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Full Description
The environmental markets have never been more important or more widely discussed. But who exactly are the individuals that trade in the carbon markets, or who trade biofuels, biomass and water? Few non-specialists appreciate how traders approach the environmental markets, what their strategies are, and how they make money.
The trading world is not usually open to outsiders, but this book brings the environmental markets to vivid life by introducing the reader to 40 real-life trades or strategies that were carried out by named market participants. The 40 chapters cover different geographies and different markets, providing an unparalleled insight into how traders in the environmental markets work and think. Environmental trading developed in its current form in the early 1990s and the chapters cover these early beginnings through to the present day. Sections cover compliance and voluntary carbon; ethanol, biodiesel and feedstocks; biomass; environmental finance trades; water markets; and trading as a project developer.
40 Classic Trades in the Environmental Markets provides plenty of inspiration for current or prospective environmental market traders, project developers or analysts. It will also be valuable for academic researchers, business school case studies, and for anyone wanting to learn more about the individuals that are shaping some of the fastest growing and most significant commodity markets of the 21st century.
Contents
Introduction to the environmental markets Part 1 Environmental market pioneers 1. Trading away acid rain JOHN B. HENRY 2. Developing environmental auctions RICHARD SANDOR 3. Valuing a new market GARTH EDWARD 4. Trading the first EUA CLAIRE BYERS 5. Trading the first ISDA-backed EUA INGO RAMMING Part 2 Trading compliance carbon schemes 6. Balancing trading profits with social impact LIU YU 7. Carbon cash and carry DAVID BESANCON 8. Arbitraging compliance auctions FRANCIS LESSARD 9. Trading the human factor FRANCISCO GRAJALES 10. The power of linkage CHELSEA BRYANT 11. Trading California carbon during COVID-19 MIKE TAYLOR 12. Trading the EUA-CER spread STEF PETERS Part 3 Trading ethanol 13. Trading the early days of Brazilian ethanol NELSON OSTANELLO 14. Trading ethanol into Brazil RICARDO PARADA 15. Trading ethanol as an index DOUGLAS DIAS 16. Launching Brazilian biofuel credits PLINIO NASTARI Part 4 Trading biodiesel and feedstocks 17. Biofuels: from arbitrage to assets NEVILLE ATTERBURY 18. Finding the value of used cooking oil DHIMAS ARIF WIBOWO 19. Trading biofuel arbitrages GAETANO LUCISANO 20. Finding value in feedstocks FILIPPO BASEVI Part 5 Trading voluntary carbon schemes 21. Trading market structure ALFRED EVANS 22. Trading onshore Africa OMAR EL NEMR 23. Re-aligning CORSIA spreads SIMON CROOKS 24. Trading carbon-compensated crude oil JUAN CARLOS SANTACRUZ 25. Trading cross-border Chinese emissions JEFF HUANG 26. Offsetting in the Japanese market KEISUKE KIMURA Part 6 Trading biomass 27. Trading the bark spread REMCO FRENKEN 28. Biomass storage arbitrages RONNIE KRISTENSEN 29. Generating a win-win for biomass TOM JAMES Part 7 Classic environmental finance trades 30. Bringing securitization to carbon FENELLA AOUANE 31. The Chinese barrier option PHILIP HARDWICK 32. Trading through pre-payments MARTIN BERG 33. Developing forest bonds LASSE RINGIUS Part 8 Trading water markets 34. Trading water forwards LEX BATTERS 35. Trading from the wetlands GEORGE KELLY Part 9 Trading as a project developer 36. From trading to projects ALEXIS LEROY 37. Pricing voluntary projects DARIA DYNCHEVA 38. Dealing with political risk TORLEIF HAUGLAND 39. Writing the trading rules JEFF COHEN 40. Bringing the JI to Russia TATIANA FAYZULLINA
