<p><span>Good morning, and welcome to the Energy and Environmental Markets Advisory Committee (EEMAC). I am pleased that we are able to conduct this meeting by video today, and look forward to when the Committee can meet in person again.</span></p>
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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.