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MUMBAI: After witnessing a trough for over six months, carbon credit prices in the spot market have finally improved to about euro 12 per unit.
Reports about European Union’s annual audits, showing a gap in demand for carbon credits, seem to have lifted prices up. Carbon credits - which are, basically, offsets of international emission trading schemes implemented to mitigate global warming - had touched a peak of euro 20 in October last year. Thereafter, prices had started to dwindle. It first dropped to euro 16 at the end of October 2008, and then further declined to euro 13-14 in December.
When prices bottomed out at euro 8-9 per unit early this year, a few companies sold large chunks of their issued carbon credits, fearing a further fall in the price. According to an industry expert, the price is expected to rise further to around euro 12-15, where it is likely to stabilise for the next few months. However, prices are unlikely to go back to the euro 20-levels.
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