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The Low Carbon Economy Ltd

11 Dec 2007 05:12:00

Global carbon market 'set to hit' $70bn

Global carbon market 'set to hit' $70bn
Next year could see the global carbon trading market worth as much as $70 billion (£34 billion), according to an industry expert.

The estimate represents an increase in the earlier prediction by Andrei Marcu, president of the International Emissions Trading Association (IETA), of the market expanding to $60 million (£29.4 billion) in 2008, Reuters reported.

And while the majority of the trading comes within the European Union's Emissions Trading Scheme, a sector expert told the website that a global popularity in trading was fuelling the increase.

"So much capital is chasing projects that I think more projects are happening because more people are moving into the market," IETA board member, Lee Solsbery, told the website.

"The market is robust because they expect governments to act and if that expectation is doused, that would be a blow to the market," he warned.

According to the World Bank, the size of the global trading market tripled between 2005 and 2006, increasing in size to $30 billion (£14.7 billion).ADNFCR-1235-ID-18390223-ADNFCR

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