European Carbon Market Waning
Fewer markets are accepting UN Certified Emissions Reductions, (CER) credits created from investment in carbon-reduction programs, as programs from China to California adopt their own standards, according to Bloomberg Businessweek.
In Europe’s $54 billion market has a record glut of credits, with utilities and manufacturers possibly reaching the limit on the CERs they can use by March 2015, data from Bloomberg New Energy Finance show.
“The CDM’s been on life support since 2011, when it became clear that CER demand would be hit by the growing glut of European Union allowances,” Gareth Phillips, chairman of the Project Developers’ Forum lobby group, whose members include OAO Gazprom’s trading unit and Mitsubishi Corp. told Bloomberg.
Prices dropped 47 percent since the end of December, the worst start to a year since 2008 when trading began on the ICE Futures Europe exchange and compares with a 39 percent jump in EU permits.
Photo: Free Grunge Textures Flickr photostream
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