Trafigura Launching Carbon Trading Desk
Trafigura Group Pte Ltd has revealed that it is launching a carbon trading desk.
The company has appointed Hannah Hauman as its new global head of carbon trading. Hauman - who has been with Trafigura Group for five years, most recently as head of crude oil for Europe - will lead a dedicated team based in Geneva, Houston, and Singapore, the group revealed, adding that there are plans to recruit “a number” of additional roles.
Following Hauman’s new appointment, Conor McFadden has been appointed head of crude oil for Europe with immediate effect. McFadden joined Trafigura almost five years ago and has global experience of trading oil for the group. His most recent role was in the company’s Houston office trading the West Texas Intermediate (WTI) crude oil contract.
“Regulated and voluntary carbon offset markets will have an important role to play in the progression towards a carbon neutral world for industries with emissions that cannot otherwise be eliminated or reduced through investment and operational optimization,” Trafigura said in a statement posted on the group’s website.
“Carbon offset markets provide the means for price discovery to drive the reduction of greenhouse gas emissions in existing supply chains and to encourage investment in carbon sequestration measures and technologies,” the company added.
“Trafigura believes its entry into this market will bring increased liquidity by connecting producers of offsets to its global network of oil, metals, and minerals customers including producers and end users,” the company continued.
Jeremy Weir, Trafigura’s executive chairman and chief executive officer, said the group was delighted to announce the formation of a dedicated carbon trading team.
Trafigura is one of the world’s leading independent commodity trading companies and one of the world’s largest independent traders of oil and petroleum products, according to its website. The business traded two billion barrels of oil and petroleum products last year, with 5.6 million barrels traded per day in 2020, the company’s website shows.
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