Kyoto exceeds epectations in Year 1

Climate chaos0

Tremendous growth: “The carbon market is going very well. We’ve
seen tremendous growth this year,” said Henrik Hasselknippe, senior
analyst at Point Carbon, a firm that monitored the fast-growing
business in carbon dioxide (CO2) pollution.

Worth $US 40.2 billion a year by 2010: Trading in CO2 was one of
the world’s fastest-growing markets – and according to Point Carbon’s
estimates, would be worth as much as 34 billion euros ($US40.2 billion)
a year by the end of this decade.

Trading was 800 million tonnes in 2005: In 2004, the global
volume of trade in CO2 was 94 million tonnes. In 2005, it rose to 800
million tonnes. In January 2006 alone, the figure was more than 262
million tonnes for spot trading among European players alone.

Price up from $US9 a tonne to $US31 a tonne in past year: A year
ago, a tonne of CO2 sold for 7-8 euros ($US8-9) on the spot market.
Last Friday, a tonne was changing hands at more than 26 euros ($US31) –
a huge profit for anyone who had the foresight to buy futures before
the Kyoto Protocol took effect.

Reference: Digest of latest news reported on website of Climate
Change Secretariat of United Nations Framework on Climate Change
Control (UNFCCC). 15 February 2006. Address: PO Box 260 124, D-53153
Bonn. Germany. Phone: : (49-228) 815-1005, Fax: (49-228) 815-1999.

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