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Carbon Trading China l Carbon Trading Climate Exchange sees profits climb as carbon trading volumes increase
by admin ·
The Greenwise StaffClimate Exchange plc (ECX), the exchange company for trading emissions and environmental products, saw profits grow last year on the back of a big increase in volume of emissions trading.Climate Exchange, which operates the European Climate Exchange (ECX) and the Chicago Climate Futures Exchange (CCFE), saw pre-tax profits grow to £6.8 million in 2009 from £2.8 million.
The results were better than expected and the company’s shares rose from 41.25 pence to 515.5 pence on the news.
Climate Exchange said revenues from core businesses were up 48 per cent to £33.6 million from £22.7 million in 2008.
Emissions trading volumes on the ECX increased 82 per cent to 5.1 billion tonne, while the CCFE average daily volume increased by 183 per cent to 5,406 contracts in 2009 from 1,907 contracts in 2008, the company said.
The better than expected results come against a year that saw economic and political upheaval. The failure at the UN Climate Change summit in Copenhagen in December to agree an international treaty on carbon emissions reductions and the global recession have depressed the price of carbon.
However, Richard Sandor, chairman of Climate Exchange, said the political outlook was now looking brighter. “Some political momentum is returning with China and India announcing post Copenhagen reduction targets in the last few days,” he said.
Neil Eckert, chief executive of Climate Exchange, said the ECX outlook was also positive. “The continuing EU discussion of an anticipated 30 per cent cut by 2020 and particularly the move to 100 per cent auctioning in 2011, shows significant long-term growth potential.”
Related links:
www.climateexchange.com
www.ecx.eu
www.chicagoclimateexchange.com
