LONDON (Reuters) - The value of the global market in carbon emissions permits edged up 1 percent in 2010 to 92 billion euros ($120.9 billion), said Point Carbon, a Thomson Reuters company, on Thursday.
The value rose due to higher carbon prices, notwithstanding a 12 percent drop in the total traded volume at 7 billion metric tons of carbon emissions allowances and offsets.
The European Union’s emission trading scheme remained the hub of the global market, with 5.2 billion metric tons of European Union Allowances (EUAs) traded for an average price of 13.99 euros per metric ton.
The greatest decline was in the United States, where trade in a regional scheme in north-eastern states fell 76 percent, as expectations waned for a federal emissions trading system.
“U.S. cap and trade was put on ice,” said Endre Tvinnereim, senior analyst at Point Carbon. “This removed a lot of interest in the RGGI market,” he added, referring to the north-eastern U.S. Regional Greenhouse Gas Initiative (RGGI).