Carbon emissions trading up 41%

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The volume of carbon emissions traded in the first half of 2008 was 41 per cent higher than in the same period of 2007, according to the International Emissions Trading Association (IETA).

In its report, Greenhouse Gas Market 2008, the IETA reveals that 1.84 billion tonnes of carbon emissions or equivalent were traded in the first six months of 2008 compared to 1.2 billion for the first half of 2007.

Trading during the first half of 2008 also amounted to 94 per cent of the total trading in 2007, the analysts behind the report, Point Carbon, said.

The European Trading Scheme’s share of the market total grew to 70 per cent of global volume total from 67 per cent last year, though the document anticipated other markets would speed up.

“While the EU ETS retains the largest share of the world carbon market, we may expect the fastest growth to take place elsewhere,” claimed the report.

IETA also stated that proposed reforms for the third phase of the European Union’s Emissions Trading System (ETS) aimed to cut EU emissions to 80 per cent of 1990 levels by 2020.

“These proposals reflect an ambition to transform the EU into a low emissions economy and to encourage other countries to come to agreement on a regime to succeed the first commitment period of the Kyoto Protocol (2008-2012),” claimed the report.

Delegates from around the world are currently in Poznan carrying out negotiations for the treaty that will replace the Kyoto Protocol when it expires in 2012.