Contrast (-) (=) (+)
Size (-) (=) (+)

Carbon markets

International emissions trading is the first of three flexibility systems established in the Kyoto Protocol. It is a market-based mechanism that will allow countries to reduce emissions at the least possible cost to society, driving investment in research, innovation and technological improvements.

The situation of carbon markets has been marked by high volatility triggered in the EU ETS (European Union Emissions Trading System) since August 2011. The sharp fall in EUA (European Union Allowance) prices dragged down CER (Certified Emissions Reductions) prices, beginning a period of uncertainty on international markets that still continues. However, in this environment Repsol has successfully continued its policy of long-term coverage by purchasing carbon credits generated by two CDM (Clean Development Mechanism) projects in Taloja (India), by reducing N2O emissions in two nitric acid plants (WNAI and III).

With regard to our Group CDM projects, we continued with our policy on analyzing all potential development opportunities.