The ICE daily CER fell 6 cents on Wednesday, closing at 0.75 EURO (-7.41%). The Doha conference has fallen into the predictable impasse of arguing. Russia has declared it won't agree to new emissions capping commitments under Kyoto, while the USA continues to filibuster on international cooperation as in previous years. From the Doha evidence thus far, major emitters continue to lack the political will to address climate change in a meaningful way and prefer to compartmentalize the issue inside the broader topic of trade and commercial competitiveness. Cheap ERUs and CERs continue to flood the market particularly through JI's Track 1 back door, and this looks to accelerate for the rest of the year. There will be no demand spike for carbon credits to effectively offset supply growth, due to the global economic slow down. The fundamentals exist for a tough final few weeks for carbon prices this year, barring the occasional dead cat bounce... unless there's a game changing market decision somewhere.