Trading volume in United Nation Emission Reduction Units rose to a record on London’s ICE Futures Europe exchange after the European Union proposed a ban on the use of the offsets from April.
Almost 5.8 million metric tons of offsets had changed hands on the bourse as of 2:45 p.m., more than double the previous day’s volume, according to ICE Futures data.
Earlier, the EU proposed that ERUs from countries such as Russia and Ukraine should not be eligible in the bloc’s cap-and- trade system after April, raising the possibility that countries would try to sell more offsets before the ban comes into effect.
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