According to a report released by market analysts Point Carbon, the global carbon market has shown rapid growth in the past year, confounding World Bank predictions that the global carbon market would lose around a third of its value in 2009.
The global carbon market – worth €46bn in the first half of 2009 – increased 22% in the space of a year, largely as a result of the recession. As the economic situation worsened, notes the report, many depressed industry sectors in Europe decided to trade their surplus carbon allowances. The ETSi is worth €39bn or 84% of total market value.
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