CER weekly issuance hits new 2012 low
Weekly issuance figures for certified emission reductions (CERs) fell to a new low of 1.5m credits in week 14.
The figure marks a decline of 4% week on week after the previous week's 61% drop, according to data from the UN Framework Convention on Climate Change. Last week's issuance was the lowest this year so far, and the smallest figure in 22 weeks.
According to Thursday's ICIS assessment, the over-the-counter spot CER contract closed at €3.80/tonnes of CO2 equivalent, putting the value of week 14's issuance at only €5.70m.
A 270MW hydropower project located in northwest China received the greatest number of CERs last week - 202,575, or 13.5% of the weekly total.
Large hydro dam projects make up an increasing share of registered clean development mechanism programmes, and represented around a third of all projects by mid-2011. They are expected to generate 331m CERs this year - around 15% of the total issuance expected for 2012.
The UN lists China's Shaanxi Hanjiang Investment and Development as the project owner, while Dutch Green Hercules Trading - a subsidy of US-headquartered agricultural giant Cargill - is named as project participant. MLDB
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