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Uncertainty, risk and complexity concerning offsets are curbing prices and demand, despite stability and optimism in California's carbon market, according to panellists yesterday at Navigating the American Carbon World in San Francisco.

A London-based energy brokerage has appointed a new options broker, who will focus mainly on carbon, oil and gas.

California carbon allowance prices have drifted since the last auction in February amid lacklustre trading, which saw several days of inaction before 1.1 million tonnes traded on Wednesday.

California's cap-and-trade programme took a step towards the issuance of the first offset credits, with the announcement on Friday of the first credits from voluntary projects to be accepted as compliance instruments.

A veteran of a leading environmental markets brokerage has struck out on his own to establish a financial services company focusing on renewable energy credits and US carbon markets.

California's carbon market was boosted on Friday by auction results that revealed strong demand for allowances.

California's carbon market has seen robust prices during its first official month of trading, although allowance and offset prices have so far failed to respond to last week's court decision to reject an attempt to invalidate the offset protocols in the state's cap-and-trade programme.

A leading oil broker has bucked the trend of consolidation in the emissions markets by setting up an environmental products desk to broker carbon emissions and biomass.

California regulators have approved the American Carbon Registry and the Climate Action Reserve as offset project registries to evaluate credits to be submitted for compliance with the state's cap-and-trade programme.

It's been another tough year in the carbon markets – but the winners of Carbon Finance's 2012 Annual Rankings, including Standard Bank's Geoff Sinclair, are determined to ride out the trough. Peter Cripps reports