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Emission Credits for March Drop to Record as ERU Supply Surges

Certified Emission Reduction credits for March dropped to a record as supply of Emission Reduction Units surged to 430 million metric tons.

ERU supply is 43 percent more than previously announced on websites run by countries including Ukraine and Russia, as well as the United Nations.

CERs for March dropped 14 percent to match the all-time low of 56 euro cents ($0.71) a ton on the ICE Futures Europe exchange in London. March is the futures contract that’s closest to the April 30 deadline for companies in the European Union carbon market to surrender carbon permits and offsets matching their 2012 discharges in the European Union carbon market. EU permits for December declined 2.4 percent to 6.84 euros a ton.

ERUs for December dropped 13 percent today to 49 euro cents on ICE. They fell as low as 40 cents on Nov. 15.

ERU credits have plunged 91 percent since the end of November last year, as muted levels of economic production in the European Union trimmed demand, and supply of the credits swelled. The offsets are generated by clean-technology projects in developed countries that reduce pollution in line with limits set by the 1997 Kyoto Protocol.

Supplies of ERU offsets may rise above 500 million tons by the end of the year, according to Wolfgang Seidel, chairman of the UN-overseen Joint Implementation Supervisory Committee, who was speaking at a press conference at climate talks in Doha.

He had earlier confirmed the current supply level, which is about 130 million tons more than figures published by the UN Framework Convention on Climate Change and on websites of supplying nations, Matthew Cowie, an analyst in London for Bloomberg New Energy Finance, said today in an e-mailed note.

New Energy Finance boosted its forecast for ERU and Certified Emission Reduction use in the EU market for 2012 to as much as 800 million tons from 450 million tons previously.

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