Dubai seeks $10 pricing for carbon credits

Dubai: Dubai is targeting a price of $10 (Dh36.78) for credits it hopes to earn from United Nations emissions offset projects as markets recover, according to the chairman of the government-sponsored Dubai Centre for Carbon Excellence.

"Although markets are suffering, this is perceived as a short-term issue," Waleed Salman said yesterday.

Long-term projections "foresee a doubling of such a rate," he said. UN Certified Emission Reduction credits have lost 71 per cent of their value in the past year.

CERs for December delivery closed unchanged at €3.64 (Dh17.13) a metric ton.