How carbon-cutting Drax manages currencies and credit

There is no obvious connection between the port of Baton Rouge in Louisiana and the town of Selby in Yorkshire, England. But there is a thread – of commerce, carbon dioxide and currency hedging – linking the two.

The fields southeast of Selby are home to the UK’s largest power station. Originally a coal-fired plant, it began transitioning to wood pellets as a fuel source eight years ago, in an attempt to reduce its carbon emissions – the bulk of those pellets are shipped to the nearby