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Greenpeace protest at IPE fuels debate on emissions trading

Greenpeace’s invasion of London’s International Petroleum Exchange (IPE) on Wednesday was intended to draw attention to the environmental impact of ‘big oil’ on the day the Kyoto Protocol came into force. However, by attacking an exchange that is about to launch emissions trading – Europe’s biggest effort so far to encourage heavy polluters to reduce emissions – Greenpeace could stand accused of being unnecessarily incendiary towards business.

The IPE and Amsterdam-based European Climate Exchange (ECX) signed an agreement last year that ECX would offer carbon financial instruments (CFIs) electronically. The instruments will include both futures and cash contracts in CFIs, each one based on emissions allowances in the European emissions trading scheme (ETS)*.

ECX chose to partner with the IPE because the London exchange is used by

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