in client spending
priorities, and the results of government audits and investigations;
risks related to our business, including our dependence on contracts
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