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Monday, December 07, 2009 5:39:33 PM
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Last Friday, carbon hit its highest level since four months as rising oil prices drove sentiment, with fuel-switch
economics contributing to the upward movement. The December 2009 contract closed the day at €15.55 up €1.15
from the previous week, while the December 2009 UN-backed certificates closed at €12.55, up €1.05. Meanwhile,
discussions about the successor agreement to the Kyoto Protocol continued, with the U.S. recommending specific
targets for countries such as China and India after 2012. China seems more ready to abandon its resistance to
limits on its carbon emissions and wants to reach an international deal to fight global warming. Last week, the
country emphasized the importance of improving energy efficiency under the U.N.’s new deal. Also last week,
UNEP Risoe cut its forecasts for issued CERs by 4% with respect to its previous forecast, though the agency noted
an increase in the number of CDM projects in the pipeline over the past two months.
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