MERCHANDISER
BLUENEXT,aleadingexchangefortheEUAspotmarket, havedonethelastthreeyearsonEUAs,”saidBram
hastransacteditsfirsttradeofthenewCertified Bastiaansen,TraderatSTXSERVICES,acounterpartyto
EmissionsReductionsSpotcontract.Sofar34companies thefirsttransaction.
havesignedupasmembersofthecontractforthephysi- FabriceThiebaut,HeadofTradingatSAGACARBON
caldeliveryofCERs. believestheliquiditywillimprovedramaticallyoverthe
ThespotCERcontractessentiallyusesthesameinfra- comingmonths.Weconsiderthatanexchangewithliq-
structureasBlueNextspotEUAs.However,thedeliveryis uidspotandfuturescontractsreallybringsaddedvalue
madeintheSwissregistry.BlueNextiscurrentlytheonly tothemarket.”
exchangethathastheabilitytoautomaticallyfilterCERs “SpotCERcontractshavebeeneagerlyawaitedbymar-
toensurethatonlythosethatoriginateinprojectsthat ketparticipants.BlueNextispleasedtointroducethisnew
productthatwillhelptoprovidetrans-
BlueNextLaunchesCERTrading
parencyandliquiditytothemarketas
wellasthedeliveryofEUETScompliance
meetEUETSregulatoryrequirementswillbetransferred. gradeCERstomemberparticipants,”saidAndreiMarcu,
“WearereallygladthatwemanagedtodothefirstCER ChiefExecutiveOfficerofBlueNext.
spottradeonBlueNext.Overthepastyearwehavebeen TheBlueNextspotcontractforEUAsreachedanew
anactivemarketparticipantontheexchange.Ourgoalis recordvolumeonAugust14
th
2008of1,504,000tonnes.
tocreateasmuchliquidityintheCERspotmarketaswe
www.bluenext.eu
THERE ARE NOW 80 carbon funds, Presidential candidates are planning
•
Uncertaintypost-2012.Whilesup-
managing US$12.87 billion in assets, to introduce a federal cap-and-trade
plyanddemandforcarbonassetsup
according to new research by programme for greenhouse gases
to 2012 is reasonably clear, supply
EnvironmentalFinancePublications. whichislikelytobecomesignificantly
and demand (and therefore prices)
Thesefundseitherbuycarboncredits larger than the EU market (currently
after 2012 when the Kyoto Protocol
(usually,butnotexclusively,fromClean the dominant carbon emissions
expires is much less certain. This
Development Mechanism (CDM) proj- scheme), and negotiations are ongo-
makescarbonfundssomewhatrisky.
ectsindevelopingcountries)tosellfor ing for a replacement to the Kyoto
•
The success of the early-movers.
profit,ortosupplytheirinvestorswith Protocolexpiringin2012.
Entrepreneurial early-movers in the
private sector raised considerable
CarbonFundAssetsReach$12.9bn
investments in 2005-06, which they
have largely successfully deployed.
TheWorldBankwasalsosuccessfulin
raisingmoneyfromgovernmentsfac-
credits to be used to meet emissions “Inmostotherassetclasses,63%of
ing tough Kyoto targets, much of
reduction targets under the Kyoto growth in assets under management
whichwascompletedin2006.
Protocol or the EU Emissions Trading would be a pretty good story,” said
•
Accesstootherpoolsofcapital.As
Scheme(ETS). MarkNicholls,editorofEnvironmental
the carbon market matures, other
However, this strong growth – up Finance magazine, “But the 100%
providers of capital - such as invest-
33%intermsofthenumberoffunds, plus growth in carbon markets
mentbanks-areprovidingalternative
and 63% in assets under manage- between 2006 and 2007 has out-
financingsourcesforprojectdevelop-
ment–isoutpacedbywidergrowthin pacedgrowthincarbonfunds.
ers,andmeansforbuyerstofindcar-
thecarbonmarkets. “However,I’mconfidentthatthisis
boncredits.
In 2007, carbon markets globally apause,ratherthanapeak,interms
•
Higher risk perceptions. The small
were worth around US$64 billion, up ofcapitalheadingtowardsthecarbon
numberoflistedcarbonprojectdevel-
from around US$30 billion in 2006, markets. The entry of the US will be
opers have seen their share prices
according to figures from the World game-changingand,whileasuccessor
come under severe pressure over the
Bank. They are expected to grow to toKyotoisgoingtobetoughtonego-
last12months,causedbyacombina-
aboveUS$100billionin2008. tiate,pressureisbuildingontheinter-
tion of factors, not least reduced or
Loominguncertaintyovertheshape national community to act decisively
delayeddeliveryofcarboncreditsfrom
of the global carbon markets after onclimatechange,”headded.
CDMprojects.Thishasincreasedper-
2012,theeffectsofthecreditcrunch, Environmental Finance Publications
ceptionsofriskinthecarbonmarkets.
andthesuccessoffirst-moversinrais- has researched funds in the sector –
•
The credit crunch. Some prospec-
ing investment into this new asset whichcomprisesprivatesectorcarbon
tivecarbonfundmanagersaresimply
classareallcontributingtoaslowing funds,governmentprocurementvehi-
findingittoughertoraisefinanceasa
down of new capital joining the car- clesandbuyers’pools–foritsannual
consequenceofareducedriskappetite
bon market. But fund managers are CarbonFundsDirectory.
amongstinvestors.
optimistic that carbon markets are Theslowerassetgrowthisexplained
poised for a breakthrough. Both US byfivefactors:
www.environmental-finance.com
18 SEPTEMBER 2008 COMMODITIES NOW
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