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Commodities in Focus Weekly - Does an instruction to issue delivery orders constitute conversion?
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Commodity trading is driven by demand for the commodity in question. Typically, such demand relates to physical consumption, however, the boom in many new commodity classes, which are intangible digital assets, is being driven by the very modern demands of an increasingly interconnected, tech-savvy and issues-conscious global consumer base.
A prime example is the development of the carbon markets in response to the global demand for solutions to tackle climate change by reducing and/or removing global greenhouse gas (GHG) emissions. 'Compliance' and 'voluntary' carbon markets have commodified GHG emissions into various forms of 'carbon credits', which companies are either required by law to purchase (in compliance carbon markets like the EU ETS) or purchase voluntarily (in voluntary carbon markets).
While climate change and GHG emissions continue to dominate the headlines, 2023 could be the year that biodiversity enters the spotlight as the next global commodity.