Phase II takes shape
Despite the EC's tough stance on Phase II national allocation plans, carbon prices are drifting downwards. The potential for legal wrangling and uncertainty over the importing of project-based credits could be to blame, reports Henrik Hasselknippe
Analysing the European carbon market in 2006 was a bit like riding a roller coaster. At first, (almost) everyone believed the market to be short, and prices rose to over �30 per tonne. After the accidental and unco-ordinated release of emissions data for 2005, the market realised it was most likely long for Phase I (2005–2007) and so the market lost about two thirds of its value in a matter of
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