UN Emission Reduction Units Fall to Record on EU Vote Wagers - Businessweek
United Nations Emission Reduction Units erased losses after falling to a record on speculation that the European Commission may vote to ban the carbon credits at a meeting of national climate experts tomorrow.
ERUs for December fell as much as 40 percent before closing unchanged. The European Union’s regulator postponed its vote on a revision of the bloc’s carbon registry rules from the next meeting of the Climate Change Committee, according to two people with knowledge of the matter. The Commission confirmed the delay in a statement published after the close of trading.
ERUs for December fell as low as 15 euro cents ($0.20) a metric ton on London’s ICE Futures Europe exchange, its biggest- ever fall and the lowest price for any carbon credit or permit since the second phase of the market started in 2008. The contract later closed at 25 cents.