Beyond 2012

One of the key successes of the European Union Emissions Trading Scheme (EU ETS) has been to drive momentum to the Clean Development Mechanism (CDM). Providing regular annual demand for CDM credits has given project developers a relatively stable and predictable slice of annual demand on which to base their investment decisions.

By contrast, government demand for CERs may occur at any point from now until 2015 when the final Kyoto true up period occurs obliging countries to surrender credits equ