Carbon Could Become Largest Commodity Market
The carbon market could become the largest commodity market, the Financial Times reports. “Even with conservative assumptions, this could be a $2 trillion futures market in relatively short order,” according to Bart Chilton, commissioner of the Commodities Futures Trading Commission.
Point Carbon has estimated that the global carbon market could be worth more than $3 trillion in 2020 if the U.S. were to participate by implementing a cap-and-trade system to limit GHG emissions through an international agreement to succeed the Kyoto treaty.
While the World Bank estimated the value of carbon trading last year at $64 billion, the U.S. accounted for only a small fraction, which may change once a new president takes office in January of 2009. Both U.S. presidential candidates support prompt GHG regulation.
An analysis by researchers at Carnegie Mellon University’s Tepper School of Business shows possible positive short-term effects of establishing a mandatory price for CO2 emissions.A report from the World Bank says India is the second largest seller of carbon credits in the world with a six percent share in 2007, while China tops the list with a 73 percent share
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