UK-based Trading Emissions has recorded a pretax loss of £232m compared to a profit of £194m in the previous year due to falling carbon prices.

The drop in carbon prices to around €13 per ton from €20 has meant its net asset value per share fell to 150 pence from 227 pence.

The company, which specialises in renewable energy projects and emissions instruments, has said countries will offer more commitment to climate change efforts at the United Nations summit in Copenhagen, but that there will be very little detail on measures, reports Reuters.

Leaders will gather in Copenhagen in December to thrash out a replacement for the Kyoto Protocol, under which companies can invest in clean energy projects in developing countries. In return, they will receive Certified Emissions Reduction Credits (CERs) from the United Nations (UN) that they can sell for profit.