Amsterdam gains business lost by the UK after Brexit
Fortune 500 company Intercontinental Exchange (ICE) will transfer EU emissions allowance contracts from its exchange in London to ICE Endex in Amsterdam. The UK’s departure from the EU has made carbon trading more difficult and expensive, according to ICE.
Under carbon trading, a country or an energy company producing above its carbon allowances can purchase the right to emit more and those with fewer emissions can sell the right to emit carbon. The EU Emissions Trading Scheme is a part of the EU's policy to combat climate change, allowing policymakers to control CO2 emissions to align with their net-zero commitments. Putting a price on emissions helps to reach these goals.
Stuart Williams, president of ICE Futures Europe, said the move to the Netherlands will help traders and investors meet obligations in a “cost-effective and seamless manner”.
Amsterdam a leading centre for green finance
The move further cements Amsterdam’s reputation as one of the world’s leading centres for green finance and creates positive, sustainable change for the environment and society. Amsterdam retained the top spot in the 2020 Global Green Finance Index, which evaluates public and private organisations developing sustainable schemes through financial instruments, for example, by promoting renewable energy and reducing pollution.
Read more business news from around Amsterdam.