Workshop
Institutional Framework for the Carbon Market:
Can Financial Markets and Institutions be a Model?
Date: November 25, 2010
Time: 12.00 – 18.30
Venue: Institute of Banking and Finance (i:bf), University of
Graz, Austria
Universitaetsstrasse 15/F2, SR 15.25
Aim of this workshop:
Aim of this workshop is to discuss the role of financial markets and
institutions for the carbon market, with a special focus on the EU
Emissions Trading System (EU-ETS). Questions addressed are the role banks
play for hedging companies under the EU-ETS, whether a higher degree of
regulation and market oversight is needed for the EU-ETS and what the main
differences to other commodity markets are. Furthermore it will be
discussed what lessons can be learned from financial markets regarding
market oversight and from central banks regarding the management of
monetary policy. The workshop brings together leading experts of carbon
market policy from academia and practice.
Contact and registration:
Prof. Roland Mestel
Institute of Banking and Finance, University of Graz
Email: silvia.gersin(a)uni-graz.at
Phone: +43 316 380 7300
Agenda
12:00 – 12:30 Welcome and Introduction
Roland Mestel (Institute of Banking and Finance) and Andreas Tuerk (Wegener
Center)
12:30 – 14:00
Session 1 Quo Vadis, EU-ETS?
Barbara Buchner, Climate Policy Initiative, Venice: Is there a need for
more market oversight and regulation in the EU-ETS?
Stefan Schleicher, University of Graz and Austrian Institute for Economic
Research: The role of CO2 prices for low-carbon technologies: latest
empirical evidence from the EU-ETS.
Michael Loretz, University of Graz: A real option-based approach for CO2
price management.
14:00 – 14.30 Coffee break
14:30 – 16:00
Session 2 Carbon markets in practice: Lessons from financial and
commodity markets
Stefan Ulreich, E.ON Energy Trading, Duesseldorf: The role of the CO2 price
for investment decisions in the energy sector: Is the CO2 market
sufficiently hedged against price risks?
Nicolas Stephan, Caisse des Dépôts, Paris: Managing carbon markets: Lessons
from commodity markets.
Claire Dufour, BlueNext, Paris: Regulating carbon markets: The view of a
CO2 exchange.
16:00 – 16.30 Coffee break
16:30 – 18:00
Panel
Discussion What is needed to increase the success of the CO2 market?
Panelists: Barbara Buchner, Claire Dufour, Nicolas Stephan, Stefan Ulreich
18:00 Concluding remarks by Roland Mestel and Andreas Tuerk
About the participating organizations:
BlueNext:
BlueNext is one of the leading environmental trading exchanges, founded
by NYSE Euronext and Caisse des Dépôts. BlueNext offers spot trading of
CO2 emission rights and derivative products for the EU-Emissions Trading
Scheme, as well as Certified Emissions Reductions (CERs) generated under
the Kyoto Protocol’s Clean Development Mechanism.
Claire Dufour is product manager and participates in the development of
new products and services and monitors regulatory and competitive
environments of carbon markets.
Caisse des Dépôts:
The Caisse des Dépôts group, a long term investor, is a public group in
France serving the economic development of the country. Within CDC, CDC
Climat Research is a centre for analysis and research on climate change
economics. It provides information and expertise to the general public,
companies, experts and public decision-makers.
Nicolas Stephan, having a strong background in global commodity and
energy markets, carries out research on carbon funds and innovations in
carbon finance.
Climate Policy Initiative:
CPI was established by George Soros as a nonprofit institution that
examines the effectiveness of energy and climate policies around the
globe. It works closely with the finance and business communities to
understand how emerging climate policies create and affect markets that
allocate investment capital. The initiative maintains offices in key
countries around the world.
Barbara Buchner is director of the CPI office in Venice, Italy.
E.ON Energy Trading:
E.ON Energy Trading is one of Europe’s leading energy trading businesses
and the commercial heart of E.ON, one of the largest investor-owned power
and gas companies in the world. As the link between E.ON and the world’s
wholesale energy markets, the company buys and sells electricity, natural
gas, oil, coal, freight, biomass and emissions certificates.
Stefan Ulreich is one of the leading energy policy experts in E-ON Energy
Trading. Before joining E.ON Energy Trading he worked as a quantitative
analyst in an investment bank.
University of Graz:
Within its current research portfolio the University of Graz combines
excellent know-how regarding carbon markets (Wegener Center) with long
term experience in the fields of finance and investment (Institute of
Banking and Finance). The research is based on a strong theoretical
background and is applied in empirical market analyses.
Stefan Schleicher is senior advicer to the Wegener Center.
Michael Loretz is a PhD canditate at the Institute of Banking and
Finance.