As voluntary emissions reduction (VER) prices continued to bubble up across all offset categories this week, CME on Monday saw companies execute the first trade in its [CBL Nature-Based Global Emissions Offset] (N-GEO) futures contract, listed under commodity code NGO. Trading house Hartree Partners and hedge fund Andurand Climate and Energy Transition Fund participated in the inaugural N-GEO futures transaction, trading 200,000 credits at $5.40/tonne for Dec-21 delivery. Brokerage Evolution Markets facilitated the transaction.

“We see CME’s N-GEO futures contract as a milestone in the continued growth of carbon assets,” Casey Dwyer, co-portfolio manager of the Andurand Climate and Energy Transition Fund, said.