Australia gets its first taste of carbon emissions trading today, as the Australian Climate Exchange opens for trade.
At midday today, the first trading in carbon emissions will occur on the Australian Climate Exchange, in a joint venture with the Australian Pacific Exchange based in Melbourne. The APX was established eight years ago and received a stock exchange licence in 2004.
The wheels are definitely in motion for an Australian emissions trading scheme. Australian companies are given the go ahead to invest in green technologies and bank future carbon credits.
AUSTRALIA’S heaviest polluters will be given approval to immediately invest in green technologies and bank future carbon credits, under plans to establish a national emissions trading scheme from 2011.
Companies may also earn carbon credits if they invest in developing markets overseas, such as China and Indonesia, as part of a longer-term goal to establish Australia as a regional hub for carbon trading.
Watch out Europe and the west… India are now hoping to setup a pilot program with the Chicago Climate Exchange (CCX) to launch a futures carbon trading engine. Although interest is clearly growing in the area of carbon emissions trading, only the European Climate Exchange allows trading in carbon futures, whereas the CCX deals in futures only for sulphur and nitrogen emissions.
The Multi Commodities Exchange of India (MCX) is in discussions with the Chicago Climate Exchange (CCX) on launching a futures carbon-trading exchange in India.
MCX provides a marketplace for futures contracts in commodities such as bullion, pulses and steel.
“We have had several rounds of talks with CCX and some sort of contract is already ready. We are now waiting for a clearance from the Forward Markets Commission,” said Joseph Massey, deputy managing director of MCX.
The Australian Securities Exchange, owned by the ASX, has announced plans for a futures market for carbon emission permits. This article that I came across last week shows just how soon the market for carbon emissions is going to be a reality.
So far only the US and the European Union have put forward similar schemes…
AUSTRALIAN investors won’t have to wait until 2012 to know what the carbon emissions they produce will cost them.
Just one day after the Prime Minister, John Howard, promised a carbon emissions trading scheme to begin in five years, the Australian Securities Exchange, owned by ASX Ltd, has announced plans for a futures market for carbon emission permits.
Welcome to carbonfuturestrader.com! Run by an avid futures watcher, carbonfuturestrader.com will host a collection of news articles and information concerning the growing carbon emissions futures trading market.