The Wall Street Journal reported over the weekend on the growth of Europe’s carbon trading market, which saw the value of traded permits double over the last year. This is good news, as it indicates the idea of trading carbon credits is clearly picking up steam. According to the article, “Almost all of the major investment banks have set up carbon trading desks, as many of the largest polluters in Europe have started to trade carbon emissions. ‘What we’re seeing is global movement of capital with the goal of cutting greenhouse-gas emissions,’ said Kristian Tangen, director of analysis at Point Carbon.”
As we mentioned a couple of weeks ago, the European carbon trading market is not without its problems. But the fact that it has continued to grow despite these problems is evidence that it is possible to create a viable market for carbon. Adding the U.S. economy to the mix could make the system even stronger, and lead to even greater reductions in worldwide carbon emissions without raising taxes. We’ll keep you updated as this moves forward.
This entry was posted on Wednesday, January 23rd, 2008 at 9:38 am and is filed under Cap and Trade, International Environmental News . You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
