Australia's voluntary Green Electricity Market (GEM) has been scrapped just two years after going live in 2001. GEM provided an internet based portfolio management and trading platform for renewable energy certificates (RECs). "The climate for environmental markets was such that it was no longer feasible to continue operating for another year," is the reason given for the closure by Simon Mathis, chair of GEM's governing board. "GEM was a world first. Its evolution and growth from an experimental REC spot-market to a mature liquid marketplace was hampered by key policy decisions, " adds Philip Bradley of M-co, the company which administered GEM.