BP and Shell replenish carbon-trading desks after mass departures jwnenergy.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from jwnenergy.com Daily Mail and Mail on Sunday newspapers.
(Bloomberg) BP Plc and Royal Dutch Shell Plc have hired an array of carbon-emissions traders to replenish their ranks after an exodus of staff to trading houses last year. Competition for traders of so-called environmental products has ramped up over the past year, with firms such as Trafigura Group Pte and Mercuria Energy Group Ltd expanding their footprint in businesses related to the transition to clean energy. With the cost of emissions rising, commodity-trading houses have looked to BP and Shell to hire experienced hands in the world of carbon credits and offsets. The two oil majors are active in emissions trading throughout the world. The buying and selling of so-called carbon offsets could be a large part of the firms’ net-zero plans, which include development of renewable energy as well as tree-planting and reforestation to absorb greenhouse gases emitted by the burning of oil and gas. Among BP’s recent hires are Julia Elmgren, who joins from Gazprom Marketing and Trading