In 2008, the value of transactions with C02 emission certificates worldwide was $60 bln (€43 bln), up 80 percent year-on-year.
“We examined the business opportunity represented by the gas emission certificate market, but did not set a framework for trading. There are several problems we faced in classifying CO2 certificates, and we requested clarifications from CNVM [the National Securities Commission], the Ministry of the Environment, and the Ministry of Finance. Once we have these clarifications, we will come up with a proposal for a trading method. I estimate that liquidity with CO2 certificates can amount to €1 billion annually,” said Adrian Manaila, member of BVB’s Board of Directors.
SIBEX has already announced it will begin trading CO2 certificates. “We are waiting for the final approvals [Ed. n. – from CNVM] so we can get to work. We do not believe there will be high liquidity at first, but the interest will increase in the future,” said Toma Dosteteanu, Chief Executive Officer of the Sibiu Clearing House (CRC).
The European ceiling for 2008-2012 is 2.08 billion tons of emissions annually, and in Romania, the national ceiling is 379.72 million certificates. Considering the last trading price on Bluenext (one of the largest stock exchanges for trading CO2 certificates at the European level), was some €14 per ton, the Romanian CO2 certificate market exceeds €5.3 bln, but only part of these will be available for free trading.
