European Climate Exchange says it expects the amount the amount of carbon credits traded on its platform to double this year.
European Climate Exchange expects the volume of carbon emissions credits traded on its platform will exceed 6 billion metric tons, more than double the 2.8 billion metric tons traded last year, Reuters reports.
The exchange, which is owned by Climate Exchange Plc, dominates the European market for climate trading offsets, overseeing about 99 percent of all such volume.
The exchange currently covers companies that account for about 46 percent of European emissions. It oversees trading of permits for electricity utilities, oil and gas producers, cement and steel companies and pulp and paper makers.
Eventually, the exchange will begin trading credits for airlines and other customers.
Other companies are adding services in the carbon-trading arena.
The Worcester, Mass.-based company’s flagship trading platform, the World Green Exchange, combines new technology with industry partnerships to create a “virtual mall” for carbon shopping that addresses the need for more transparency in carbon commodities procurement.
ClimatePath is trying to sell customers on the notion of “fair trade” carbon credits.
Canada and Mexico are considering the addition of carbon trading markets.