Global carbon market more than doubled in 2007
COLOGNE: The global carbon market more than doubled in 2007 from 2006 to $64 billion, the World Bank said in a study issued on Wednesday. The centerpiece, the European Union emissions trading program doubled in value to $50 billion from a year earlier, the study said. The Kyoto offset market, which consists of emissions reductions achieved outside the industrialized world, also more than doubled last year to $13.4 billion. "It would be a shame for the world to lose this momentum now," said Karan Capoor, the main author of the study.