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MF Global Weekly CDM & VER Market Summary 7th – 13th September 2009

Voluntary trading has seen an encouraging resurgence following the return of market participants from the summer break. Increasingly bullish VER offers were the hallmark of the week with demand starting to catch up with recent vintage pre-CDM RE VCUs $3@4. Charismatic pre-CDM VCUs are $4@$5.25 bid/offered while pure and non RE VCUs are $1- $2 lower. Forestry offsets of all methodologies are receiving interest however considerable project volumes and complexity combined with delivery risk are promoting a cautious approach from buyers. Forestry credits are currently $4@$9 bid/offered. African credits remain on buyer wish lists despite a lack of issuance, $5@$10 bid/offered depending on project.

US Climate Reserve Tons are still highly sought after with demand increasing from spec players. Ag. Methane and Forestry credits remain choice, though a lack of volume and issuance is driving interest in 2009+ forward strips of LFG credits, trading around $6.50/$7.25. On exchange, the CCX CAR-CRT Futures Dec10 V09 settled at $6.75; while the CCX CAR-CRT Dec10-Dec15 vintage 09 strip settled at $6.95: both with no volume traded.

Gold Standard interest persists though the delayed issuance of African projects is pushing buyer demand towards alternative projects both from non typical locations and/or cheap issued offsets. African spot credits are

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