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State and Trends of the Carbon Market 2008

by Karan Capoor, Sustainable Development Operations, World Bank and Philippe Ambrosi, Climate Change Team, World Bank

The following article is the Executive Summary of the full ‘State and Trends of the Carbon Market 2008’ Report by Mr Karan Capoor and Dr Philippe Ambrosi of the World Bank. The full Report, which we would encourage readers to consult, can be accessed from the World Bank’s Carbon Finance Unit at http://www.carbonfinance.org. We are grateful to Mr Capoor and Dr Ambrosi and the World Bank for their permission to publish part of this Report in TMI.

Executive Summary

Climate change captured the public’s imagination in 2007, as a major report prepared by the Intergovernmental Panel on Climate Change (IPCC), a Nobel Peace Prize and the launch in Bali of the negotiation process for a post-2012 climate change regime, contributed to making climate change a key part of the global economic and environmental debate. January 1, 2008 also marked the formal start of the compliance period of the Kyoto Protocol and of Phase II of the European Union Emission Trading Scheme (EU ETS).

Regulation constraining carbon emissions has spawned an emerging carbon market that was valued at US$64 billion (€47 billion) in 2007.

The growth of the carbon market