A report from the World Bank says India is the second largest seller of carbon credits in the world with a 6% share in 2007, while China tops the list with a 73% share, domain-b.com reports.
Regulation constraining carbon emissions has spawned an emerging carbon market valued at $64 billion in 2007, according to World Bank’s “State and trends of the carbon market 2008” (PDF) report.
India and Brazil, at 6% market share each, transacted the highest volumes after China in 2007.
China remained the world leader in the supply of Certified Emission Reductions for the third consecutive year, with a 73% market share in terms of volumes last year against 54 percent in 2006.
The report cites the attractiveness of China for buyers of carbon credits, due mainly to “the large size, economies of scale in origination, and its favorable investment climate.”
While U.S. business and political leaders eye legislation authorizing the trading of carbon credits, some believe the approach shouldn’t take the place of reducing carbon emissions and does nothing to help people in developing countries cope with climate change.