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A New Index for Carbon Credit Trading
The accompanying table [click to enlarge] includes 19 companies in the ETF Innovators [ETFI] Global Carbon Trading Index along with the prices of seven benchmark commodities and funds. Most of the pure plays on carbon credits are very small, with 12 of the 19 companies having market caps below $100M.
Along with the major declines in oil and natural gas, alternative energy companies have also suffered – with the Market Vectors Global Alternative Energy ETF (GEX) down by 62.2% in the past six months. Companies in the renewable energy and carbon credit industry face the dual headwinds of major energy commodity price declines and the global economic slowdown, which threatens both the funding and viability of many companies which do not generate operating profits and are dependent on external funding from distressed credit and equity markets.