Exclusive-Credit Agricole CIB chooses carbon trading over gold, sources say [Yahoo! Finance]
CREDIT AGRICOLE UNSP/ADR (CRARY)
NASDAQ:AMEX Investor Relations:
credit-agricole.com/en/finance/finance
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Source: Yahoo! Finance
The move signals the increasing attraction of the world's most valuable carbon market - the EU Emissions Trading System (ETS) - to European banks. "Credit Agricole is exiting precious metals, it is managing existing risk and letting the book positions roll off," one of the sources said. "The bank is instead looking to focus on carbon markets with a view to commencing trading next year," the source said, adding that management was seeking to align the move to the carbon market with Credit Agricole's "green ambitions". Both Credit Agricole and Credit Agricole CIB, the corporate and investment banking arm of the French bank, declined to comment. The value of traded global markets for carbon dioxide permits reached a record 881 billion euros ($949 billion) in 2023, according to LSEG analysts. The EU's ETS represented 87% of the global total - 770 billion euros. The decision will not impact the precious metals market as Credit Agricole CIB's business - mainly trading derivatives r
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