Mercuria CSR Report 2021 - Flipbook - Page 20
Crude Oil
gCO2e/MJ
73.3
Refined Oil Products
gCO2e/MJ
72.1
Coal
gCO2e/MJ
98.3
Gas
gCO2e/MJ
56.1
Power
gCO2e/MJ US
120.1
gCO2e/MJ EU
63.9
Weighted average carbon intensity
of Mercuria sold energy products
(gCO2e/MJ)
gCO2e/MJ weighted of Mercuria traded energy products
76
74
72
70
68
66
64
62
60
2004 05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20 2021
The carbon business intensity relates to the tCO2e traded by the Environmental Products Team. The
total is a mixture of allowance and offset trading. The tCO2e is not counted as an offset and reduces the
intensity.
Since 2007, Mercuria has participated in all major carbon markets around the world including EU ETS,
North American Regional Greenhouse Gas Initiative (RGGI) and Californian Cap-and-Trade Program.
More recently, the Group has traded UK Allowances and certificates on the nascent New Zealand and
Chinese ETS markets.
Mercuria believes that pricing carbon emissions is key in order to decarbonize our economies. Therefore,
the CO2 emissions certificate or allowance can be seen as a major facilitators of the energy transition.
At Mercuria, carbon origination and trading ideally complements activities in biofuels, ores, power,
natural gas, LNG, crude oil and refined oil products. The Group’s carbon desk interacts closely with
these desks in order to understand as precisely as possible the dynamics of CO2 price formation. The
European carbon desks work with entities covered by the EU Emissions Trading Scheme. It provides
liquidity to help them manage their compliance obligations and to protect against the volatility of the
underlying CO2 price, through various hedges and structured solutions.
Mercuria manages carbon offsets under the United Nations Framework Convention on Climate Change
(UNFCCC) program, working with standards such as the Gold Standard for the Clean Development
Mechanism (GS CDM) or the Voluntary Gold Standard (GS VDR) which highlights our expertise in
the carbon value chain. Indeed, Mercuria has developed a range of approved methodologies in the
identification, validation and registration of Clean Development Mechanism (CDM) projects.
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