Failed announcement on EU ETS generates uncertainty in carbon market

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Courtesy of Vital Efficienci Ltd.

Carbon traders criticise European Commission’s failed announcement on carbon credits for damaging investor’s confidence. The Carbon Markets and Investors Association (CMIA) has widely criticised the European Commission's change in its decision to ban the use of industrial gas offset credits in the EU’s emissions trading scheme (ETS), saying that the uncertainty could restrict the availability of credit for carbon emissions reduction projects.

The EU’s climate change committee announced on Friday that it had voted to ban the use of offset credits derived from projects to reduce HFC 23 and nitrous oxide, with effect from May 2013. The announcement followed a previous statement that said the controversial industrial gas credits would be banned from 1 January 2013, which was then cancelled half an hour later.

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