Commodities trader Trafigura has formally opened a carbon trading desk, the Singapore-headquartered company reported, as it ventures into the expanding global offset market.
After five years with the Trafigura Group, most recently as head of crude oil for Europe, Hannah Hauman has been appointed global head of carbon trading. She will lead a dedicated team based in Geneva, Houston and Singapore, with plans to recruit a number of additional roles, Trafigura said in a statement.
“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 optimisation. 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. 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,” added the company.
“We are delighted to announce the formation of a dedicated Carbon Trading team which will enable us to respond to customer demand, whilst supporting investments in decarbonisation projects globally. This is an important development for the company which we believe has the potential to contribute significant future growth,” said Jeremy Weir, Trafigura’s chief executive.
Conor McFadden has been appointed head of crude oil for Europe with immediate effect, taking over from Hannah Hauman. Conor joined Trafigura almost five years ago and has global experience of trading oil for the group. His most recent role was in the Houston office to trade the WTI crude oil contract. He will relocate to the Geneva regional hub office in the coming months.