UN-backed carbon offsets hit fresh record low

Reuters
"Benchmark carbon credits backed by the United Nations plunged 11 percent to a fresh record low on Wednesday, taking a cue from a sharp drop in European Union emissions allowances amid uncertainty about an EU supply curb plan, traders said. The front-year certified emissions reductions (CERs) hit a record low of 2.92 euros ($3.57) in early trading, down nearly 11 percent from Tuesday's close. In the EU carbon market, the benchmark emissions allowance was trading down 6.4 percent at 7.19 euros at 0642 GMT. Traders attributed the fall in carbon prices to news late on Tuesday that the European Commission will not provide detail about the number of allowances that could be withheld from the oversupplied market when it unveils a set of proposals on July 25. ($1 = 0.8188 euros)" (H/T Climate Depot)