our contribution as traders to the adoption ofcarbon offsets in the transport industry, asan inevitable tool to stay on the Paris-alignedGreenhouse Gas (GHG) emissions reductionstarget – along with efficiency and carbon captureand storage initiatives. All of our marine bunkercustomers have the ability to offset their bunkerrelated emissions at the time of purchase of bunkerThe CO2 Price – a heterogeneous and interlinkedmarket regulatorfuels. The latter, GEO, is an important milestoneThe price is dependent on the other en-in the adoption of carbon offsets by the overallergy commodities as well as on policiesenergy industry: “CME Group’s launch of the GEOthat aim to respect the Paris Agreementfutures product is a further demonstration of theand meet climate change mitigationevolution of voluntary carbon markets,” said AdamRaphaely, Head of Emissions Markets at MercuriaEnergy America. “Mercuria is excited to participatein the deployment of market-based mechanismsto accelerate decarbonization across diverseindustries and geographies.”goals. At the time of writing, the EU ETScarbon price is at 37.41 EUR, whereasthe allowances were sold at 6.82 USDin the RGGI market and at 16.68 USD inthe Cap-and-Trade market. This price isstrongly correlated to other commod-Finally, we are also closely following theities such as coal and gas. Indeed indevelopment of the Chinese market and will2019, when the carbon credit rose toparticipate in the upcoming Chinese EmissionsTrading Scheme (ETS), building up on our strongpartners base in the country as well as ourexperience from similar scheme in other regionsof the world (EU, US).20 EUR/ton – a high price for that time– the coal commodity price fell and thegas commodity price went up. This hada significant impact on the electricitygeneration overall carbon footprint,which decreased by 100 million tons.31
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