Global carbon market grows to $126 billion in 2008, says World Bank

The World Bank reports that the global carbon market grew to $126 billion in 2008, more than doubling last year despite the financial crisis.

The findings are contained in a new report, “State and Trends of the Carbon Market”. Data was assembled from trading of  European Union Allowances and  clean development mechanism (CDM) and other transactions under the Kyoto Treaty.  The value of CDM projects in developing countries fell to $6.5 billion in 2008, a drop of 12 percent over 2007.

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