The ICE daily CER went into a screaming tailspin on Tuesday, closing at 0.46 EURO (-24.59%). We've gone through the predicted pattern of events: Doha is finished with no wide international agreement, the UN offset market now exists mostly for PR until countries come together again to reduce the core problem of climate change in a unified manner sometime during the next 3 to 7 years... so now it's a race to the bottom. You could see this coming so no surprises here, only disappointment. There will be some trading action during the true-up period but it seems that national green tariffs and subsidized renewable energy measures/incentives from governments will need to overtake carbon credits as the driver to start new projects. At least until such time that carbon credits become valuable enough to be relevant again. Until that time, UN offsets are just cheap paper for traders to earn money on volume swaps and options.