| Sourced From Bloomberg |
United Nations carbon credits rose the most in almost four weeks after the ICE Futures Europe exchange proposed that offsets used for settlement against its contracts must comply with European trading rules.
UN Certified Emission Reductions for December 2011 gained as much as 2.4 percent, the most since Nov. 15, to 11.50 euros ($15.21) a metric ton on ICE in London. The contract traded at 11.40 euros as of 5:20 p.m., recovering from a more than eight- month low of 11.13 euros earlier today amid lower volumes.
The planned change in the treatment of UN credits follows a Nov. 25 proposal by the European Union regulator to ban offsets generated by projects linked to industrial gases hydrofluorocarbon-23 and nitrous oxide, with effect from Jan. 1, 2013, ICE said yesterday on its website.
UN CERs can be used by emitters in the EU cap-and-trade program, the worlds largest, as a cheaper alternative for compliance with their pollution limits.
EU allowances rebounded from a one-month low of 14.68 euros as U.K. natural gas and German electricity rallied. Permits for December 2011 last traded at 14.90 euros, pairing their weekly loss to 0.9 percent.
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