Carbon markets prove resilient surviving energy crisis, inflation spike - Kraneshares' Luke Oliver
- Past political crises that could have harmed carbon markets have actually left them stronger, said Luke Oliver, head of strategy at KraneShares. Oliver's company manages funds focused on energy transition, including cap-and-trade carbon allowances. Kraneshares' funds track the most-traded carbon credit futures contracts: European and North American cap-and-trade programs such as the European Union Allowances and the California Carbon Allowances.
Investments in environmental-based funds have received criticism. In February, Texas State Comptroller Glenn Hegar urged employee pension funds to cut ties with investment firms that were deemed unfriendly to oil and gas companies. "2022 was a heck of a year," said Oliver. "We had an invasion in Ukraine, we had an energy
crisis in Europe, and the European program came out stronger and tighter. In California, we had rampant inflation and the program came out stronger, so I think the political risk is actually quite low because we've seen [the markets] tested incredibly." Oliver said the carbon markets are also receiving more headwinds, noting the boost in investment in renewables due to the Inflation Reduction Act.
"[Kraneshares] is focused on energy transition," said Oliver. "It's underway; it's happening, it isn't a discussion anymore."
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