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Date: 27 May 2021
CME Group to Launch a Global Emissions Offset (GEO) Futures Contract on March 1
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CHICAGO, Jan. 26, 2021 /PRNewswire/ CME Group, the world s leading and most diverse derivatives marketplace, today announced it will launch a Global Emissions Offset™ (GEO™) futures contract on March 1, 2021, pending all relevant regulatory reviews. The new contract, which will provide customers with a market-based solution to manage global emissions risk, was jointly developed with Xpansiv market CBL, a leader in spot energy and environmental markets. Demand for voluntary carbon offsets is growing around the world as more countries and companies take action toward creating a lower carbon economy, said Peter Keavey, Global Head of Energy at CME Group. GEO futures will provide a regulated, market-based solution that can help address risk management needs for near-term emissions reduction strategies, as well as a standardized pricing b
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The acceleration to cleaner sources of energy accelerated in 2020 with many companies pledging to reduce their carbon emissions. In fact, according to the UN, 120 countries, 23 regions, 454 cities, 1,397 businesses, 74 investors, and 569 universities across the globe have pledged to become carbon neutral by 2050. Many of these entities may look to market-based mechanisms as a tool to execute their individual strategies.
Emissions trading schemes, or market-based mechanisms (MBM) more broadly, are designed to provide an efficient mechanism for countries, firms, and even individuals to reduce their carbon footprint. The theory is simple - increased optionality and competition should help carbon find an equilibrium price while effectively reducing emissions.
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SEATTLE (Reuters Breakingviews) - As the urgency of the climate crisis becomes impossible to ignore, private voluntary demand for “carbon credits” has surged. Corporate carbon-neutral pledges led to record volumes of carbon credit transactions in 2019, according to Ecosystem Marketplace, and initial evidence suggests that 2020 volumes may be even greater despite the pandemic. This is a positive sign. It indicates growing seriousness about the necessity of addressing climate change and, when coupled with support for ambitious government policy, is a truly welcome development.
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