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Optimising using Offsets – Best Practice Case Studies from around the World.
BP Energy Asia presentation to the Business Partnership for Market Readiness
Li Xing- 30 October 2013
补偿的优化利用 – 来自全球的最佳实践案例研究
BP能源（亚洲）就市场准备向商业伙伴所作的申明
Li Xing- 2013/10/30
Disclaimer
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参与者在针对其在市场中的定位做出决定前，应寻求法律、税收、金融和交易相关专业人士的建议和指导。
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Agenda
1. Introduction to BP Emissions Trading
2. Offset Basics
3. Global Learning's: Best Practice in Offset Optimisation:
− Canada: How Offsets fit in your Emissions Management Strategy
− New Zealand: Understanding how Offset ‘Swaps’ make more from less
− Australia: How to Unlock Cash and Working Capital
− Europe: Using Offsets & Allowances as Collateral for Credit
4. Summary
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议程
1. BP碳排放交易介绍
2. 补偿概述
3. 全球经验学习: 补偿优化的最佳实践:
− 加拿大: 论补偿如何适用于本国的排放管理策略
− 新西兰: 了解补偿 ‘互惠’如何 积少成多
− 澳大利亚: 如何释放现金及营运资本
− 欧洲: 利用补偿和配额作信贷抵押
4. 结论
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BP Global Emissions Overview
1. Markets: China, Europe, Australia, New Zealand, Alberta, California
2. Customers: Refineries, power plants, chemical plants, utilities, industrial, manufacturing, retail fuel
businesses, traders
3. Products: Allowances (SHEA’s, EUAs, NZUs, CUs, CCA’s AAU), Offsets (CCERs, CERs, ERUs, RMU’s
ACCUs, CCO’s)
4. Global Scale: Dedicated commercial, technical, policy, & regulatory teams
5. Long Term Commitment: BP’s natural positions ensure longevity
6. Balance Sheet: Investment grade credit ratings to back guaranteed products 6
BP Global Emissions is active in globally traded emissions markets
BP全球碳排放概要
1. 市场: 中国、欧洲、澳大利亚、新西兰、阿尔伯塔、加利福尼亚
2. 客户: 炼油厂、发电厂、化工厂、公用事业、工业、制造业、燃油零售业、商贸业
3. 产品: 配额（SHEA、EUA、NZU、CU、CCA、AAU），抵消（CCER、CER、ERU、RMU、ACCU、CCO）
4. 全球规模: 专业的商业、技术、政策及监管队伍
5. 长期承诺: BP的天然位置确保其久盛不衰
6. 资产负债表: 利用投资等级信用评级支持担保产品
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全球碳排放交易市场内BP全球碳排放表现活跃
Key concepts of Emissions Trading
Generally speaking there are two types of compliance instruments an entity can use to meet its obligations under an ETS:
1.Allowance
An Allowances represents one tonne of GHG emission allowed to be emitted and is issued by the relevant entity regulating an ETS. Allowances provided are via auction or free allocation with total allocation volume restricted by the total emissions target or cap.
2.Offset
Offsets create an additional supply into the market while still allowing for the achievement of the set target or cap. Created from emission reduction project activities which are outside the cap, such as biogas or reforestation, an offset represents one tonne of GHG emission that has been avoided or removed from the atmosphere and is not otherwise covered under the ETS cap.
Chinese Certified Emissions Reduction’s (CCERs) are NDRC approved
offsets that are expected to be eligible in each pilot ETS.
排放交易主要概念
总体而言，在履行碳排放交易体系规定的义务过程中，实体可采用以下两种合规工具：
1、配额
一份配额指允许排放的一公吨温室气体，该配额由监管碳排放交易体系的相关实体分配。配额可通过拍卖或免费分配获得，总分配量受总排放目标或上限的限制。
2、补偿
补偿可在既定排放目标或上限仍然适用的情况下向市场提供追加供给。在上限外从减排活动计划产生的补偿，如沼气或再造林。一份补偿指避免排放入大气或从大气中除去的且未纳入排放交易体系上限的一吨温室气体的排放。
中国核证减排量（CCERs）是经国家发改委批准的、符合任一试验排放交易体系的补偿。
Canada: Holistic Emissions Management Strategy
Scheme overview
•Start date: 1 July 2007
•Scheme type: State based direct regulation which requires
firms to reduce their emissions intensity by 12% through
either:
1. Reducing emissions from operation
2. Purchasing Alberta based offsets
3. Pay a fixed fee of $15
4. Purchase ‘Emissions Performance Credits (EPC’s) from entities that
have reduced their emissions below the intensity target.
•Eligible Unit Types: EPC’s & Albertan Offsets
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Providing a holistic carbon management service: •BP’s Carbon Innovation Toolkit can provide customers with a structured process & modelling capability to identify & quantify financial value at risk under different policy & pricing scenarios. •Model develops your Margin Abatement Curve (MAC) and associated optimisation plan for direct & indirect (offset) abatement options to ensure your are aware and able to prioritise its lowest cost options for compliance. •For our Albertan Oil Sands business this means identifying the relative costs of plant emission reduction activities per tonne of CO2 abated versus purchasing an Offset or Emission Performance Credit (EPC) and the fixed price option. •In most cases offsets are likely to represent the lowest cost option.
Importance of Emissions Management
Strategy
Ensuring your business understands its emissions footprint and
has a Emissions Management Strategy is more important than
ever due to:
• Rising costs of compliance
• Uncertainty around potential policies & timings
• Complex decisions on whether to pursue a technology and/or
market based mechanisms
• Pressure from competitors
Ultimately you need to identify & understand what your
lowest cost abatement options are.
加拿大: 整体排放管理策略
计划概述
•起始日期：2007年7月1日
•计划类型：国家直接出台政策，要求企业通过以下任一方式减排12%：
1. 通过经营减排
2. 购买亚伯达补偿
3. 支付15美元的固定费用
4. 从已经实现减排目标的实体购买‘排放配额’。
•合格单位类型：减排配额与亚伯达抵消交易
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提供整体碳排放管理服务： •BP的碳排放创新工具包可以为客户提供在不同政策和定价背景下识别和量化财务价值 的结构化流程和模化能力。 •为直接和间接（抵消）冲销方案制作边缘冲销曲线（MAC）及相关优化计划，确保您 了解并能够区分实现减排目标的最低成本方案之优先次序。 •对于我们的亚伯达含油砂业务，这意味着在减少每公吨二氧化碳排放中工厂减排活动的 相对成本将优于购买补偿或排放配额（EPC）及固定价格方案。 •在大多数情况下，抵消交易最可能代表最低成本方案。
排放管理策略的重要性
当前最重要的是确保您的企业了解排放历史并具备排放管理策略，因为：
• 实现减排目标的成本不断增加
• 未来政策和时间安排存在不确定性
• 做出是否追求技术创新和/或市场化机制的决定较为复杂
• 来自竞争者的压力
最终，您需要确定和了解您的最低成本消减方案。
New Zealand: Swaps – making more from less.
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Scheme overview
•Start date: 1 July 2010
•Scheme type: Uncapped Emissions Trading Scheme
with unlimited usage of Kyoto units. Transitional
measures include a $25.00 fixed price option and l 2 for 1
option.
•Eligible Unit types: New Zealand Units (NZUs) and Offsets
generated under the Kyoto Protocol (CER’s, ERU’s, RMU’s &
AAU’s)
Worked Example: •Entity receives free allocation of 100,000 NZU’s for the 2013
compliance year.
•Forecast emissions for the 2013 compliance year = 130,000tCO2-e.
•At face value entity has a compliance short of 30,000 tonnes
which if the entity pursues the lowest cost abatement option
(CER’s at $0.50) an out of pocket expense of $15,000 will be incurred.
•The entity could however swap NZU’s(at a price of $1.90) for multiple
CER’s subject to any quantity & quality restrictions on unit types.
•At the price spread of $1.90 v’s $0.5, the entity could swap 10,714 of
its NZU’s for 40,714 CER’s to meet both its 30,000 short and replace
the NZU’s ‘swapped’.
•Through utilising a ‘swap’ the entity no longer has a short position.
What is a Swap?
• Swaps involve ‘swapping’ one type of eligible emissions unit for
another.
•Swaps are particularly attractive for holders of freely allocated
allowances when there is a price differential between
allowances and other eligible unit types including offsets.
•As an allowance and offset both represent 1 mt CO2-e and are
eligible under the scheme, their only difference from a compliance
perspective is therefore cost.
•NZU’s trade at a premium to CER’s, ERU’s and RMU’s
allowing 1 NZU’s to be swapped for multiple offsets.
新西兰：掉期交易– 小投入，大回报
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计划概述
•起始日期：2010年7月1日
•计划类型：在无限制使用京都单位的情况下实施无上限排放交易计划。传统衡量标准包括25.00美元的固定价格和买一送一方案。
•合格单位类型：在《京东议定书》背景下产生的新西兰单位（NZU）及抵消交易（核证减排量（CER）、ERU、RMU及AAU）
举例： •实体于2013年合规年度免费获得10万个新西兰单位。
•2013合规年度预测减排量= 130,000tCO2-e 。
•实体的合规额度在面值上短缺3万公吨，如果实体采用最低
•成本消减方案（核证减排价格为0.50美元），则将产生1.5万美元
•的自付费用。
•然而，实体可利用新西兰单位（价格为1.90美元）交换多个核证
•减排单位，不考虑对单位类型的任何数量和质量的限制。
•在1.90美元对0.5美元的差价下，实体可用10,714个新西兰单位
•交换40,714个核证减排单位，从而弥补3万的缺口，并取代被交换
•的新西兰单位
•通过使用掉期交易，实体不再有缺口问题。
什么是掉期交易？
• 掉期交易是指用一种合格排放单位交换另一单位。
•当配额与其它合格单位（包括补偿）之间存在差额时，掉期交易对自由分配的配额持有人尤其有吸引力。
•由于配额和补偿都代表1公吨二氧化碳排放，且符合计划要求，因此，其与合规期望唯一的不同之处在于成本。
•新西兰单位相对于CER、ERU、RMU的溢价交易可利用1个新西兰单位交换多项补偿。
Australia: Unlocking Cash & Working Capital
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Unlocking Cash - How it works?
•Emissions Intensive Trade Exposed (EITE) entities receive free
allocation.
•Free allocation is received in ~ September of each year, with liabilities not
due till the following June.
•Entities can sell/monetise the value of free allocation providing access to
immediate cash that can be used to fund investments or improve business
cash flow.
•BP purchases your allocation of free carbon units once allocated and
guarantee’s delivery of your required units in the future prior to the
compliance deadline.
•The difference between the sale price and the re-purchase price
equates to a financing cost, which effectively discounts the future re-
purchase price to the present value at time of sale.
Scheme Overview
•Start date: 1 July 2012
•Scheme type: 3 year fixed price period, transitioning from
2015 to a one way linked cap and trade system with the EU.
12.5% limit on usage of Offsets.
•Eligible Unit types: Australian Carbon Units (ACU’s),
European Union Allowances (EUA’s), Domestic offsets
generated under the Carbon Farming Initiative (CFI) and
offsets generated under the Kyoto Protocol (CER’s, ERU’s,
RMU’s)
Worked Example:
•Entity received 1mt of free ACU units in 1 September 2013.
•Compliance deadline is not until 15 June 2014.
•Forward market price of ACU units in June 2014 is $24.15
•BP provided interest rate = 4.5% calculating ACU Present Value of: $23.45
•Entity receives $23,450,000 for 1mt of ACU’s in September from BP.
•Entity purchases 1mt of ACU’s in June for $24,150,000
•Provided entities cost of capital is > 4.5% (i.e. 8%) a working
capital benefit of ~ $510,000 would be realised.
Forward curve
澳大利亚：释放现金和营运资本
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释放现金- 如何发挥作用？
•碳认证交易密集型（EITE）实体获得免费配额。
•免费配额于每年9月发放，直至来年6月责任方开始生效。
•实体可将免费配额出售/货币化，获取的现金可用于投资或增加经营性现金流。
•BP购买您获得的免费碳单位配额并在合规期限前确保交付您所需单位。
•销售价格与再购买价格之间的差异与融资成本相当，有效实现了销售时现价对未来再购买价格的贴现。
计划概述
•起始日期：2010年7月1日
•计划类型：三年固定价格期，从2015年起逐渐过渡到欧盟单向链接上限和交易系统。对补偿的使用施加12.5%的限制。
•合格单位类型：澳大利亚碳单位（ACU）、欧盟配额（EUA）、农地保碳倡议下产生的国内补偿以及《京都议定书》下产生的补偿（CER、ERU、RMU）
举例：
•该实体于2013年9月1日获得了1公吨免费的ACU单位。
•合规期限至2014年6月15日。
•2014年6月ACU单位的期货市场价格为24.15美元。
•BP提供的利率=ACU现价（23.45美元）的4.5%。
•该实体于9月从BP处以23,450美元的价格获得1公吨的ACU单位。
•该实体于6月以24,150,000美元的价格购买了1公吨ACU单位。
•如果该实体的资本成本大于4.5%（例如8%），则将实现大约510,000美元
的营运资本收益。
Forward curve
Europe: New Pathways to Credit & Collateral
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Collateral - How it works?
• An alternative use of Offsets & Allowances in the EU has been to use surplus or banked units as collateral in place of cash or a letter of credit.
• Working together with our fuel sales business collateral in Allowances & Offsets has been against physical fuel purchases or paper hedges.
• In a very basic example, credits would be delivered to a fuel supplier. The fuel supplier would then apply an adjustment to the value of the credit to cover against a projected decline/increased in the value of the credits and would then extend credit against the entities fuel purchases.
Scheme Overview
•Start date: 1 January 2005
•Scheme Type: Fully flexibly cap and trade scheme with
quantitative and qualitative limits on the use of offsets.
•Eligible Unit types: European Union Allowances (EUA’s)
and Offsets generated under the Kyoto Protocol’s Clean
Development Mechanism (ERU’s, CERs, RMU’s)with some
limitations.
Worked Example:
•Airline has 1m tonnes EUAA that do not need to surrendered for
12+ months.
•Estimated market value: €3.50/t
•Adjustment Based on forward price: - 50%
•Collateral Value: 50% * €3.50 * 1m = €1.75m
•The fuel supplier could then grant a credit line of €1.75m for
physical fuel purchases by the airline.
•The units are still owned by the entity, however held in escrow
whilst being used as collateral.
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00
18.00
20.00
Jan-
11
Mar
-11
May
-11
Jul-1
1
Sep
-11
Nov-1
1
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep
-12
Nov-1
2
Jan-
13
€/tonne
ICE ECX EUA Front Year Price
Source: ICE ECX (2012)
欧洲：信用和抵押物的新路径
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抵押物-如何发挥作用？
• 在欧盟使用补偿和配额即是使用盈余或累积单位取代现金或信用证。
•与配额和补偿中的燃油销售业务抵押物配合使用已违背了实际燃油采购或纸质对冲。
•在最基本的案例中，信用额度将交付至燃油供应商。燃油供应商将随后对信用额度进行调整，以抵消信用额度价值的减少或增加，并为实体购买燃油提供贷款。
计划概述
•起始日期：2005年1月1日
•计划类型：完全灵活上限和交易计划，并在补偿的使用上施加数量和质量限制。
•合格单位类型：欧盟配额（EUA）以及《京都议定书》之清洁发展机制下产生的补偿，存在一定的限制条件。
举例：
•航空公司拥有1百万公吨在12+个月内无需退回的欧盟排放配额。
•估计市价：3.50欧元/吨
•远期价格调整率： - 50%
•抵押物价值：50% * €3.50 * 1m = €1.75m
•燃油供应商可随后向航空公司提供1,750,000欧元的信贷额度，用于
实体燃油采购。
•尽管作为抵押物由第三方暂为保管，这些单位仍然由该实体所有。
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00
18.00
20.00
Jan-
11
Mar
-11
May
-11
Jul-1
1
Sep
-11
Nov-1
1
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep
-12
Nov-1
2
Jan-
13
€/tonne
ICE ECX EUA Front Year Price
Source: ICE ECX (2012)
Conclusion
Understanding how offsets fit into your Emissions Management Strategy is
critical to ensure:
− Compliance is met at lowest cost (MAC curve)
− Your free allocation is maximised (swaps)
− Capitalise on working capital benefits (cash generation)
− You understand ways your emissions units can work for you (through
collateral)
BP Global Emissions is well placed to help your business understand its
options.
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结论
了解要使补偿与您的排放管理策略相匹配，您需要确保：
− 以最低成本实现减排目标（MAC 曲线）
− 将免费配额最大化（掉期）
− 利用运营资本收益（现金增值）
− 了解您的排放单位能够为您所用的方式（通过抵押）
BP全球碳排放数据能够帮助您的企业做出正确的选择。
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