Carbon seems to be coming off. With some financial players properly trading the derivative products. By this we mean not the options market but the CERs and VERs which are often linked to EUA's (i.e Carbon prices). It is apparent that the CER market is growing much faster than players predicted and this means that the size of the CAP is growing causing prices to fall. Although we have not had full NAP sign off for EU countries, we are at the point of tinkering round the edges and this has meant that some NAPs have started to be bigger as a result of consulatation eg Ireland and Estonia.