Achieving the benefits of carbon trading: It`s all in the design

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The global carbon market is real and growing rapidly. The World Bank reported that the market grew in 2006 to reach US$30 billion and that the value of carbon credits being bought and sold nearly tripled in 2006 from 2005 levels. For 2007, indications are that this rapid pace of growth has continued, driven by regulations at the national level under the Kyoto Protocol, at the corporate level under the European Union Emissions Trading Scheme (EU ETS), and byvoluntary commitments byindustries and individuals wishing to reduce their carbon footprint.

There has been growing participation in the carbon market from institutions of all kinds. It now includes not only those corporations that must meet compliance targets, but also more recent arrivals like corporations, banks, and financial firms that recognize the attractiveness of this market for managing risks and eaming retums on capital.

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