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Banking giant HSBC has ejected two Manx companies involved in carbon trading from its Climate Change Index because they had lost too much value.
A team of analysts from HSBC placed the bulk of the blame for the reversal of fortunes on failures by governments to come up with a timetable for a global climate deal at the United Nations summit in Copenhagen in December.
'Carbon trading was the major loser from Copenhagen', HSBC analysts said in their March 21010 Quarterly Index Review.
'Cap-and-trade needs hard targets and binding rules and Copenhagen delivered neither.'
The two companies ejected were Climate Exchange and Trading Emissions, which are both based in the Isle of Man and listed on the London Stock Exchange.
Climate Exchange owns the European Climate Exchange, the Chicago Climate Exchange and the Chicago Climate Futures Exchange.
The chairman of Trading Emissions, Neil Eckert, is also the chief executive of Climate Exchange.
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