The missing link

Two important trends are taking place in the market for Certified Emissions Reduction (CER) credits, which, if fully realised, could establish CERs as the global greenhouse gas (GHG) currency – and thus potentially become the basis of a global price signal for investment in emissions abatement.

The first, short-term trend is the increased commoditisation and standardisation of the instrument, which promises to increase liquidity and thus allow for better price discovery. The second, medium-te

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