Once again last month, the CDM pipeline operated at full capacity: 37.2 millions CDM offsets were issued in September, making last month the third highest month in term of issuance since CDM inception, behind January and August 2011. So far in 2011, 248.8 millions credits have been handed out by the UNFCCC Executive Board, exceeding by far volume issued in the past. In 2010. In 2009 and 2010, only 123.4 and 132.4 million CERs were respectively issued, for a total of 745.4 million issued to date.
According to our forecast, 88 registered projects are to issue 15.8 million CERs by October the 31st. Thus, next month issuance rate should be back to average observed price. And yet, until the end of this year, a registration peak is expected, due to the fact that project developers rush to have their projects having credit before the end of the first commitment period of the Kyoto protocol and this way avoid post 2012 uncertainties.