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Carbon market grown by 40%

Carbon market grown by 40%

The value of the carbon market has risen by 41 per cent in the first half of 2008 compared to a year ago.

According to the International Emissions Trading Association (IETA), which released the figures at the UN climate change negotiations in Poland, a total volume of 1.84 billion tonnes of carbon dioxide, or equivalent, was traded in the first half of 2008.

In 2007, the same period saw just 1.2 billion tonnes traded, the biggest share of which was in the European Union's Emissions Trade System.

The organisation's Greenhouse Gas Market report drawn up with market analyst Point Carbon, also takes into account the carbon development mechanism and Joint Implementation markets as well as Australia's South Wales greenhouse gas abatement scheme, a system in Alberta, Canada and forthcoming US-based RGGI and an Australian federal system.

"While the EU ETS retains the largest share of the world carbon market, we may expect the fastest growth to take place elsewhere," claimed the report.

Delegates from around the world are in Poznan at the moment negotiating the climate change deal that will replace the Kyoto Protocol, which runs out in 2012.

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