Carbon Finance

The market and legal aspects of carbon finance

  1/2 day
Course objectives

  • Know the legal specificity of carbon markets
  • Understand the elements of quotas qualification in the law
  • Identify the key points of the documentation used for the negotiation of futures on quotas
Course content

Carbon finance and regulation

  • The different types of emission quotas
  • The different carbon markets
  • Who regulates the carbon finance?

Elements of legal qualification of greenhouse gas emission quotas

  • The issue of qualification of the emission quota
  • The adopted solution for the qualification of the quota of emission

Quotas and trading of financial instruments

  • The quota, a financial instrument?
  • What financial market for quotas?
  • Documentation of futures on quotas of emission

The news about carbon finance

  • The 3rd phase of exchange of the ETS directive
  • Developments in MiFID 2
  • The contributions of the Banking and Finance Regulatory Act
  • The new Book VII of the General Regulations of the AMF “Regulated Markets admitting to trading of emission quotas”



Clément Saudo

Clement is an attorney with the law firm Gide Loyrette Nouel. He intervenes in the negotiation of agreements for financial futures including on FBF and ISDA, on operations of credit derivatives, on litigation related to derivatives and more generally on post-market issues and on the rules governing the organisation of banking or financial actors.

Clément Saudo also teaches :