Like other markets, the existing ETSs across the world are not immune to the impacts of economic shocks induced by COVID-19.

However, although they have different design features, data shows they experienced rational market behavior and returned to their long-term market fundamentals in a short span of time. ICAP explored the factors behind this resilience as part of New York City Climate Week in partnership with the International Emissions Trading Association (IETA). The high-level event “Ambitious and resilient carbon markets: a central pillar for green recovery” allowed for administrators of different carbon markets as well as global business leaders to provide their insights into performance of major carbon markets throughout the ongoing crisis.

Panelists included:

  • Mary Nichols, Chair, California Air Resources Board
  • Mauro Petriccione, Director General, DG Clima
  • Jean-Yves Benoit, Director, Carbon Markets, Québec Ministry for Environment and the Fight against Climate Change
  • James Cameron, COP26 Advisor, Pollination
  • David Hone, Chief Climate Change Adviser, Shell International
The event took place 24 September 2020 from 11:15-13:00 EDT. For presentations from the panelists, see here. For a recording of the session, see here