{"id":620967,"date":"2024-05-29T00:00:00","date_gmt":"2024-05-29T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/29\/voluntary-carbon-markets-are-no-panacea-plus-wall-street-moves-to-t1-settlement-cycle\/"},"modified":"2024-05-29T00:00:00","modified_gmt":"2024-05-29T00:00:00","slug":"voluntary-carbon-markets-are-no-panacea-plus-wall-street-moves-to-t1-settlement-cycle","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/29\/voluntary-carbon-markets-are-no-panacea-plus-wall-street-moves-to-t1-settlement-cycle\/","title":{"rendered":"Voluntary carbon markets are no panacea. Plus: Wall Street moves to T+1 settlement cycle."},"content":{"rendered":"

Voluntary carbon markets aren\u2019t going to solve the climate crisis by themselves<\/strong>, US Treasury Secretary Janet Yellen argued<\/a> yesterday. Voluntary carbon markets \u201chave the potential to support significant decarbonization,\u201d but that\u2019s only if we make sure that the carbon credits on offer in the market \u201cmeet high-quality atmospheric integrity standards.\u201d<\/p>\n

ICYMI: <\/strong>The Biden administration along with the departments of treasury, energy, and agriculture released their Voluntary Carbon Markets Joint Policy Statement and Principles (pdf)<\/a> yesterday.<\/p>\n

Not all carbon credits do what they say on the tin: <\/strong>Yellen called for greater \u201csupply integrity,\u201d pushing for carbon credits offered up on the market to \u201crepresent real emissions reduction and removals\u201d and for there to be regulations in place to \u201cavoid negative environmental and social impact.\u201d In this relatively unregulated market, \u201cwe\u2019ve seen too many examples where credits fail to meet this criteria,\u201d Yellen added.<\/p>\n

Yellen also called out corporate buyers: <\/strong>\u201cCorporate buyers should prioritize reducing their own emissions, particularly through transition planning, adopting net-zero targets, and transparently reporting on progress,\u201d Yellen argued in her pitch for \u201cdemand integrity,\u201d rejecting the notion that companies can just rely on offsetting their emissions through carbon credits to fill their responsibilities to the climate.<\/p>\n

The market also needs to be more transparent: <\/strong>In her third pillar for sorting out the voluntary carbon market in the US, Yellen called for market integrity, adding that the voluntary carbon market is \u201ca fragmented market, with high search costs and low transparency.\u201d<\/p>\n

\n

\n

ALSO- Traders in the United States, Canada, and Mexico are under a bit of extra time <\/strong>pressure this <\/strong>morning after they moved back to T+1 stock trading<\/strong>, having enjoyed for the past century a more leisurely settlement schedule. Look for a bit of short-term stress this week as folks adapt to the shift, which is meant to reduce risk in the financial system, Bloomberg<\/a> writes. <\/p>\n

Sound smart: T+1 trading means settlement comes one business day after the trade <\/strong>\u2014 the buyer gets the stocks the next day, and the seller the money at the same time. The previous standard in the US for most equity transactions was T+2; Wall Street was last on a T+1 settlement schedule back in the 1920s. <\/p>\n

In our part of the world: <\/strong>Most Egyptian stocks<\/a> are on a T+2 schedule, but some brokerages can trade select equities T+0, with settlement happening the same day trades are executed. Saudi\u2019s Tadawul<\/a> is T+2, as is the Dubai Financial Market<\/a>.<\/p>\n

MARKETS THIS MORNING- <\/p>\n

Asian shares are in the red this morning even after the IMF <\/strong>upgraded its China growth<\/a><\/strong>forecast<\/a><\/strong> to 5%<\/strong>, with the Shanghai Composite being the only major benchmark in the green this morning. US and European equities futures are down slightly after yesterday\u2019s fresh Nasdaq record. <\/p>\n

<\/a><\/a> <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30<\/strong> <\/p>\n<\/td>\n

\n

27,195<\/p>\n<\/td>\n

\n

-0.3% (YTD: +9.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 47.45<\/p>\n<\/td>\n

\n

Sell 47.59<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CIB)<\/strong><\/p>\n<\/td>\n

\n

Buy 47.46<\/p>\n<\/td>\n

\n

Sell 47.56<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates (CBE)<\/strong><\/p>\n<\/td>\n

\n

27.25% deposit<\/p>\n<\/td>\n

\n

28.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

11,660<\/p>\n<\/td>\n

\n

-1.5% (YTD: -2.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

8,742<\/p>\n<\/td>\n

\n

-1.0% (YTD: -8.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

3,987<\/p>\n<\/td>\n

\n

-1.0% (YTD: -1.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

5,306<\/p>\n<\/td>\n

\n

0.0% (YTD: +11.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

8,254<\/p>\n<\/td>\n

\n

-0.8% (YTD: +6.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50 <\/strong><\/p>\n<\/td>\n

\n

5,030<\/p>\n<\/td>\n

\n

-0.6% (YTD: +11.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 84.22<\/p>\n<\/td>\n

\n

+1.4%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas (Nymex) <\/strong><\/p>\n<\/td>\n

\n

USD 2.67<\/p>\n<\/td>\n

\n

+3.1%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 2,382<\/p>\n<\/td>\n

\n

+0.1%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 68,285<\/p>\n<\/td>\n

\n

-2.0% (YTD: +61.6%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

\n

THE CLOSING BELL-<\/p>\n

The EGX30 fell 0.3% at yesterday\u2019s close<\/strong> on turnover of EGP 3.1 bn (36.4% below the 90-day average). Local investors were net buyers. The index is up 9.2% YTD.<\/p>\n

In the green: <\/strong>Palm Hills Development (+3.6%), Elsewedy Electric (+2.0%), and Heliopolis Housing (+1.1%).<\/p>\n

In the red: <\/strong>Qalaa Holdings (-15.4%), Abu Qir Fertilizers (-2.4%), and Madinet Masr (-2.4%).<\/p>\n

\n

CORPORATE ACTIONS-<\/p>\n

Rameda\u2019s board approved a EGP 3.2 mn capital increase<\/strong>, bringing the company's total authorized capital to EGP 378.2 mn, according to an EGX disclosure (pdf)<\/a>. <\/p>\n","protected":false},"excerpt":{"rendered":"

Yellen emphasized the need for carbon markets built on a \u201ccommitment to integrity\u201d<\/p>\n","protected":false},"author":1,"featured_media":620968,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[835,7286,72,119,3380,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-620967","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-carbon-credits","tag-climate","tag-enterpriseam","tag-financial-markets","tag-janet-yellen","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"dbf27b21-f9b8-4cca-818c-a0a351bdeb71","order":"12","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/5\/2386.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Voluntary carbon markets are no panacea. 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