Europe Leads Growing Carbon Markets, For Now

As the world’s financial markets slide from bad to worse, here’s a small silver lining to a pretty big grey cloud. According to European consultancy Point Carbon, the global carbon market actually grew 83% last year. In total, $125 billion of carbon credits — representing an estimated 4.9 billion metric tons of carbon dioxide equivalent — were traded from Europe to Australia in 2008. That’s not bad for a market that didn’t even exist 10 years ago. And with other CO2 schemes, notably some sort of U.S. federal system, expected in the near future, the dollar figure for carbon trading looks set to rise.

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