The ICE daily CER fell another cent on Monday, closing at 0.61 EURO (-1.611%). Doha is finished and the predictable outcome occurred - no real developments just a weak poster board agreement with everyone kicking the can for hard discussions in 2015... which in market terms is another lifetime. Kyoto Protocol still exists in the "true up period" when emitters engage in 2-3 years of horse trading to squeeze whatever Eurocents they can from the market before submitting their final emissions offset trading math to teacher. There is the flimsy "Kyoto Protocol 2" which to be honest is nothing more than a weak and redundant version of the EU ETS, allowing the EU to keep receiving cheap credits into their regulatory system until the rest of the world catches up to their leadership on climate change issues. But that will take some time and to be honest it could happen later than 2015. In the meantime we've got a UN program mushing its way through on crutches - until a major development happens in the USA or China or Japan to create real demand for Kyoto offsets. There is still action in the market but it's a race to the bottom as prices slip towards zero, the UN offset market is waiting for a serendipitous second chance before the inevitable happens.