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ICE Publishes 2023 Auction Calendar for UK’s Emissions Trading Scheme
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Rhea-AI Summary
Intercontinental Exchange (NYSE: ICE) has announced the release of the 2023 auction calendar for the UK's Emissions Trading Scheme (ETS) after 5 PM BST today. ICE will continue hosting UK carbon allowance auctions through 2024, aiming to facilitate emission reductions by assigning costs to pollution. Since the UK's ETS launch in May 2021, over 151 million tonnes of carbon dioxide equivalent has been auctioned, with record open interest in UKA futures hitting nearly 60 million tonnes. ICE is a leading player in global environmental markets, with a two-decade track record.
Positive
ICE continues to host UK carbon allowance auctions for 2023 and 2024.
Since 2021, over 151 million tonnes of carbon allowances have been sold through the auctions, reflecting robust market activity.
ICE has achieved a record open interest of 59,818 contracts in UKA futures, equating to almost 60 million tonnes.
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None.
LONDON--(BUSINESS WIRE)--
Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology, and market infrastructure, and home to the world’s most liquid environmental markets, today announced that the 2023 auction calendar for the UK's Emissions Trading Scheme (“ETS”) will be published by ICE shortly after 5pmLondon time (BST) today.
In addition, ICE has been appointed by the UK Government to continue to host UK carbon allowance auctions during 2023 and 2024.
“Environmental markets are economic tools which help promote positive environmental outcomes by valuing positive and negative externalities,” said Gordon Bennett, Managing Director of Utility Markets at ICE. “Emissions Trading Schemes such as the UK’s cap and trade market are working to reduce emissions by valuing the negative externality of pollution by making polluters pay for every tonne they emit through the purchase of a carbon allowance. The UK ETS is a successful, market driven program which lets the market price pollution in the UK. We are delighted to continue to host carbon auctions for the UK Government.”
The first UK ETS auction took place in May 2021 after the UK ETS was launched to replace the UK’s participation in the EU ETS. ICE launched UK Carbon Allowance (UKA) futures in May 2021 and options on October 10, 2022. Since launch, 578,019 UKA futures and options contracts have traded, with 151,824,500 UK emission allowances sold through the auctions, equal to 151 million tonnes of carbon dioxide equivalent gas. Open interest in UKA futures and options hit a record 59,818 contracts on October 24, 2022, equivalent to almost 60 million tonnes.
UKAs are one part of ICE’s global environmental markets where ICE has been a leader for almost two decades, offering the most liquid futures markets to trade European Emission Allowances, California Carbon Allowances and Regional Greenhouse Gas Initiatives. Since launch, allowances equivalent to over 100 billion tonnes of carbon, over 250 million renewable energy certificates, three billion carbon credits, and the equivalent of over 1.7 billion Renewable Identification Numbers have traded on ICE.
Intercontinental Exchange, Inc.(NYSE: ICE) is a Fortune 500 company that designs, builds and operates digital networks to connect people to opportunity. We provide financial technology and data services across major asset classes that offer our customers access to mission-critical workflow tools that increase transparency and operational efficiencies. We operate exchanges, including the New York Stock Exchange, and clearing houses that help people invest, raise capital and manage risk across multiple asset classes. Our comprehensive fixed income data services and execution capabilities provide information, analytics and platforms that help our customers capitalize on opportunities and operate more efficiently. At ICE Mortgage Technology, we are transforming and digitizing the U.S. residential mortgage process, from consumer engagement through loan registration. Together, we transform, streamline and automate industries to connect our customers to opportunity.
Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located here. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key Information Documents (KIDS).”
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 -- Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the SEC on February 3, 2022.
