Intercontinental Exchange Inc. plans to move its 1 billion-euro ($1.2 billion) daily market for European carbon emissions contracts to the Netherlands from London in a blow to the U.K.’s attempts to build a green finance powerhouse after Brexit.

Stuart Williams, president of ICE Futures Europe, 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.