Bogdan Tudorache

The carbon market, the Intercontinental Exchange Inc. (ICE), a daily market of 1 billion euros ($1.2 billion), will begin trading on the Dutch market Endex on June 7, Carbonexpert announced. Against the background of the announcement, but also of some increasing volumes, the carbon certificates market closed lower on Thursday at 38 euro/unit, marking a decline of 2.3%, according to the data consulted by energynomics.ro.

Stuart Williams, president of ICE Futures Europe, previously said the decision to shift the business into the European Union will help traders and investors “manage climate price risk in the most cost-effective and seamless manner,” according to Bloomberg.

The market is a key plank of the EU’s efforts to combat climate change. Volumes for futures and options contracts have more than doubled since 2015, ICE said in a statement on Monday.

The shift comes after the Brexit transition period ended on Dec. 31, cutting off access to most London trading from the bloc and jolting several major markets. European equities have moved to Amsterdam and Paris from London, while some derivatives contracts have shifted out of Europe altogether in favor of Wall Street platforms.

The development is a setback for the U.K.’s government’s bid to become a center for sustainable finance. In his vision for financial services after Brexit, Chancellor of the Exchequer Rishi Sunak has said he wants the U.K. to be a “world leader in the use of green finance,” and that Britain is preparing to issue its first green gilts.