Saturday, 25 March 2017
Last updated 3 hours ago
Feb 9 2009 | 9:41am ET
Carbon broker Newedge Australia on Friday announced the country’s largest carbon trade to date – 50,000 tonnes sold forward at A$21.00 ($13.64) per tonne.
The broker did not name the parties involved in the trade.
The transaction in Australian Emission Units (AEU) was for settlement on November 1, 2011, making it the first transaction for 2011 settlement under Australia’s proposed cap-and-trade carbon emissions trading scheme, to be introduced mid-2010. An AEU is the basic unit that can be traded under the scheme.
The Australian government announced in December it would allow companies to import unlimited Certified Emissions Reductions (CERs) to offset greenhouse gas emissions. CERs are issued by the executive board of the Clean Development Mechanism (CDM) for emissions reductions achieved via CDM projects under the rules of the Kyoto Protocol.
CER prices have lost about 60% in the past six months, as production cuts by polluters have reduced demand for carbon credits to offset emissions.