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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 5pm London time (BST) today.
Once published, the calendar can be viewed here: https://www.theice.com/emissions/auctions/uk-emission-allowances.
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.
To take part in UKA auctions please visit https://www.theice.com/emissions/auctions/uk-emission-allowances or contact Sales-UtilityMarkets@ice.com.
