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UPDATED 1 Sept: The EI library in London is temporarily closed to the public, as a precautionary measure in light of the ongoing COVID-19 situation. The Knowledge Service will still be answering email queries via email , or via live chats during working hours (09:15-17:00 GMT). Our e-library is always open for members here: eLibrary , for full-text access to over 200 e-books and millions of articles. Thank you for your patience.
Global carbon market to reach record volumes by 2016
The value of the global carbon market in 2014 will rise two-thirds from 2013 to reach €64bn (€39bn in 2013), and volumes traded will increase steadily to reach 10.9 gigatonnes (Gt) by 2016 – the highest volume on record – predicts Thomson Reuters Point Carbon.
Over this period the European carbon market will remain the largest market, says Thomson Reuters Point Carbon, and the North American market is set to overtake the clean development market. China’s pilot schemes will also have a growing impact on the global market.
In 2014, Thomson Reuters Point Carbon says global volume will increase by 3% to 9.6 Gt CO2e, and most of the year’s growth by value is expected to come from the 8.3 Gt EU Allowances (EUAs) that will change hands. The prospect of backloading in Europe (see below) could see prices in Europe rise to €7.5 per tonne, resulting in a value growth of 70%.
The North American markets – the Western Climate Initiative (WCI) and the Regional Greenhouse Gas Initiative (RGGI) – are predicted to create the second largest carbon market by value for the second year in a row. China’s seven provincial emissions trading pilot schemes could seize the emerging market spotlight from South Korea, where preparations are being made for its national ETS launch in 2015, says Thomson Reuters Point Carbon.
Focusing on Europe, the European Parliament has voted (306 in favour, 276 against and 14 abstentions) to support an early implementation of the backloading of 400mn allowances, the details of which were outlined in February’s issue of Energy World. An overall volume of 400mn EUAs will be temporarily withheld from the market this year to aim to boost the price of carbon in the European Market. The vote has enabled an earlier start for backloading and an extra 100mn allowances able to be withheld.
News Item details
Journal title: Energy World
Keywords: carbon trading
Countries: Worldwide -
Subjects: Emissions trading, Carbon emissions
