Experts choice: An emerging asset class - carbon credits
Carbon is a chemical element with the symbol C. In combination with two oxygen atoms it forms carbon dioxide CO2. While CO2 is necessary for life, its concentration in the earth’s atmosphere has increased since the pre-industrial era due to human activities. One way governments and institutions are targeting to reduce the level of CO2 is via a carbon price. Put simply, a carbon price is a permit to emit CO2, it is a price to pollute. There is a market for these permits. Because there is a market, there is an opportunity. The market for carbon, like markets for other chemicals such as gold, copper, nickel and iron results in a price. The carbon price is unique and misunderstood.
It is important to understand what a carbon price is, and what it is not.
Carbon is a chemical element with the symbol C. In combination with two oxygen atoms it forms carbon dioxide CO2. While CO2 is necessary for life, its concentration in the earth’s atmosphere has increased since the pre-industrial era due to human activities. One way governments and institutions are targeting to reduce the level of CO2 is via a carbon price.
It is important to understand what a carbon price is, and what it is not.
A carbon price defined
In 2019, comedian John Oliver, on his show “Last Week Tonight”, described carbon pricing, saying “we’ve universally agreed polluting is bad, and yet it is free to do it. When you litter you pay a fine, when you drive above the speed limit you pay a fine.” Likewise carbon pricing requires polluters to pay for the CO2 they release into the atmosphere. There are two main forms of carbon pricing:
- Carbon taxes; and
- Cap-and-trade programs.
Carbon pricing threads climate change costs into economic decision-making. It incentivises changes in production and consumption patterns toward decarbonisation. In other words, it makes polluting more expensive and clean energy more affordable following innovation and investment in green solutions.
Carbon taxes and cap and trade schemes
A carbon tax is simply a levy on carbon. The price is set by the government.
A cap-and-trade program (also known as an Emissions Trading Scheme or ETS) allows market participants to buy and sell permits for emissions or credits for reductions in emissions. Emissions trading allows established emission goals to be met in the most cost-effective way by letting the market determine the lowest-cost pollution abatement opportunities. By limiting the supply of carbon credits, the government is putting a cap on total emissions.
Carbon credits are either:
- auctioned by the government and then traded, or
- given free to regulated firms who can then trade them.
These primary and secondary market sales and purchases result in a market price for carbon. In other words, there is a market setting the carbon price.
The intention and workings of an ETS
ETSs are regulated by governments. For example, in the EU Emissions Trading System, governments set the supply of carbon credits or a carbon cap in order to achieve certain emission reduction outcomes.
Each year organisations with a large carbon footprint are allocated an allowance proportionate to their historical emissions.
Polluters will either emit more than their allowance or will emit less than their allowance. These companies will then have to trade with each other through intermediaries to be able to balance out their carbon emissions so they can meet the regulatory cap.
Companies that want to buy carbon allowances, that is those that emitted more than their allowance, will have to pay an explicit price to those companies with excess credits, that is those companies that emitted less than their allowance and can sell them.
The result is that it is more expensive to pollute, unless the means of production is improved to reduce emissions.
The price of carbon is thus determined by supply and demand
In an ETS, the price of carbon is determined by supply and demand. A key characteristic of carbon markets is that supply of credits is controlled and limited, determined by the government at an amount deemed acceptable and in line with its emissions reductions targets.
The cost of credits will rise and fall depending on whether firms find alternatives to polluting.
As supply is constrained and expected to fall over time, the market price of carbon credits is expected to rise, resulting in an increased incentive to emit less. The by-product is a price that is structurally designed to rise over time.
While the emissions trading schemes around the world may differ in size and price per carbon credit. Schemes will generally lower the cap on allowed carbon emissions each year as they move towards net-zero.
By assigning a price for polluting activity, these systems provide an economic incentive for companies to reduce emissions.
The development of compliance carbon markets
The oldest and largest active market is the European Trading System which has been operating since 2005.
There are more than 20 such markets around the world, and analysts expect around 20 more to come online soon, most recently China brought one of its emissions trading schemes online.
The growth of big carbon markets is still in the early stages. For the first time in 2021, emissions trading systems (ETS) generated more revenues than carbon taxes. According to the World Bank. ETSs generated around US$55 billion in 2021.
The total size of the ETS market, according to MSCI, is US$270 billion. Credit Suisse says this figure could reach more than US$1 trillion in the coming years, driven by higher carbon prices and the expansion of emissions coverage, while the trading value could be multiples of that driven by improved accessibility and liquidity.
We believe this space will develop and therein lies the opportunity.
Drivers of the carbon price
The global carbon market has experienced fluctuations over 2022 due to the macro environment and individual market pressures, but opportunity persists particularly as governments accelerate towards net zero by 2050.
Generally, each year governments will reduce the caps, or amount of emissions entities are legally allowed to make, thus reducing the supply of permits on the various markets which should lead to higher prices for carbon.
If companies are unable to meet the regulated emissions caps, particularly as the caps reduce on an annual basis they are going to have to pay a potentially increasing price to purchase more carbon credits or face heavy fines and penalties. This will create demand from companies that continue to pollute.
External factors such as variations in general economic conditions will impact the price. If GDP falls, demand for carbon credits will fall, conversely if GDP is rising there will be more demand for credits.
From time-to-time it may be necessary to revise the rules of the systems, including those governing offsets and market stability mechanisms, which will impact the price of carbon credits.
Carbon as a new investment asset class
Investor interest in carbon markets is growing rapidly. According to the institute of Chartered Financial Accountants (CFA) carbon has exhibited attractive historical returns and a low correlation with other asset classes, making it potentially attractive as part of a diversified portfolio.
Furthermore, because of the design parameters of ETSs including the objective of higher prices and lower emissions, there is a well understood and logical case for a forward-looking risk premium for carbon.
Many experts see carbon as an emerging asset class. In fact, McKinsey says “when we look at the development of carbon markets, what strikes us are the parallels it has with the evolution of other commodity markets, whether its soybeans, pork bellies or natural gas. And, in commodities markets like that, investors and financial institutions really have an important role in providing liquidity, aiding price discovery, matching supply and demand over time, being market markers. Similar to commodity markets we think carbon markets will evolve in pretty much the same way. So it’s about providing these value-added services rather than trading speculatively.”
Credit Suisse goes further saying “carbon is an emerging asset class that could potentially rival the global oil market in size.”
What a carbon price is not: voluntary carbon markets and offsets
You may have read about Voluntary Carbon Markets (VCM), because that is what Australia has. Australia’s voluntary market has been the subject of criticism of late for a number or reasons. It’s important to note that VCMs are not ETSs. VCMs are often not regulated by governments (Australian carbon credit units or ACCUs are regulated by the Clean Energy Regulator), and the contracts being traded are called carbon offsets.
It is even possible for individuals to purchase carbon offsets. You may have seen a tick-box on an online order form that allows you to select to offset the carbon for your delivery. Some airlines give you an option to buy a carbon offset for flights.
Carbon offset contracts represent sponsorship of a project that is meant to decrease the amount of carbon being emitted, which serves to offset the emissions. The projects backing these contracts are varied; they range from a reforestation initiaves, to solar farms, or clean cooking stoves.
There are well noted issues surrounding the legitimacy of carbon offsets.
In 2022, John Oliver dedicated a whole episode of Last Week Tonight to carbon offsets, and as he humorously points out in that episode he “doesn’t open this beak to squawk out good news.”
The Financial Times says, “the market is opaque and unregulated, with resellers in the form of middlemen brokers accused of cashing in at the expense of environmental causes.”
McKinsey says “Today’s voluntary market, is fragmented and complex. Some credits have turned out to represent emissions reductions that were questionable at best. Limited pricing data make it challenging for buyers to know whether they are paying a fair price, and for suppliers to manage the risk they take on by financing and working on carbon-reduction projects without knowing how much buyers will ultimately pay for carbon credits.”
Unlike carbon allowances at ETSs, where rules are set by national or international public authorities, the voluntary carbon market does not have any governance body.
The price is not set by any demand or supply factors.
What a carbon price is not: An investment in companies that claim to be carbon neutral
Companies that claim carbon neutrality or working toward net-zero may participate in ETSs or VCMs, but their activities are not likely linked to the price of carbon. This is unlike gold miners or nickel producers, their financial outcomes are inexorably linked to the price of the metal they produce.
In this way it is difficult for investors to access carbon markets.
VanEck is giving investors that opportunity.
VanEck Global Carbon Credits ETF (Synthetic) (XCO2)
XCO2 which launched recently, is an Australian first and an innovative way for Australian investors to potentially benefit from changes to the price of carbon.
XCO2 tracks the ICE Global Carbon Futures Index which is an index made up of carbon prices from the four most actively traded carbon futures markets in the world:
- European Union Emissions Trading Scheme (EU ETS), started in 2005
- Western Climate Initiative (California Cap and Trade Program), started in 2013
- Regional Greenhouse Gas Initiative (RGGI), started in 2009
- UK Emissions Trading Scheme (UK ETS), started in 2021
As a diversifier, investors are attracted to carbon credits because of its historically low correlation to other asset classes. The table below shows the correlation of carbon futures compared to other asset classes. In the table, a 1 is perfectly correlated. The lower the number, the lower the correlation.
An investment in the ETF carries risks associated with: ASX trading time differences, market risk, concentration risk, futures strategy risk, cap and trade risk, currency risk, political, regulatory and tax risks, fund operations and tracking an index. See the PDS for details.
As always, if you are considering an investment in VanEck Global Carbon Credits ETF (Synthetic), we recommend that you speak to your financial adviser or stock broker.
For further information you can contact us via firstname.lastname@example.org or +61 2 8038 3300.
"Kama mfano, ""Carbon"" ni kemikali ya msingi na ishara C. Pamoja na atomu mbili za oksijeni, huunda kaboni dioksidi CO2." CO2 ni muhimu kwa maisha, lakini umajimaji wake katika anga ya dunia umeongezeka tangu enzi ya kabla ya viwanda kutokana na shughuli za binadamu. Kwa hivyo, serikali na taasisi zinajaribu kupunguza kiwango cha CO2 kwa kuweka bei ya kaboni. Kwa ufupi, bei ya kaboni ni leseni ya kutolea nje CO2, ni bei ya kuchafua. Kuna soko la vibali hivi. Kwa sababu kuna soko, kuna fursa. Soko la kaboni, kama soko la kemikali nyingine kama dhahabu, shaba, nikeli na chuma, huongoza kwa bei. Bei ya kaboni ni ya kipekee na haijulikani vizuri. Ni muhimu kuelewa nini bei ya kaboni ni, na nini si. Kaboni ni elementi ya kemikali yenye alama C. Inashirikiana na atomu mbili za oksijeni na kutokeza kaboni dioksidi CO2. CO2 ni muhimu kwa maisha, lakini umajimaji wake katika anga ya dunia umeongezeka tangu enzi ya kabla ya viwanda kutokana na shughuli za binadamu. Kwa hivyo, serikali na taasisi zinajaribu kupunguza kiwango cha CO2 kwa kuweka bei ya kaboni. Ni muhimu kuelewa nini bei ya kaboni ni, na nini si. "Mchekeshaji John Oliver, katika kipindi chake cha ""Last Week Tonight,"" alielezea bei ya kaboni, akisema: ""Tumeamua ulimwenguni kote kuwa uchafuzi ni mbaya, na bado ni bure kufanya hivyo.""" "Kama unapoteza taka, unalipa faini, unapopita kiwango cha kasi, unalipa faini.""Kama ilivyo kwa bei ya kaboni, inahitaji wasambazaji kulipa CO2 wanayotoa angani." Kuna aina mbili kuu za bei ya kaboni: - Kodi ya kaboni; na - Programu za cap-na-biashara. Bei ya kaboni huingiza gharama za mabadiliko ya hali ya hewa katika maamuzi ya kiuchumi. Inahamasisha mabadiliko katika mifumo ya uzalishaji na matumizi kuelekea decarbonisation. Kwa maneno mengine, inazidisha gharama za uchafuzi na inazidisha bei ya nishati safi kufuatia uvumbuzi na uwekezaji katika suluhisho za kijani kibichi. Kodi ya kaboni na mipango ya kiwango na biashara Kodi ya kaboni ni ushuru tu juu ya kaboni. Bei huamuliwa na serikali. Mpango wa biashara ya uzalishaji (CAT) (au pia unajulikana kama Mpango wa Biashara ya Uzalishaji (ETS)), unawawezesha washiriki wa soko kununua na kuuza vibali vya uzalishaji au mikopo ya kupunguza uzalishaji. Biashara ya uzalishaji inaruhusu malengo ya uzalishaji yaliyowekwa kutimizwa kwa njia ya gharama nafuu zaidi kwa kuruhusu soko kuamua fursa za kupunguza uchafuzi wa chini zaidi. Kwa kupunguza ugavi wa mikopo ya kaboni, serikali inaweka kikomo cha uzalishaji wa jumla. Mikopo ya kaboni ni ama: - mnada na serikali na kisha kuuzwa, au - kupewa bure kwa makampuni kudhibitiwa ambao kisha wanaweza biashara yao. Mauzo haya ya soko la msingi na la sekondari na ununuzi husababisha bei ya soko kwa kaboni. Kwa maneno mengine, kuna soko linaloweka bei ya kaboni. Mfumo wa ETS unaundwa na serikali. Kwa mfano, katika mfumo wa EU wa biashara ya uzalishaji, serikali huweka usambazaji wa mikopo ya kaboni au kiwango cha kaboni ili kufikia matokeo fulani ya kupunguza uzalishaji. Kila mwaka mashirika na alama kubwa ya kaboni ni kugawanywa ruzuku sawa na uzalishaji wao wa kihistoria. Wasambazaji watatoa zaidi ya ruzuku yao au watatoa chini ya ruzuku yao. Kampuni hizo zitakuwa na biashara na kila mmoja kupitia waingiliano ili kuweza kusawazisha uzalishaji wao wa kaboni ili waweze kukidhi kiwango cha kisheria. Kampuni ambazo zinataka kununua haki za kaboni, yaani, zile ambazo zimetokeza zaidi ya haki zao, zitalazimika kulipa bei ya wazi kwa kampuni hizo zilizo na haki za ziada, yaani, kampuni hizo ambazo zimetokeza chini ya haki zao na zinaweza kuziuza. Matokeo ni kwamba ni ghali zaidi kuchafua, isipokuwa njia za uzalishaji zinaboreshwa ili kupunguza uzalishaji. Kwa hiyo, bei ya kaboni huamuliwa na mahitaji na usambazaji. "Mfano wa soko la kaboni ni kwamba ""kutoa kwa mikopo ni kudhibitiwa na mdogo, kuamua na serikali kwa kiasi kinachoonekana kukubalika na kulingana na malengo yake ya kupunguza uzalishaji.""" Gharama ya mikopo itaongezeka na kushuka kulingana na kama makampuni kupata mbadala wa uchafuzi. Kwa kuwa usambazaji umepunguzwa na unatarajiwa kupungua kwa muda, bei ya soko ya mikopo ya kaboni inatarajiwa kuongezeka, ikisababisha kichocheo cha kuongezeka kwa uzalishaji mdogo. Bidhaa ya upande ni bei ambayo ni muundo iliyoundwa kuongezeka kwa muda. Mipango ya biashara ya uzalishaji duniani kote inaweza kutofautiana katika ukubwa na bei kwa kila mkopo wa kaboni. Mipango kwa ujumla kupunguza cap juu ya kuruhusiwa uzalishaji wa kaboni kila mwaka kama wao kusonga kuelekea net-zero. Kwa kuweka bei kwa shughuli za uchafuzi, mifumo hii hutoa kichocheo cha kiuchumi kwa makampuni kupunguza uzalishaji. Mfumo wa Ulaya wa Biashara ya Kaboni (EES) ni soko la kwanza na kubwa zaidi la biashara ya kaboni, ambalo limekuwa likifanya kazi tangu 2005. Kuna zaidi ya masoko 20 kama hayo duniani kote, na wachambuzi wanatarajia karibu 20 zaidi kuja mtandaoni hivi karibuni, hivi karibuni China ilileta moja ya mipango yake ya biashara ya uzalishaji mtandaoni. Ukuaji wa masoko makubwa ya kaboni bado uko katika hatua za mapema. Kwa mara ya kwanza katika 2021, mifumo ya biashara ya uzalishaji (ETS) ilizalisha mapato zaidi kuliko ushuru wa kaboni. Kulingana na Benki ya Dunia. ETS ilizalisha karibu dola bilioni 55 mnamo 2021. Kiasi cha soko la ETS, kulingana na MSCI, ni dola bilioni 270. Credit Suisse inasema takwimu hii inaweza kufikia zaidi ya $ 1 trilioni katika miaka ijayo, ikiendeshwa na bei ya juu ya kaboni na upanuzi wa chanjo ya uzalishaji, wakati thamani ya biashara inaweza kuwa mara nyingi ya hiyo, ikiendeshwa na upatikanaji bora na uwiano. Tunaamini nafasi hii itakua na hapo ndipo kuna fursa. """Soko la kaboni duniani limepitia mabadiliko katika mwaka 2022 kutokana na mazingira ya jumla na shinikizo la soko la mtu binafsi, lakini fursa bado inabaki, hasa wakati serikali zinaongeza kasi kuelekea kiwango cha sifuri cha kaboni ifikapo mwaka 2050." Kwa ujumla, kila mwaka serikali zitapunguza mipaka, au kiasi cha uzalishaji wa vyombo vinavyoidhinishwa kisheria, hivyo kupunguza utoaji wa vibali katika masoko mbalimbali ambayo yanapaswa kusababisha bei ya juu ya kaboni. "Ikiwa kampuni hazitaweza kukidhi mipaka ya uzalishaji iliyopangwa, haswa kwani mipaka hupungua kila mwaka, watalazimika kulipa bei inayoweza kuongezeka kununua mikopo zaidi ya kaboni au kukabili faini kubwa na adhabu. """ Hii itaunda mahitaji kutoka kwa makampuni ambayo yanaendelea kuchafua. Sababu za nje kama vile tofauti katika hali ya jumla ya kiuchumi itaathiri bei. Ikiwa Pato la Taifa linashuka, mahitaji ya mikopo ya kaboni yatashuka, kinyume chake ikiwa Pato la Taifa linakua kutakuwa na mahitaji zaidi ya mikopo. Wakati mwingine inaweza kuwa muhimu kurekebisha sheria za mifumo, ikiwa ni pamoja na zile zinazosimamia offsets na mifumo ya utulivu wa soko, ambayo itaathiri bei ya mikopo ya kaboni. Carbon kama darasa jipya la mali ya uwekezaji Maslahi ya wawekezaji katika masoko ya kaboni yanaongezeka haraka. Kulingana na Taasisi ya Chartered Financial Accountants (CFA), kaboni inaonyesha mapato ya kihistoria ya kuvutia na uhusiano mdogo na madarasa mengine ya mali, na kuifanya kuwa ya kuvutia kama sehemu ya kwingineko ya kuenea. Kwa kuongezea, kwa sababu ya vigezo vya muundo wa ETS, pamoja na lengo la bei ya juu na uzalishaji wa chini, kuna kesi inayoeleweka na ya kimantiki kwa malipo ya hatari ya carbon. Wataalamu wengi huona kaboni kama darasa la mali linalotokea. "Makampuni ya utafiti ya McKinsey na Johnson na Johnson, ambayo yanaendelea kuendeleza soko la kaboni, yalisema: ""Kile kinachotushangaza ni kufanana na maendeleo ya masoko mengine ya bidhaa, iwe ni maharagwe ya soya, tumbo la nguruwe au gesi ya asili.""" Katika soko la bidhaa, wawekezaji na taasisi za kifedha zina jukumu muhimu katika kutoa uwiano, kusaidia kugundua bei, kulinganisha usambazaji na mahitaji kwa muda, kuwa wauzaji wa soko. Kama ilivyo kwa soko la bidhaa, tunafikiri soko la kaboni litabadilika kwa njia ileile. "Kama ilivyoelezwa hapo juu, ""Credit Suisse inaendelea kusema kwamba kaboni ni darasa la mali linaloibuka ambalo linaweza kushindana na soko la mafuta la ulimwengu kwa ukubwa."" - Credit Suisse, Voluntary Carbon Markets (VCM) " Soko la hiari la Australia limekuwa suala la ukosoaji wa marehemu kwa sababu kadhaa. Ni muhimu kutambua kwamba VCMs si ETSs. VCCs ni mara nyingi si umewekwa na serikali (Australia kaboni mikopo vitengo au ACCU ni umewekwa na Clean Energy Regulator), na mikataba kuwa kuuzwa ni kuitwa kaboni offsets. Hata inawezekana kwa watu binafsi kununua kiasi cha kaboni. Unaweza kuwa na kuona cheki-sanduku kwenye fomu ya agizo la mtandaoni ambayo inaruhusu wewe kuchagua kulipa kodi ya kaboni kwa ajili ya utoaji wako. Baadhi ya mashirika ya ndege kukupa chaguo la kununua carbon offset kwa ajili ya ndege. Mikataba ya offset ya kaboni inawakilisha udhamini wa mradi ambao unamaanisha kupunguza kiasi cha kaboni inayotolewa, ambayo hutumika kusawazisha uzalishaji. Miradi inayounga mkono mikataba hii ni tofauti; kuanzia mipango ya ukataji miti, mashamba ya jua, au jiko la kupikia safi. Kuna masuala yanayojulikana sana yanayohusu uhalali wa malipo ya kaboni. "Mwaka wa 2022, John Oliver alitoa kipindi chote cha Last Week Tonight kwa offsets ya kaboni, na kama anavyoonyesha kwa ucheshi katika kipindi hicho ""hafungui mdomo huu kupiga kelele habari njema."" ""Soko ni lisilo wazi na lisilo na udhibiti, na wauzaji katika fomu ya wakala wa kati wanashtakiwa kupata pesa kwa gharama ya sababu za mazingira. """ Baadhi ya mikopo imethibitika kuwakilisha kupunguza uzalishaji ambayo ilikuwa ya kutiliwa shaka katika hali bora. "Hii ni changamoto kwa wanunuzi kujua kama wanalipa bei ya haki, na kwa wauzaji kusimamia hatari wanayochukua kwa kufadhili na kufanya kazi kwenye miradi ya kupunguza kaboni bila kujua ni kiasi gani wanunuzi watalipa kwa ajili ya mikopo ya kaboni. ""Kinyume na vyeti vya kaboni katika ETS, ambapo sheria huwekwa na mamlaka za umma za kitaifa au kimataifa, soko la kaboni la hiari halina chombo cha utawala." Bei haitegemei mahitaji au mahitaji yoyote. "Kama vile ilivyo kwa ""Carbon Neutral"" au ""Carbon Neutral"" au ""Carbon Neutral"" au ""Carbon Neutral"" au ""Carbon Neutral"" au ""Carbon Neutral"" au ""Carbon Neutral"" au ""Carbon Neutral"" au ""Carbon Neutral"" au ""Carbon Neutral"" au ""Carbon Neutral"" au ""Carbon Neutral"" au ""Carbon Neutral"" au ""Carbon Neutral"" au ""Carbon Neutral"" au ""Carbon Neutral"" au ""Carbon Neutral"" au ""Carbon Neutral"" au ""Carbon Neutral"" au ""Carbon Neutral"" au ""Carbon"" au ""Carbon"" au ""C"" au ""Carbon"" au ""C"" au ""C"" au ""C"" au" Hii ni tofauti na wachimbaji wa dhahabu au wazalishaji wa nikeli, matokeo yao ya kifedha yanahusiana na bei ya chuma wanachozalisha. Kwa njia hii ni vigumu kwa wawekezaji kupata masoko ya kaboni. VanEck ni kutoa wawekezaji kwamba nafasi. VanEck Global Carbon Credits ETF (Synthetic) (XCO2) ni njia ya ubunifu kwa wawekezaji wa Australia kupata faida kutoka kwa mabadiliko ya bei ya kaboni. XCO2 ni index ya kimataifa ya carbon futures, ambayo ni index ya bei ya kaboni kutoka kwa masoko manne ya baadaye ya kaboni ya biashara ya biashara ya biashara ya biashara ya biashara ya biashara ya biashara ya biashara ya biashara ya biashara ya biashara ya biashara ya biashara ya biashara ya biashara ya biashara ya biashara ya biashara ya biashara ya biashara ya biashara ya biashara ya biashara ya biashara ya biashara ya biashara ya biashara ya biashara ya biashara ya biashara ya biashara ya biashara ya biashara ya biashara ya biashara ya biashara ya biashara ya biashara ya biashara ya biashara ya biashara ya biashara ya biashara ya biashara ya biashara ya biashara ya biashara ya biashara ya biashara ya biashara ya biashara ya biashara ya biashara ya biashara ya biashara ya biashara ya biashara ya biashara ya biashara ya biashara ya biashara ya biashara ya biashara ya biashara ya biashara ya biashara ya biashara. Jedwali hapa chini inaonyesha uhusiano wa carbon siku zijazo ikilinganishwa na madarasa mengine ya mali. Katika meza hii, 1 ni sawa na 1 kwa sababu ya uhusiano wa kawaida. Kadiri idadi inavyokuwa ndogo, ndivyo uhusiano unavyokuwa mdogo. Uwekezaji katika ETF huchukua hatari zinazohusiana na: ASX tofauti za wakati wa biashara, hatari ya soko, hatari ya mkusanyiko, hatari ya mkakati wa siku zijazo, hatari ya cap na biashara, hatari ya sarafu, hatari za kisiasa, udhibiti na kodi, shughuli za mfuko na kufuatilia index. Angalia PDS kwa maelezo zaidi. Kama kawaida, ikiwa unafikiria kuwekeza katika VanEck Global Carbon Credits ETF (Synthetic), tunapendekeza uongee na mshauri wako wa kifedha au broker wa hisa. Kwa maelezo zaidi, tafadhali wasiliana nasi kwa kutumia: +1@gmail.com au +1@gmail.com au +1@gmail.com