Global CO2 scam totals 96 billion euros in 2011

Up 4 percent on 2010, helped by a surge in trading activity as record low carbon prices stoked volatility

Global CO2 market totals 96 billion euros in 2011

Carbon markets across the world were valued at 96 billion euros ($122.28 billion) last year, up 4 percent on 2010, helped by a surge in trading activity as record low carbon prices stoked volatility, an analyst report said on Tuesday.

The value of the EU Emissions Trading System (ETS), the world’s biggest carbon market, grew by 6 percent to an estimated 76 billion euros, said analysts at Thomson Reuters Point Carbon.

Overall traded volume in so-called EU Allowances (EUAs), including options and auctions, reached around 6 billion last year, a 17-percent increase on 2010.

“The growth in value was relatively smaller than the volume growth due to lower prices,” the report said, noting the average weighted EUA price in 2011 was more than a euro below the price in 2010, due to economic concerns and a glut in permit supply.

Benchmark EUA prices collapsed to a record low 6.30 euros a ton on December 14, and prices ended 2011 around half of their value from the start of the year.

The ETS, the 27-nation bloc’s main policy instrument to fight global warming, caps carbon dioxide (CO2) emissions on over 10,000 power and industrial plants. It covers around half of the bloc’s emissions of the greenhouse gas.

The EU carbon market is also the biggest buyer of carbon credits issued under the Kyoto Protocol’s Clean Development Mechanism (CDM), which awards rich country investments in emissions-reduction projects in the developing world.

But the CDM market last year was beset by a record issuance of credits, which weighed on prices in the world’s second biggest carbon scheme. (Reuters)

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2 responses to “Global CO2 scam totals 96 billion euros in 2011

  1. Silberstein, Jek

    ETS is a scam that is a taxing scheme for the bankrupt Euro powers. It’s STUPID, imo, to trade in credits when there’s NO anthropogenic climate change, but Europeans ARE,imo, stupid…and, corrupted. ALGORE trotted-out his fraudulent movies to get us to sign-on to this scheme which would have taken him from a multi-millionaire to a billionaire, at the cost of higher fuel costs to we in the USA. It’s one thing to reward a patent developer with monies for using the patent. It’s quite another thing to SCAM nations when you’re adding NOTHING to the Earth, but a bill for your thievery!

  2. SOUNDS LIKE ALL OF THIS MONEY COULD HAVE BAILED OUT ITALY AND PORTUGAL INSTEAD AL GORE IS
    GETTING HIS FAIR SHARE OF THE PROFITS. WHAT A SCANDAL FOR THE ENVIRONMENT.
    I GUESS EUROPE IS STILL IGNORANT ABOUT THE LIES OF AL GORE AND HIS CRONIES..

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