Economic Downturn Forcibly Rattles Carbon Market-

United Kingdom-based research group, New Energy Finance, predicts the global carbon market’s worth at $122 billion in 2009; precisely $3 billion higher than in 2008. The firm’s estimation denotes a critical decline in growth throughout the worldwide economic recession. Earnings in the carbon market reached $119 billion in 2008; however these figures are up 83 percent from 2007, when $65 billion of carbon commodities were exchanged. The slump has caused lower demand for emission allowances in the world’s largest carbon market – the EU emissions trading scheme (ETS) – and price reduction spanning all carbon goods. “These figures show that the carbon markets have not been immune from the recession,” said Guy Turner, head of carbon market research at New Energy Finance. “However, pending the passage of legislation in US, Japan and Australia… the global carbon market should see continued growth post-2012 driven by increasing volumes and prices,” he added. The analysts claim that the value of the carbon market could still grow to $1.9 trillion by 2020.