We reported yesterday that the software linking the carbon trading schemes of the EU and United Nations will be ready before December, but now there seems to be greater certainty about the timing. The EU’s Executive Commission is looking at the Timing is of essence because 1 December 2008 marks the date for settlement of CER contracts and failure to get the link working by then will lead to defaults on contracts.
The link was supposed to go live eighteen months ago and the delay coupled with uncertainty about its status had created anxiety among the carbon traders. But now that there is greater clarity, market confidence seems to have been restored somewhat, which has manifested in higher CER prices – they increased by five per cent. Bloomberg reoprts that the prices of up by 4.4 per cent to reach their highest in a week at $35.95 on the
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