Global carbon market grows 80% in 2007

A total of 2.7 billion tonnes of CO2 equivalent (CO2e) was traded over the year, up 64% on 2006.

The European Union's emissions trading scheme (ETS) generated almost two-thirds of global traded volume, with 1.6bn tonnes CO2e, worth €28bn, changing hands. Most of the growth was in forward contracts for the second phase of the scheme, which runs from 2008 to 2012.

The other major market was the UN-administered clean development mechanism (CDM), under which 947m tonnes CO2e were traded, to a va