Powernext to launch spot contract for CERs

French energy exchange Powernext and financial institution Caisse des Dépôts are working together to launch the first exchange-traded spot contract for certified emissions reduction (CER) credits.

The launch is expected in the fourth quarter of 2007, pending the successful implementation of the UN's Independent Transaction Log (ITL), which will create a registry of issued CERs.

CERs are issued by the UN Executive Board to emission reduction projects. They can be sold to buyers looking to meet