United Nations carbon credits hit an all-time low of 7.13 euros a ton on Friday as a result of the glut in emissions permits. The debt crisis and slowing economic growth, combined with the EU's continued issuance of new offsets at a record rate, has led to a "crisis of confidence," according to one trader. Producers of greenhouse gases buy certified emissions reductions (CERs) to meet Kyoto Protocol emissions caps, which help pay for projects in the developing world, but the weak economy has led to an over-supply of offsets. "From a logical point of view, CERs are close to marginal cost and selling would not make sense unless you are monetizing some of your portfolio," said one trader. According to Reuters, the price will likely continue to fall to about 7.05 euros, and some analysts say that CERs may fall to 4 or 5 euros over time. For the full story, see http://www.reuters.com/article/2011/10/14/us-carbon-price-idUSTRE79D15T20111014. For the story on the future of pricing in the carbon market, see http://www.reuters.com/article/2011/10/14/us-carbon-price-snapanalysis-idUSTRE79D33W20111014.