FACTBOX: Carbon trading schemes around the world

(Reuters) - Companies and governments are turning to emissions trading as a weapon to fight climate change, in a carbon market worth $64 billion last year.

Cap-and-trade schemes force participants -- often energy-intensive industries -- to buy permits to emit greenhouse gases such as carbon dioxide, which is produced from burning fossil fuels.

New Zealand's parliament on Wednesday passed the Labour government's climate change bill, which will introduce emissions trading from 2009.

The scheme will eventually cover all emissions from the economy, but critics said it was too slow to phase in the crucial sectors such as agriculture, which makes up around half of the countries total emissions.

Australia's leading climate guru Ross Garnaut last week said the Australian government should aim for an emissions cut of at least 10 percent by 2020 (based on 2000 levels), or up to 25 percent if a tougher target is adopted.

He also recommended that Aussie carbon prices be pegged at A$20 ($16) a metric ton from 2010, with only marginal increases for the first two years.

The 27-nation European Union launched its cap-and-trade scheme in 2005, while Canada is set to launch a market of its own in 2010.

U.S. senators in June defeated a proposed federal U.S. climate change bill which included cap and trade.

In another type of carbon market, countries and companies can trade carbon offsets under three, U.N.-led Kyoto Protocol schemes.

A full list of established and proposed schemes follows.

INTERNATIONAL SCHEMES

KYOTO PROTOCOL (United Nations) (1)

Launched: 2005

Mandatory for 37 developed signatory countries

Target: 5 percent reduction in 1990 emissions by 2008-2012

Contains three sub-schemes to help signatories meet targets: