World Bank Reports Carbon Market Trends

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According the new World Bank Report, just out:- "The carbon market grew in value to an estimated US$30 billion in 2006 (€23 billion), three times greater than the previous year (see Table 1 - available here in pdf format). The market was dominated by the sale and re-sale of European Union Allowances (EUAs) at a value of nearly $25 billion under the EU ETS (€19 billion). Project-based activities primarily through the Clean Development Mechanism (CDM) and Joint Implementation (JI) grew sharply to a value of about US$5 billion in 2006 (€3.8 billion). The voluntary market for reductions by corporations and individuals also grew strongly to an estimated US$100 million in 2006 (€80 million). Both, the Chicago Climate Exchange (CCX) and the New South Wales Market (NSW) saw record volumes and values traded in 2006." The project-related voluntary carbon market segment cited includes, in addition to direct project contributions, what we, in the US, often refer to as the carbon "offsetting" business. So that's it: in total, a cumulative US$100 million worth spent, worldwide. Not yet world-changing, but it can only help. Perhaps in a few years the voluntary trades will be up by a two orders of magnitude, in which case we are moving toward the zone where results can register on the planetary scale. Image credit: CO2 Group Ltd. Via: CarbonFinance.org