Report shows value of global carbon trade soaring

At £30 billion (US$59 billion) in the first half of this year, the value of carbon traded on the world's markets has already almost doubled the total for the whole of 2007, the Guardian reported a market analysis group as saying.

The EU’s emissions trading scheme (ETS) accounted for 70% of the world’s trade in CO2, consulting group Point Carbon said. They added its share will grow further with the inclusion of aviation emissions in the scheme from 2012.

Point Carbon said that other markets in the US, Canada and Australia were also developing.

"The market is no longer immature and precocious, but rather advancing, geographically and in terms of financial sophistication," Endre Tvinnereim, a senior analyst at Point Carbon, was quoted as saying. "Unlike other sectors hit by a global downturn this year, the carbon market is in rude health."

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