Issues related to climate change are making headlines as hot topics in the news around the world. Below we have summarized some of the significant events that occurred over the past week:

Prices and Markets:

• The Chicago Climate Futures Exchange has completed the first exchange-traded Regional Greenhouse Gas Initiative (RGGI) contracts in permits to emit carbon dioxide under a U.S. cap and trade scheme. But the RGGI scheme, which formally launches on Jan. 1 2009, caps carbon emissions by power generators at higher than historical levels, and as a result will not drive serious emissions cuts, said analysts.
• European emissions prices have climbed over 15 percent in the past two weeks on firmer energy prices and renewed confidence in the carbon markets after bottoming out at a 5-month low in early August, traders said. Benchmark European Union emissions allowances (EUAs) have added back some 3.50 euros since hitting 20.41 euros a tonne on August 5, the lowest level seen since March 5. The EUA-CER spread widened this week as a result.
• Effective immediately, the Chicago Climate Exchange will halt all trading of the emissions permits (EUAs) issued under the European Union’s Emissions Trading Scheme, it said in a statement. There is currently no open interest on the contracts and volume has been minimal since their launch last September.

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