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  • April 26, 2024 7:23 AM | Lauren LeMunyan (Administrator)

    [Washington, DC - April 24, 2024]The New York Stock Exchange was the focal point for pivotal discussions on climate policy and sustainable finance as the Environmental Markets Association (EMA), in collaboration with IntercontinentalExchange, hosted a landmark event on April 24, 2024. This sold-out afternoon drew industry leaders from finance, technology, and government sectors to explore innovative strategies for combating climate change and enhancing environmental market efficiencies.

    The event began with an inspiring keynote from Jennifer Ilkiw, President of ICE Futures, setting a dynamic tone for a series of in-depth discussions. A fireside chat followed, featuring Jon Binder, Deputy Commissioner of Climate Change, Air Resources, and Energy at the New York State Department of Environmental Conservation, and Mike Kierstead of IntercontinentalExchange, highlighting the importance of joint efforts in environmental advocacy.

    One of the day's main attractions was the "New York Cap & Invest (NYCI) Panel," moderated by Mike Kierstead. Panelists included Jon Binder, Yuhau Lin, Vice President at Morgan Stanley, Jack Velasquez from Marex Spectron, and Dan McGraw, Head of Regulatory Analysis at Mercuria. This panel delved into cap-and-invest strategies, discussing their critical impact on shaping future climate policies and influencing energy markets.

    Additionally, the "REC Granular Certificate Working Group/Hydrogen 45v Panel" led by Harry Singh from Goldman Sachs, turned the spotlight on hydrogen energy and renewable energy certificates. Experts such as Patricia D'Costa of Google, Ben Gerber, President of M-RETS, Katie Soroye from LevelTen, and Dharik Mallapragada, Professor at NYU Tandon School of Engineering, shared insights on leveraging granular certification to foster innovation and efficiency in the hydrogen sector.

    The Round Table concluded with the ceremonial ringing of the NYSE closing bell and a cocktail reception, offering further opportunities for networking and reflection on the discussions.

    The Environmental Markets Association and IntercontinentalExchange express their gratitude to all speakers, panelists, and attendees for their contributions to this successful event. The discussions underscored the ongoing need for collaborative dialogue and action across industries to drive significant environmental and economic progress.

    About the Environmental Markets Association (EMA): The Environmental Markets Association is a leading organization committed to promoting market-based solutions for environmental challenges. EMA provides education, networking, and partnerships among stakeholders in environmental markets.

    Panel discussion recordings are available in the EMA Members Only Section.

  • April 03, 2024 9:06 AM | Lauren LeMunyan (Administrator)

    In this document, EMA emphasizes the need for well-designed environmental markets, which are crucial for promoting efficient, cost-effective, and growth-oriented investments. These markets are seen as proven tools for addressing economic externalities and fostering substantial economic development alongside achieving sustainability targets.

    In addition, the EMA's policy framework is built on key principles of market design which include openness, competitiveness, and tradability. The organization promotes open, non-discriminatory market access to production-based incentives, ensuring that all stakeholders can participate equitably. Competitiveness is fostered through enabling both producers and consumers to have choices in procurement and compliance. Lastly, the principle of tradability underscores the importance of floating, market-determined pricing and investment signals, facilitated through environmental commodity instruments like environmental attribute certificates (EACs). These principles are intended to create a dynamic and robust marketplace that can effectively meet environmental challenges while encouraging investments in sustainable development.

    Over the year, EMA and the Policy Advocacy and Market Principles committee will be developing supplemental resources for members and supporters to access and leverage in their education and outreach initiatives.

    More information can be found here.
  • November 24, 2023 12:37 PM | Lauren LeMunyan (Administrator)

    [November 24, 2023 - Washington, DC] -- EMA as a trade association represents a diverse institutional membership of on- the-ground industry practitioners delivering “real world” decarbonization solutions through the development, finance, and operation of sustainable infrastructure projects in the clean power, renewable thermal, and emission reduction sectors. Environmental Attribute Certificates (EACs), also known as Environmental Instruments or Environmental Commodities, such as Energy Attribute Certificates, Renewable Energy Certificates, Guarantees of Origin, Renewable Thermal Certificates, SAF Certificates, Carbon Allowances, Carbon Offsets, and Emission Reduction Credits, amongst others, facilitate critical primary or marginal revenue streams on top of underlying physical commodity sales that deploy new and support existing projects. Ultimately, all mitigation impact occurs at a project level, irrespective of whether it originates from a project finance, corporate finance, or public finance transaction. Trade of EACs enables increased collaboration amongst market participants and supports the efficient deployment of least- cost solutions.

    EMA’s position is that EACs are effective accounting instruments for conveying environmental attributes and effective delivery mechanisms for performance-based incentives & revenue for decarbonization solutions, irrespective of the transaction type (e.g., unbundled vs. bundled, spot vs. forward, etc.) in which they are conveyed. A detailed look at global environmental markets, whether they be in the compliance or voluntary space, reveals that almost all programs and transactions utilize EACs. This is because there is no better alternative to: (1) embody, track, convey, claim, and report the environmental attributes associated with physical interventions that promote decarbonization, while (2) rewarding those actions with quantifiable, measurable credit. EMA has submitted 18 pieces of evidence in accordance with our memberships’ practical experience and findings in building these markets. All 8 research questions have been answered in the context of this evidence submission. While each EAC and scope of corporate emission reduction clearly has its own nuances and considerations, the overarching concept of how EACs work and can be designed, or customized, to enable targeted decarbonization solutions remains ubiquitous in practice. EACs are a proven, successful, and powerful market-based policy instrument ready to further scale climate finance and corporate action.

    The EMA thanks the SBTi for its careful consideration of EACs as an effective tool to mobilize climate finance at a cost and scale necessary to achieve global net-zero ambitions in the timeframe required. EMA strongly recommends that the SBTi allow for and encourage the utilization of Environmental Attribute Certificates in the reporting and achievement of Scope 1, Scope 2, and Scope 3 corporate emission reduction strategies. Such an outcome will accelerate climate finance formation and mitigation action in line with SBTI’s Mission.

    Additional documentation and evidence can be accessed below:

  • September 20, 2023 2:46 PM | EMA Staff (Administrator)

    [September 20, 2023, Washington, DC] - The Environmental Markets Association (EMA) is proud to announce the re-election of Sean Barwin, Carbon Financial Services and Christian Hofer, Sol Systems. The two Board members were selected for a three-year term by the EMA membership during a five-candidate contest.

    Mr. Barwin and Mr. Hofer rejoin a robust roster of industry professionals on the Board including Jack Velasquez of Marex Spectron, Laura Duklewski of Constellation, Stephen McComb of IncubEx,  Ken Nelson of Blue Delta Energy, and Lance Titus of Uniper.

    The Board welcomes ideas, input, and participation from the membership through the three volunteer-led EMA committees: EventsMarket PrinciplesPolicy Advocacy


    About EMA

    The Environmental Markets Association is a 26-year-old pro-environment, pro-business, pro-competitive markets industry trade association with a mission to promote open, competitive and tradable market-based solutions to solve environmental challenges while simultaneously supporting sustainable economic development. EMA does this through education, advocacy, and networking opportunities for its members and the public. Learn more and join today at

  • June 26, 2023 3:06 PM | Lauren LeMunyan (Administrator)

    [Washington, DC – June 26, 2023] - The Environmental Markets Association (EMA) recently responded to a one-sided Washington Post article titled "Why buying renewable energy doesn't mean what you think" published on June 21st.

    In the letter to the Editor, EMA emphasizes the role of market-based programs in achieving environmental policy goals and endorses principles that emphasize transparent price signals, risk mitigation, innovation incentives, efficient allocation of resources, investor certainty, and ratepayer protection in well-designed markets.

    Regarding the concerns about renewable energy credits (RECs) in the article, EMA highlights the potential of tradeable REC products to efficiently allocate capital and reflect the environmental attributes of renewable energy. Market oversight ensures integrity and stability.

    The article failed to acknowledge extensive research supporting market-based programs or the environmental benefits and economic efficiency of renewable energy markets.

    The full letter to the Editor can be read below. EMA encourages its members to advocate and support market-based solutions and promote the principles that make environmental markets work as a pathway to a sustainable future.


    Dear Editor:

    On behalf of the Board of Directors and members of the Environmental Markets Association (EMA), we are writing in response to the one-sided nature of your article titled "Why buying renewable energy doesn't mean what you think" published in The Washington Post on June 21, 2023. While we appreciate the insights presented in the article, we believe it did not adequately address the broader context and the role of market-based programs in achieving environmental policy goals. 

    EMA, an organization that strongly supports the utilization of markets to achieve environmental policy goals, endorses several principles that are pertinent to the discussion at hand. These principles, as laid out by EMA, emphasize the benefits of well-designed markets, including transparent price signals determined through competition, risk mitigation opportunities, incentives for technological innovation, efficient allocation of capital and resources, investor certainty, and ratepayer protection. 

    One of the key points raised in the article is the concern about the effectiveness of renewable energy credits (RECs) and their ability to truly represent the environmental benefits of renewable energy generation. While it is true that not all RECs are created equal, the market-based approach advocated by EMA provides a framework to address these concerns. 

    Market-based programs, such as the tradeable REC products mentioned in the article, offer a mechanism for efficient allocation of capital and resources. They enable market participants to evaluate and respond to transparent price signals determined through competition. By fostering transparency, competition, and liquidity, market design can ensure that RECs accurately reflect the environmental attributes of renewable energy generation.  

    Moreover, market oversight, as endorsed by EMA, is crucial to ensuring the integrity and stability of these market-based programs. By establishing regulatory frameworks that oversee the trading and verification of RECs, market oversight helps address concerns regarding the quality and credibility of these instruments. Such oversight mechanisms play a vital role in maintaining investor certainty and ratepayer protection. 

    It is important to note that the article primarily highlights the challenges and potential pitfalls associated with renewable energy credits but fails to acknowledge the extensive research and practical experiences that support the efficacy of market-based programs, nor does it present any commercially viable alternative approaches. Several studies, including those conducted by reputable institutions have demonstrated the environmental benefits and economic efficiency of renewable energy markets including:   

    In conclusion, while it is important to critically examine and improve market-based programs, it is equally important not to dismiss their potential in achieving environmental policy goals. By adhering to the principles endorsed by EMA, we can enhance market design, foster transparency, and competition, and ultimately harness the power of markets to drive the transition to a sustainable future.   

    Thank you for your attention to this matter. I hope you will consider publishing this letter as a balanced perspective on the topic. 


    The Environmental Markets Association 


    About EMA:

    The Environmental Markets Association (EMA) promotes market-based programs for achieving environmental policy goals. EMA advocates for transparent price signals, risk mitigation, innovation incentives, efficient resource allocation, investor certainty, and ratepayer protection. Learn more at

  • May 01, 2023 4:55 PM | Lauren LeMunyan (Administrator)

    On April 28, 2023, EMA Board Vice Chair Christian Hofer of Sol System delivered a keynote speech at MIT's Sustainability Summit. During his talk on "The Ambition of Carbon," Hofer highlighted and amplified EMA's market principles as a critical component of making markets work.

    View the full presentation slide deck here.

  • April 24, 2023 11:06 AM | Lauren LeMunyan (Administrator)

    [April 24, 2023 - Washington, DC] On Monday, April 24, 2023, The Environmental Markets Association submitted comments to The Federal Trade Commission (“FTC”) regarding RIN 3084AB15 Regulatory review, request for public comment: Guides for the Use of Environmental Marketing Claims (“Green Guides”).

    Below is a brief summary of the submitted comments. The full comments can be viewed here.

    Dear FTC Commissioners:

    The Environmental Markets Association (“EMA”) appreciates this opportunity to provide input on the Green Guides related to the importance of maintaining integrity behind environmental attribute claims. Celebrating the 25th anniversary of our founding, the EMA is an industry trade association focused on promoting market-based solutions that utilize environmental instruments to solve environmental challenges. The EMA represents a diverse membership including large energy companies, renewable energy and carbon offset project developers, and environmental commodity market participants. EMA’s mission is to foster open, competitive, and tradable markets that deliver sustainable economic development in a cost-effective manner. In many ways, EMA’s recommended principles for market-based solutions, such as the importance of market oversight, closely align with the intent of FTC’s Green Guides. Whether it be in voluntary or compliance-driven environmental markets, it is essential to market stability and investor confidence that environmental marketing claims are not deceptive or fraudulent and do not undermine public trust. While our comments generally pertain to § 260.5 Carbon Offsets and § 260.15 Renewable energy claims, questions 1, 2, 9, 13, 17, 18, and 19 in Part A. General Issues and question 1 in Part B. Specific Claims are also addressed.

    The 2012 version of the Green Guides was an important step forward in the evolution of the carbon offset and renewable energy certificate (“REC”) markets. By providing guidance to sellers and purchasers on how to avoid misleading environmental marketing claims in relation to the sale, procurement, and retirement of these environmental credits, a straightforward framework was set that resulted in increased market confidence. This helped cultivate broader market participation on both the buy- side and sell-side, which has had a real-world positive economic development impact by supporting deployment of emission reduction and renewable energy projects through the creation of larger capital markets that finance sustainable infrastructure assets. Accordingly, the EMA strongly supports the continued use of the Green Guides and specifically, their support of market-based accounting when making environmental attribute claims. EMA suggests that only minor modifications are necessary to improve their effectiveness and decision usefulness. EMA further believes that it is not necessary to establish a rule-making that creates independently enforceable requirements as this would place the FTC in the inappropriate role of setting environmental policy.

  • March 06, 2023 1:26 PM | EMA Staff (Administrator)

    [March 6, 2023 - Washington, DC] - The Environmental Markets Association announced today that their 27th Annual Meeting will be held in Denver, CO on October 1-3, 2023 at the Omni Interlocken Resort & Spa.

    The location was selected to provide a central hub that inspires networking, connection and learning.

    Registration is now open and available at the following link: 27th Annual Meeting

    Attendees are now able to book their hotel at a rate of $209+ per night using the following reservation link:

  • February 24, 2023 3:42 PM | EMA Staff (Administrator)

    (February 24, 2023, Washington, DC) - The Environmental Markets Association announced today that they will be hosting a virtual Fireside Chat with Michael Macrae, Senior Manager, Scope 2, Greenhouse Gas Protocol.

    With the growing interest and mounting questions surrounding the upcoming GHG Protocol survey, this open discussion aims to provide clarity and clear direction for those looking to submit comments and feedback.

    The event will be held on Thursday, March 2nd at 3:00pm EST and is free to attend, but RSVPs are required.

  • November 25, 2022 1:14 PM | Lauren LeMunyan (Administrator)

    EMA Dues Fee Changes for 2023

    The EMA Board of Directors recently approved an increase in the corporate and individual membership dues for 2023. Membership dues have not increased since 2017.  This increase allows EMA to provide and sustain enhanced member benefits including building and establishing strong partnerships with like-minded organizations and members to further the expansion and efficacy of environmental markets as well as reinforcing the support for committee initiatives and deliverables. 

    EMA has always operated on an efficient and lean budget and these increased fees reflect the continuously rising costs of doing business.

    Lock in the 2022 Rate for 2023 (

    The Board would like to extend the existing 2022 renewal rate for those companies looking to commit and reinvest in EMA. Any company or individual who renews and pays their fee prior to January 31, 2023 shall be able to do so at the current fee as shown below:

    Starting February 1, membership dues will increase as follows:

    • Gold Corporate: From $5900 to $7500

      • Includes: 

        • 4 Voting Memberships (valued at $6000)

        • 4 Complimentary Annual Meeting Passes (valued at $7580)

        • 4 Complimentary Regional Round Table Passes Valued at ($500)

        • Unlimited Webinar Access to All Employees

        • Hyperlinked Logo on website

    • Silver Corporate: From $4400 to $5000

      • Includes: 

        • 4 Voting Memberships (valued at $6000)

        • 2 Complimentary Annual Meeting Passes (valued at $3000)

        • 2 Complimentary Regional Round Table Passes  (valued at $250)

        • Unlimited Webinar Access to All Employees

    • Bronze Corporate: From $2900 to $3500

      • Includes 

        • 3 Voting Memberships (Valued at $4500)

        • Member Rates for Annual Meeting and Regional Round Tables

        • Unlimited Webinar Access to All Employees

    • Green Individual: From $1095 to $1500

      • Includes 

        • Member Rate for Annual Meeting and Regional Round Table Registration Passes

        • Complimentary Webinar Access

    • Blue Organization (NGO, Academic, Government): From $598 to $750

      • Includes Unlimited Webinar Access to All Employees

    Being an EMA member continues to be a smart investment for the industry and your organization. We encourage you to take advantage of the many benefits offered as part of your membership. If you have questions, please email  

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