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ARTICLE · 30 JUNE 2010

Torys on Climate Change

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The value of the global carbon market grew to more than US$143.7 billion in 2009, up from US$135 billion in 2008, despite a 0.6% decline in global GDP, according to a new World Bank report.

CanadaEnvironment
Patricia Koval
Patricia Koval
Dennis Mahony
Dennis Mahony
Michael Pickersgill
Michael Pickersgill
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Recent Developments

International

Global carbon market grows slightly in 2009

The value of the global carbon market grew to more than US$143.7 billion in 2009, up from US$135 billion in 2008, despite a 0.6% decline in global GDP, according to a new World Bank report. Driving this growth was an additional US$17 billion in allowance transactions in the European Union Emissions Trading System. This trading system is the world's largest allowance, or offset, market, with a value of more than US$118 billion in 2009. Notably, the market for Kyoto-recognized, project-based emission reductions dropped in 2009, particularly the market for primary and resale Certified Emissions Reductions – that is, the credits issued to voluntary emissions offset projects under the Clean Development Mechanism (CDM). This decline has resulted partly from bottlenecks in the CDM registration process and from the political uncertainty of the CDM and other Kyoto mechanisms after 2012.

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