Two important trends are taking place in the market for Certified Emissions Reduction (CER) credits, which, if fully realised, could establish CERs as the global greenhouse gas (GHG) currency – and thus potentially become the basis of a global price signal for investment in emissions abatement.

The first, short-term trend is the increased commoditisation and standardisation of the instrument, which promises to increase liquidity and thus allow for better price discovery. The second, medium-term