Table of Contents
CHAPTER 1 – A growing carbon market
CHAPTER 2 – Carbon trading: prices and products
CHAPTER 3 – Carbon opportunities: strategies and returns
CHAPTER 4 – Risk management
CHAPTER 5 - Conclusions
CHAPTER 1 – A growing carbon market
Introduction
A review of the EU Emissions Trading Scheme
- Expected policy outcome (Peter Zapfel, the European Commission)
- Industry and market impact (Mark Lewis, Deutsche Bank)
Expected outcomes: prospective cap and trade schemes
- A Federal US cap and trade scheme (David Hunter, IETA)
- US states: RGGI, California and the WCI (Kenneth Markowitz, Akin Gump)
- Australia (Martijn Wilder, Baker & McKenzie) and New Zealand (Murray Ward, The Global Climate Change Consultancy)
- A Japan pilot (Takashi Hongo, Japanese Bank for International Cooperation)
- Canada plans (Gray Taylor, Bennett Jones)
Expected outcomes: project-based schemes
- Carbon market impact of an expected post-2012 climate treaty (Kate Hampton, Climate Change Capital)
- Growing regulation of VERs (Grattan MacGiffin, MF Global)
CHAPTER 2 – Carbon trading: prices and products
Emissions permits – price discovery
- European Union Allowances, EUAs (Per Lekander, UBS)
- Kyoto offsets: CERs, ERUs (Emmanuel Fages, SocGen)
- Voluntary Emissions Reductions (VERs) (Milos Sjardin, New Carbon Finance)
Trading approaches
- Linkages between carbon, gas and coal (Kris Voorspools, Electrabel)
- EU ETS trading strategies, impacts on EUA prices (Arran Kitson, BP)
- CDM trading strategies (Lionel Fretz, Carbon Capital Markets)
- Managing trading risk: growing choice in carbon options (Eva Karra, Lehman Brothers)
CHAPTER 3 – Carbon opportunities: strategies and returns
Investment opportunities
- Carbon commodities: OTC and exchange-listed trackers (Trevor Sikorski, Barclays Capital); returns on a mixed carbon-equities portfolio (Byron Baldwin, Deutsche Boerse)
- Carbon stocks: listed developers, carbon exchanges (Andrew Shepherd-Barron, KBC Peel Hunt)
Alternative strategies
- Private equity investments (Assaad Razzouk, Sindicatum Capital)
- Securitisation approaches (Paul Ezekiel, Credit Suisse)
- New opportunities in forestry (Eric Bettelheim, Sustainable Forestry Management)
Wider opportunities
- The EU ETS: investment opportunities in carbon capture and storage (David Hone, Royal Dutch Shell)
- Prospective U.S. cap and trade: impact on U.S. equities (Edward Kerschner, Citigroup)
- A global carbon market: how schemes may link; what place for what products (Steve Drummond, Cantor CO2e)
CHAPTER 4 – Risk management
Political uncertainty
- Political commitment to climate change (Tom Burke, RioTinto)
Carbon market risk
- Reputation risk: Kyoto projects in the media spotlight (Gerard Wynn, Reuters)
- Managing UN project delivery risk: ratings (Amul Gogna, IdeaCarbon) and legal approaches (Peter Zaman, Clifford Chance)
- The impact of the global credit crunch (Kjetil Røine, Point Carbon)
CHAPTER 5 - Conclusions
These contents may be subjectto change in the final report.