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Nov. 29 (Bloomberg) — United Nations emissions offsets fell to a four-month low as regulators of the worlds second- biggest carbon market allowed a record volume of credits to be issued today, mainly to projects previously held up for review.
UN Certified Emission Reductions for December 2010 dropped as much as 4 percent to 11.75 euros ($15.41) a metric ton, the lowest since July 29, and traded at 11.86 euros as of 2:35 p.m. in London. European Union allowances for December fell 0.1 percent to 15.06 euros.
The executive board overseeing the UNs Clean Development Mechanism issued 17.8 million tons of credits today, mostly to hydrofluorocarbon-23-cutting projects, according to UN website data. Thats the most for any single day and makes November the biggest month for new supply since issuance started in October 2005, according to IDEAcarbon, the London company that rates projects.
The UN regulator first halted supply to HFC projects in June following allegations some projects may be getting more credits than they deserved. The fact that UN board issued credits to HFC-cutting projects suggest its review was inconclusive.
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