A recent series of meetings of the Commodity Futures Trading Commission’s (CFTC) Energy and Environmental Markets Advisory Committee (EEMAC) highlighted the risks of a forecast boom in offset emissions futures contract trading. The underlying assets of offset futures are projects to reduce, avoid or that claim to permanently remove greenhouse gas emissions.
We thank the Commodity Futures Trading Commission (CFTC, or Commission) for the invitation to comment on the proposal by the Commercial Energy Working Group to form an EEMAC carbon markets subcommittee.1 The proposed stakeholder group would produce a report on principles for designing the derivatives and underlying cash markets for the
The role of carbon dioxide (CO2) emissions credit trading to achieve the objectives of the U.N. Framework Convention on Climate Change (UNFCCC) has been debated since the authorization of international emissions trading in the 1997 Kyoto Protocol to the UNFCCC.
The Biden administration’s approach to the climate crisis has been all-hands-on-deck. That means all departments and agencies, including the U.S. Department of Agriculture (USDA), are supposed to report to the White House on climate action steps.