First ERU auction almost five times oversubscribed

Trading of emissions reduction units (ERUs) was 4.78 times oversubscribed at the first auction last week held by financial services company Citi and environmental trading exchange BlueNext. Until this auction, there has been little trading activity and almost no price transparency for ERUs. "This auction is a step forward in providing the information necessary for both buyers and sellers to make the investments in the underlying Joint Implementation projects that will expand the supply of ERU