In its latest quarterly analysis, New Energy Finance attributed the 21% drop in value to the recession, which has lowered demand for emission allowances and reduced carbon prices.
But, lower prices lead to more activity and, as a result, it believes 2009 volumes could post a 107% increase over 2008, with trading levels reaching 7,588 metric tons of carbon dioxide (MtCO2).
The report predicted the global carbon market would be worth $122 billion by the end of 2009, a 3% increase on market value
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