Durban: breakthrough or damp squib?

The UN might be hailing Durban climate talks as a 'breakthrough,' but the reaction from the markets was distinctly damp. Plus solar prices continue to fall; EUAs lift; fracking in the US; hydro in Asia; and nuclear in China.

The climate talks in Durban that finished at the weekend were hailed as a "breakthrough" – a word used in the official statement on Sunday from the United Nations Framework Convention on Climate Change or UNFCCC. Justified or not? Well, the reaction in the markets was distinctly damp, with carbon prices actually falling 4 per cent on Monday.

The optimists gave as their first reason for claiming success at Durban the fact that the divide between the developed and developing countries in the emissions-control arena has narrowed and may soon close altogether.

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