European Trading Emissions increase industy’s value.
The global carbon market was worth US$144bn in 2009, a rise of 6% on the previous year, the World Bank has announced.
Speaking at the seventh Carbon Expo in Cologne, it said the increase was achieved despite a challenging year for the world economically.
While releasing its State and Trends of the Carbon Market 2010 Report, it noted that the EU’s Emissions Trading Scheme was behind the market’s growth, with more than 6bn European Trading Emissions transacted last year, worth a combined US$118bn.
But the market didn't escape the effects of the global economic crisis with demand for carbon assets falling due to a decline in industrial output. There was more trouble for the industry as a reduction in accessing new capital almost ground project origination to a halt.
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