Carbon Trading Doubles, EU Hits $50bn, says World Bank
Carbon trading was worth about $64bn last year, after a sharp rise in numbers of transactions in the fledgling market for greenhouse gases, the World Bank says.
In its annual review of the emissions trading market, it said the value of trades more than doubled from 2006 to 2007. EU ETS (the European Union’s emissions trading scheme) made up the bulk of the market, as it has since its inception in January 2005.
Transactions under the EU ETS nearly doubled, as did the value of carbon permits sold by the scheme. Last year, 2.1bn EU permits changed hands, against 1.1bn in 2006. The total value of trades was $50bn, against $24bn the previous year.
Under the EU ETS, enterprises in energy-intensive industries are issued with permits to produce carbon dioxide: if they want to emit more than their quota, they must buy permits from companies with spare permits.
There was a slowdown in the rate of growth of the rest of the emissions market, which is mainly made up of sales of carbon credits under the United Nation’s Kyoto protocol.
About 551m new carbon credits were sold last year, with a value of $7.4bn and 537m credits the previous year, valued at $5.8bn.
The secondary market for UN credits flourished, with 240m sold last year for $5.4bn, compared with 25m for $445m in 2006.
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