Jakarta (Antara Bali) - The total value of the carbon market increased 11 percent to US$176 billion in 2011, which indicates the rising interest and challenge to the global carbon market.
"Despite the major economic countries facing difficulties on carbon market, we see the increasing interest and support for new-market-based mechanisms to mitigate climate change in the long run," the World Bank Unit Manager Carbon Finance, Joelle Chassard, said in a press release on Sunday.
According to World Bank reports, the volume of carbon market transactions in 2011 also reached the highest amount of 10.3 billion tons of carbon dioxide equivalent (CO2e).
The report issued by multilateral financial institutions at the Carbon Expo in Cologne in May 2012 illustrates how despite declining prices, the global carbon market increased in 2011.
The biggest carbon market is US$148 billion of EU Allowances (carbon credits used in the EU Emissions Trading Scheme issued by the European Union member states).(IGT)
