CME Group inc (CME) Q2 2021 Earnings Call Transcript fool.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from fool.com Daily Mail and Mail on Sunday newspapers.
Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Register Now
The Nature-based Global Emissions Offset (N-GEO) futures contact is linked to projects in forestry, agriculture and other land use, with the trade involving 10,000 N-GEOs for immediate delivery. We very much welcome the introduction of this new standardized benchmark contract, which will serve an important role as voluntary markets scale up over the next few years, said Julia Elmgren, head of environmental products at Gazprom Marketing & Trading.
The trade was done at $5.00/mt CO2, Evolution Markets executive managing director Evan Ard told S&P Global Platts.
Nature-based N-GEOs were trading at a premium to CBL Markets Global Emissions Offsets, which were around $2.10-$2.15/mt CO2 for spot delivery, he said.
The Oil Industry Jumps On The Low Carbon Bandwagon
There are two main roads leading to a low-carbon future. The first involves decreasing our combustion of fossil fuels via conservation and a switch to renewable energy. The second is via the increased capture of carbon dioxide out of the air.
Big fossil fuel providers are not in the business of decreasing the use of their products, which is why it is unsurprising that oil giant ExxonMobil XOM -1.2% XOM -1.2% announced its plan to accelerate carbon capture and to invest $3 billion over the next five years to advance 20 new opportunities. In doing so, they unveiled an initial plan for how they can continue to operate their core business in a carbon constrained world. Theirs is just the latest in a series of responses from oil and gas companies starting to answer this crucial question.