Posted by: carbonara | September 23, 2011

Carbon market rallies on news of EC communications triumph

Dramatic stock image of smoke stacks similar to the one used by anyone saying anything about the EU ETS

Carbon traders appeared to take heart this morning on news that the European Commission had surpassed itself by being less clear and more contradictory in its policy communication than ever before. In the space of little more than 24hrs the message picked up by the press ranged from a tentative “perhaps” through to an authoritative “no” and back again to a reassuring “probably” on the issue of future bans on more CDM project types.    One trader was overheard looking on the bright side. “This is great progress by the Commission” he said. “In the past it has often been unclear whether the message is really unclear or just slightly unsure. This time there is total clarity in the unclearness of the message. I can take positions based on that”.

1. “EU to consider ban of coal and hydro CDM projects
Published: 21 Sep 2011 18:40 CET
The EU will next month consider whether to ban U.N. offsets sourced from coal-fired power stations and large hydro projects from the EU ETS, following an investigation into the environmental integrity of credits used by Europe’s biggest emitters. Xxxx Xxxx, an official with the European Commission’s climate department, said Wednesday that external consultants paid by the EU executive would complete a report in October on which types of offsets should be eligible for the bloc’s cap-and-trade scheme. The report could recommend a ban on offset-generating sectors including efficient coal-fired power stations and large hydro.”

2. “European Union Not Considering Bans on Additional CO2 Offsets
Sept. 22 (Bloomberg) — The European Commission is not currently considering any further restrictions on the use of United Nations carbon offsets in the European Union’s carbon market, Yyyy Yyyy, emissions trading coordinator at the commission, said in an e-mail.”

3. “EU will “probably” ban more offsets: Hedegaard
Published: 23 Sep 2011 11:17 CET Last updated: 23 Sep 2011 11:47 CET
The EU will “probably” ban more types of U.N.-backed carbon offsets from being used in its emissions trading scheme, the bloc’s climate commissioner told media in New York late on Thursday.”

[with apologies to Bloomberg and Point Carbon, who I hope won’t take offence at the reproduction of their work in the name of humour]

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