European gas - Battle of the brokers

Boutique environmental brokers walked the European market through the early days of emissions trading, but as traditional money and energy brokers move into this increasingly commoditised market, how will the early educators continue to compete? asks James Ockenden

"Emissions markets are becoming full of bloody cowboys," complains a broker from a specialist environmental London-based brokerage. He is not alone in expressing the feeling that every cloud of CO2 now teems with brokers, banks, consultants, utilities, energy firms and funds clamouring for a piece of the silver lining. Since its 2005 launch, growth in the European Union emissions trading scheme (EU ETS) has been dramatic, with nearly EUR6.3 billion of European Union allowances (EUAs) traded in