Carbon Expo May 2013 · 2015. 11. 19. · Historic low EUA and CER prices responding to...
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Carbon Expo Barcelona May 2013
Transcript of Carbon Expo May 2013 · 2015. 11. 19. · Historic low EUA and CER prices responding to...
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Carbon Expo
Barcelona
May 2013
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$0
$60
$120
$180
2005 2006 2007 2008 2009 2010 2011
Other project-based
Other allowances
Secondary CER
Primary CER post-2012
Primary CER pre-2013
EU Allowances
Steady increase of global market value
135
176
11
31
63
(in Billion US$)
144
159
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0.3 0.3
EU and other markets increasing value
EU ETS Allowances
147.8 JI AAU
pre-2013 CDM
1.0
-32% +11%
Secondary CDM + JI
23.1
(in Billion US$)
N. America
0.5
-18%
New Zealand
0.4
+249%
-36% -49%
post-2012 CDM
2.0
+63%
+12%
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Historic low EUA and CER prices responding to macro-economic fundamentals
€ 0.00
€ 5.00
€ 10.00
€ 15.00
€ 20.00
€ 25.00
€ 30.00 Daily prices (€)
EUA
Secondary CER
Primary CER
Primary CER post-2012
2-y of relatively low volatility and stable prices
CERs & EUAs decouple ETS rescue plan vs.
CERs & ERUs issuance
Peak of demand in "sellers market"
2008-09 financial crisis and economic downturn
EU debt crisis & oversupply in KP and EU ETS post-2012
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Contraction of the CDM market
Pre-2013 market values (US$ million)
0
2,000
4,000
6,000
8,000
2007 2008 2009 2010 2011
Pre-2013 CER
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Supply of international credits outstrips demand
* EU-27, Iceland, Liechtenstein, Norway and Switzerland
** Only covers supply of Kyoto credits
3.3 Gt in 2012 … 1.9 Gt early ‘13 …
1.5 Gt today … ???
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Carbon initiatives are developing faster than ever
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New schemes with growing GHG coverage
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Carbon tax implemented or scheduled for implementation
ETS implemented or scheduled for implementation
ETS and carbon tax
ETS under consideration
Considering similar approaches: over 60 jurisdictions emitting 24 GtCO2e/y (half of global emissions)
Over 20% of global emitters with carbon pricing initiatives implemented or scheduled
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Carbon Expo
Barcelona
May 2013
Thank you!!
Alexandre Kossoy www.carbonfinance.org
http://www.carbonfinance.org/mailto:[email protected]
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One size does not fit all
Price stabilisation?
No
Upper price
Upper and lower price
No
Upper price
Upper price
Upper and lower price
Fixed price
No explicit
