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UN Carbon Offset Daily Supply Rises Most in More Than a Year

The United Nations issued the most Certified Emission Reduction carbon offsets in more than a year, according to UN data compiled by Bloomberg.

The executive board of the UN’s Clean Development Mechanism, the body responsible for regulating CERs, delivered 9.3 million metric tons of credits to the market today, the UN data show. That’s more than 10 times as many as yesterday and the biggest issuance in a single day since Sept. 16, 2011.

Carbon offsets are generated by clean-technology projects in developing countries that reduce pollution compared with a business-as-usual scenario. Factories and power stations participating in carbon markets in the European Union, Australia and New Zealand may use CERs to meet part of their cap on greenhouse-gas emissions.

Supply of CERs is set to grow by a record 58 million tons in November as project developers and investors try to move as many offsets into the market before the compliance cycle of the second phase of the European Union’s emissions-trading system ends in April.

The flow of credits in December will probably fall compared with November, the UN data show. The CDM board is scheduled to issue 43 million new credits from Dec. 1 to Dec. 22, according to a timetable of requests for issuance on the UN website. That includes a further 29 million CERs from hydrofluorocarbon-23 and nitrous oxide projects, which will be banned in the EU from May. These two project types account for more than 60 percent of all offsets issued since the market began.

CERs for December rose as much as 5.1 percent to 83 cents ($1.07) a ton on London’s ICE Futures Europe exchange, and were at 82 cents at 12:19 p.m. They’ve fallen 97 percent from a record in July 2008 as demand fell in the wake of the debt crisis in Europe.

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