European Union Emission Trading Scheme launched earlier this year has
led to the emergence of carbon trading as a truly global commodity
market. Estimated to be worth as much as $10 billion next year the
trading of carbon credits is driven by the Kyoto Protocol. As the US
and Australia have not signed the protocol, they miss out nationally
on this trade but emissions trading is already underway in certain
U.S. states on exchanges such as the Chicago Climate Exchange.
Australia misses out on part of $10billion carbon trade