Wednesday, 10 February 2016
Last updated 1 hour ago
Feb 11 2009 | 6:52am ET
Allowances worth $118 billion for four billion tons of carbon emissions changed hands worldwide in 2008, according to investor information firm New Carbon Finance, an increase of 42% in the number of transactions over 2007.
Higher trade volumes and prices resulted in an 84% year-on-year increase in market value in 2008, according to the research firm, which analyzes the world’s carbon markets.
The European Union Allowance (EUA) market accounted for 70% of carbon emissions trading volume and 80% of value in 2008. One EUA permits the emission of one ton of carbon dioxide or an amount of any other greenhouse gas of equal global warming potential during a specified period.