27.05.2015 - Carbon Market Value Expands to $34 Billion as Korea Joins
The value of global carbon permits expanded to $34 billion in the past year, with gains led by South Korea, California and Quebec, the World Bank said. Permits aimed at reducing greenhouse gases were worth 6.3 percent more than the $32 billion a year earlier, the Washington-based lender said Tuesday in an e-mailed report compiled with Ecofys International BV. With taxes of $14 billion, the total value of such carbon pricing programs is $48 billion, the bank said. Markets now cover 12 percent of global emissions, up from 4 percent in 2005, when the European Union began what’s now the world’s biggest program. The bloc is seeking an accord by July on curbing an oversupply that will remain beyond 2020. EU carbon prices slid 67 percent since the end of 2007, according to data from ICE Futures Europe on Bloomberg.........................................Full Article: Source
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