The Global Carbon Trading Market: Concepts, Regulations and Industry Trends to 2020

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					              The Global Carbon Trading Market: Concepts, Regulations
                              and Industry Trends to 2020
            Reference Code: GBICT0026ICR                                                                                                                             Publication Date: May 2010

         GBI Research predicts              Global Carbon Market is Poised for a Dramatic Growth Post 2012 under Proposed
         that the global carbon             Regulations
         trading market will
         experience a dramatic                Global Carbon Trading Market, Value ($ bn), 2005–2020
         growth after 2012 and
         reach $1.2 trillion by 2020.                                          1,400


                                                                               1,200


                                                                               1,000
                                                  Carbon Market Value ($ bn)




                                                                                800


                                                                                600


                                                                                400


                                                                                200


                                                                                  0
                                                                                       2005

                                                                                              2006

                                                                                                     2007

                                                                                                            2008

                                                                                                                    2009

                                                                                                                           2010

                                                                                                                                  2011

                                                                                                                                         2012

                                                                                                                                                2013

                                                                                                                                                       2014

                                                                                                                                                              2015

                                                                                                                                                                     2016

                                                                                                                                                                            2017

                                                                                                                                                                                   2018

                                                                                                                                                                                          2019

                                                                                                                                                                                                 2020
                                              Source: GBI Research



                                            Regulatory efforts to mitigate climate change have spawned an emerging carbon market that was
                                            valued at $10.9 billion in 2005 and grew at compound annual growth rate (CAGR) of 89% to reach
                                            $138.3 billion in 2009. The global carbon market doubled for two consecutive years form $31.2
                                            billion in 2006 to $63 billion in 2007 and $126.3 billion in 2008 due to the expansion of allowance
                                            markets. The European Union (EU) Emission Trading System (ETS) experienced a robust growth
                                            during this period. However, the recession in the global economy contained the impressive growth
                                            of the global carbon market. The global carbon market registered a less than 1% increase in value
                                            in 2009. The primary reason for such market behavior was the sharp decline in carbon prices, on
                                            the back of lower oil and energy prices and a deteriorating economic outlook. The demand for
                                            carbon allowances fell sharply in late 2008 and early 2009 as the recession reduced economic
                                            output, resulting in much lower emissions than had been expected.
                                            GBI Research predicts that the global carbon trading market will experience a dramatic growth after
                                            2012 and reach $1.2 trillion by 2020. The EU’s initiatives to build a broad, globally linked carbon
                                            market, the prospective US Federal cap-and-trade program and the strong emergence of other
                                            regional market trading mechanisms will drive the carbon market significantly beyond 2012.




The Global Carbon Trading Market: Concepts, Regulations and Industry                                                                                          GBICT0026ICR /Published May 2010
       Trends to 2020
                                                                                                                                                                                                    Page 1
                                                                                                                   © GBI Research. This is a licensed product and is not to be photocopied
                                            Primary Project Based Market is Losing Impetus Due to Uncertainty in Carbon Mitigation
         The primary market for             Mechanisms Post-2012
         project-based emission
         reductions declined                  Global Primary CDM Market, Annual Volume Transactions (MtCO2e), 2005–2009
         considerably in the year
         2009 under the weight of                                                                                                               Location of CDM Projects,
         the economic downturn.                                                            600                                                  Volume Supplied by Country, 2008


                                                                                                                                                          Brazil,




                                                      Primary CDM Annual Volume (MtCO2e)
                                                                                           500                                                             3%
                                                                                                                                                                     Rest of
                                                                                                                                            ECA, 1%
                                                                                                                                                                      Latin
                                                                                                                                                                    America,
                                                                                           400                                                  Africa,                2%
                                                                                                                                                 2%
                                                                                                                                      Rest of
                                                                                           300                                       Asia, 4%

                                                                                                                                    a, 4%
                                                                                           200


                                                                                           100


                                                                                            0
                                                                                                 2005   2006   2007   2008   2009
                                                                                                                                                                         China,

                                              Source: GBI Research



                                            The primary market for project-based emission reductions declined considerably in the year 2009
                                            under the weight of the economic downturn. The primary CDM transactions that accounted for the
                                            largest share of activity in the primary market, at 84% of volumes and 91% of value transacted,
                                            declined in both volume and value terms.
                                            The primary market for project-based emission reductions weakened considerably in the second
                                            half of 2008 and 2009. The buyers became more cautious due to persisting uncertainty about the
                                            role of and the demand for CDM and JI in the post-2012 climate regime, procedural delays, delivery
                                            and issuance challenges, and credit risks amid the worsening economic climate.




The Global Carbon Trading Market: Concepts, Regulations and Industry                                                                                  GBICT0026ICR /Published May 2010
       Trends to 2020
                                                                                                                                                                                   Page 2
                                                                                                                  © GBI Research. This is a licensed product and is not to be photocopied
                                            Secondary Project-based Market: Instrument to Hedge Price Risk in the Primary Project
          In the US, rising                 Based Market
          investments and efforts in
          energy efficiency                   Global Secondary Project-based Market Volume Transaction (MtCO2e) and Carbon Price
          programs and renewable              ($/tCO2e) Shift. 2005–2009
          energy programs
          driving carbon trading                                           1,400                                                                           25.0
          volumes in regional                                                                                                                  1,280
          markets.                                                                                                                                         24.0
                                                                           1,200
                                                                                                                               1,072                       23.0

                                                  Annual Volume (MtCO2e)   1,000                                                                           22.0




                                                                                                                                                                  Price ($/tCO2e)
                                                                                                                                                           21.0
                                                                            800
                                                                                                                                                           20.0
                                                                            600
                                                                                                                                                           19.0


                                                                            400                                                                            18.0

                                                                                                                   240                                     17.0
                                                                            200
                                                                                                                                                           16.0
                                                                                   10             25
                                                                              0                                                                            15.0
                                                                                   2005          2006              2007         2008           2009

                                                                                          Annual Volume (MtCO2e)                  Price ($/tCO2e)

                                              Source: GBI Research



                                            European traders, particularly financial and energy marketers dominated the secondary CER
                                            market. Traders hedge their exposure to price or volume risks in the primary markets through the
                                            secondary market. European Climate Exchange (ECX) data analysis indicates that traders
                                            predominantly opt for put options on guaranteed CERs, therefore hedging their price risk in the
                                            market.
                                            The rise in trading in various exchanges and platforms by European financial and energy
                                            companies has led to a rise in the volume and value of the secondary CDM market. Hence, the
                                            trade value of secondary CDM has grown despite declining interests in project-based mechanisms.
                                            The volume transaction in the secondary market for CERs grew in 2009 to reach 1.2 billion CERs
                                            transacted for a value of $22.4 billion. Contrary to the exponential market growth in 2008, the
                                            growth of the secondary market for CERs was dampened in 2009. The marginal increase of 19% in
                                            volume transaction of CERs could not boost the market in value terms due to the decline of CER
                                            prices, which fell from $24.51 in 2008 to $17.53 in 2009. A market for options on CERs started to
                                            emerge in the second half of 2008, with hedging, profit-taking, raising cash and arbitrage as the
                                            main drivers of this market segment.
                                            The US: Revitalized Interests in Carbon Commodity Market
                                            Over the past years, the US has instituted a number of regional initiatives with the goals of
                                            implementing emissions trading programs. The size of the total allowance market in the US — the
                                            combined allowance volumes of the Regional Greenhouse Gas Initiative (RGGI) and the Chicago
                                            Climate Exchange – was 805 MtCO2e, valued at $2.5 billion in 2009. The US federal cap-and-trade
                                            mechanism has been expected for a long time and the implementation of the scheme will boost the
                                            North American and world carbon trading markets.
                                            Rising investments and efforts in energy efficiency programs and renewable energy programs
                                            driving carbon trading volumes in regional markets. The RGGI states in the US - Connecticut,
                                            Delaware, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Rhode
                                            Island, and Vermont - have been participating in numerous clean energy projects and initiatives.
                                            RGGI states have invested in renewable energy sources and energy efficiency projects to


The Global Carbon Trading Market: Concepts, Regulations and Industry                                                                GBICT0026ICR /Published May 2010
       Trends to 2020
                                                                                                                                                                          Page 3
                                                                                                  © GBI Research. This is a licensed product and is not to be photocopied
                                            decrease their carbon footprints. These states have created employment opportunities and
                                            generated lower electricity bill values due to their low-carbon investments. These states are
                                            investing in green building programs and are conducting workshops and training programs to
                                            improve awareness on energy efficiency measures. The clean energy initiatives have therefore
                                            boosted carbon trade in the region and the trading of carbon permits.
                                            Hurdles in Implementation of the US Cap-and-Trade Would Affect the Dynamics of the
                                            Global Carbon Market

                                              Global Carbon Trading Market Potential Scenario Based Assessment of the Market, Value
                                              ($bn), 2010–2020

                                                                   1400

                                                                                                     $1,222 bn   Global Reach: Collaboration of
                                                                                                                 the EU, the US and Developing
                                                                   1200                                          Nations


                                                                   1000
                                                                                                                 Scaling Up: Implementation of
                                                                                                      $686 bn
                                                                                                                 US Cap and Trade Program and
                                                                                                                 EU Integrated Systems
                                                    Value ($ bn)




                                                                   800


                                                                                                      $519 bn    Linear Growth: Moderate Market
                                                                   600
                                                                                                                 with Current Programs and
                                                                                                                 Policies

                                                                   400



                                                                   200



                                                                     0
                                                                     2010F     2015F                   2020F


                                              Source: GBI Research



                                            The US government faces hurdles in the enforcement of cap-and-trade program for GHG
                                            emissions. One of the major setbacks for the US cap-and-trade was the failure of the Copenhagen
                                            Accord to impose mandatory emission reduction targets. China, one of the largest GHG emitters, is
                                            not legally bound by the emission reduction targets and hence the existing government faces a
                                            tough challenge in the implementation of initiatives for low-carbon economy. Worldwide potential
                                            investors and eco-friendly firms are awaiting the implementation of the US cap-and-trade program
                                            as it has immense potential, and further delays in the launch of the cap-and-trade program will
                                            hinder the investments in clean energy. Prolonged delays can decelerate investments in energy
                                            efficiency and alternate energy projects. Additionally, it could lead to the postponement of the
                                            emission trading market in Canada and other carbon policy frameworks worldwide.
                                            Sale of Recycled Carbon Credits Will Hinder Growth of the EU ETS
                                            The EU countries are considering the sale of surrendered credits and these surrendered credits
                                            would influence the credibility of the EU ETS market. In March 2010, Hungary announced that it will
                                            sell 2 million metric tons of United Nations (UN) credits for $21m. These credits reenter the market
                                            and might be mistaken for compliance grade credits. The entry of these credits into the market
                                            would lead to lack of transparency and increase the risk of transactions. UN Certified Emission
                                            Reduction credits are on the ones generated by emission reduction projects in emerging nations
                                            and these credits can be used for compliance with GHG emission reduction targets or they can be
                                            used by power generation companies as an alternative to EU permits by governments. Hence, the
                                            Eastern European countries are using the surrendered credits in the trading markets. The
                                            International Emission Trading Association (IETA) has brought in certain initiatives to counter the
                                            resale of surrendered credits. The IETA mandates that credits surrendered to the EU registry
                                            cannot be deployed for compliance or for carbon trading systems. The European Commission (EC)
                                            and the IETA are working together to reduce the risk of surrendered transactions and therefore

The Global Carbon Trading Market: Concepts, Regulations and Industry                                             GBICT0026ICR /Published May 2010
       Trends to 2020
                                                                                                                                                  Page 4
                                                                               © GBI Research. This is a licensed product and is not to be photocopied
                                            improve the transparency in those transactions. There are other challenges pertaining to
         Carbon sustainability is no        surrendered allowances, such as that the credits can also be sold to markets outside the EU and
         longer a compliance or a           there is no international authority to monitor these transactions beyond the EU ETS currently.
         branding issue; it is now a        Success in Carbon-Constrained Economy: Capture Opportunity Rather Than Just Avoiding
         core business issue.               the Risks
                                            Carbon sustainability is no longer compliance or a branding issue; it is now a core business issue.
                                            Global business houses and corporate across all verticals are of the view that there is a need to
                                            make carbon sustainability truly viable by practicing it in economically sustainable manner. Over
                                            the past few years, the carbon management landscape for companies has witnessed a dramatic
                                            change. The efforts to reduce carbon emissions have risen multifold and strategies to mitigate
                                            impact of climate change have reached new dimensions. Today, companies are striving to
                                            transform their compliance challenges to competitive advantage. Companies are generating
                                            business value by managing the risks and opportunities associated with climate change.
                                            Carbon management is increasingly becoming main-stream business function due to higher
                                            awareness of the business value associated with a broader approach to carbon management.
                                            Companies are focused on generating revenue from their in-house climate change solutions and
                                            initiatives; moreover firms are identifying carbon reduction opportunities across the supply chain.
                                            Large businesses have started sharing information on their carbon performance and climate risks
                                            and opportunities with investors and other stakeholders.

                                              Corporate Carbon Exposure, Risks and Opportunities

                                                                                                                                                  Increasing Carbon
                                                                                                                     Litigation and shareholder   Exposure
                                                                                                                     activism risks
                                                   Carbon Exposure Risks
                                                                                        Physical risks caused by
                                                                                        the direct impacts of
                                                                                        climate change itself

                                                                     Business risks associated with in
                                                                     marginal decline in consumer demand                               Long
                                                                     for carbon intensive products/services,                           Term        Emission trading
                                                                     rising energy cost, carbon leakage                                            competence
                                                             Regulatory compliance risks
                                                             resulting from mandatory
                                                             national and international                                                Ability to monetize environmental
                                                             regimes                                                                   attributes in emerging commodity
                                                                                                  Short-
                                                                                                                                       trading markets
                                                   Brand credibility issues                       Medium
                                                   arising from perceived                          Term                          Increased brand credibility
                                                   “inaction” to reduce emissions

                                                                                                                        Revenue opportunities from
                                                                                                                        carbonless products and services


                                                                  Today                               R&D and strategic partnerships


                                                                                                                                  Carbon Exposure Opportunities
                                                                                    Increased attention of potential investors



                                              Source: GBI Research



                                            GBI Research predicts that the currently climate policy and corporate carbon exposure are likely to
                                            decrease profits for corporate. Eventually, in the long run, major cost of compliance will be passed
                                            on to the consumers. Hence, early movers on climate change are likely to gain and likely to stay
                                            ahead of regulatory compliance curve. The negative carbon exposure will be in the form of
                                            compliance obligations, and this would increase the energy costs and raw material costs.
                                            Additionally, an excess cost would be incurred on implementing new technologies. Carbon trading
                                            and development of new markets may provide a silver-lining to the situation.
                                            The success of any business in the carbon constrained economy hinges upon the ability to not only
                                            manage these risks but to also transform them into opportunities for future growth.



The Global Carbon Trading Market: Concepts, Regulations and Industry                                                                GBICT0026ICR /Published May 2010
       Trends to 2020
                                                                                                                                                                           Page 5
                                                                                           © GBI Research. This is a licensed product and is not to be photocopied
                                            1 Table of Contents
                                            1   Table of Contents ........................................................................................................................ 6
                                                1.1    List of Tables..................................................................................................................... 8
                                                1.2    List of Figures ................................................................................................................... 9
                                            2   Introduction................................................................................................................................ 10
                                                2.1    Greenhouse Gas (GHG) Emissions and Their Impact on Global Carbon Trading Markets
                                                        ........................................................................................................................................ 10
                                                   2.1.1       Impact of Greenhouse Gases on Ecology ............................................................... 10
                                                   2.1.2       Naturally Occurring Carbon Cycle ........................................................................... 11
                                                   2.1.3       Global Initiatives to Reduce Carbon Footprint ......................................................... 12
                                            3   Origins of Carbon Trading Market and Exchanges.................................................................... 14
                                                3.1    Evolution of Carbon Trading Market ............................................................................... 14
                                                3.2    Global and Regional Carbon Exchanges ........................................................................ 15
                                            4   Kyoto Protocol, a Precursor of Emissions Trading Systems...................................................... 17
                                                4.1    Clean Development Mechanisms (CDM) ........................................................................ 19
                                                   4.1.1       CDM Project Activity Cycle ...................................................................................... 20
                                                   4.1.2       Joint Implementation (JI) and Assigned Amount Unit (AAU) ................................... 20
                                                   4.1.3       Emission Trading..................................................................................................... 28
                                            5   Global Carbon Trading Market: Dynamics and Statistics .......................................................... 29
                                                5.1    Global Carbon Trading Market Overview........................................................................ 29
                                                5.2    Global Allowance Markets............................................................................................... 31
                                                   5.2.1       The EU Emission Trading Scheme: Still the Most Prominent Carbon Market ......... 32
                                                   5.2.2       The US Market ........................................................................................................ 33
                                                   5.2.3       The Australian Market ............................................................................................. 35
                                                5.3    Global Project-based Market........................................................................................... 36
                                                   5.3.1       Primary Project-based Market ................................................................................. 37
                                                   5.3.2       Secondary Project-based Market ............................................................................ 56
                                                5.4    Post 2012 Market Uncertainty: Scenario Based Forecast to 2020.................................. 57
                                                   5.4.1       Linear Growth: Moderate Market with Current Programs and Policies ................... 57
                                                   5.4.2       Scaling Up: Implementation of US Cap-and-Trade Program and EU Integrated
                                                               Systems................................................................................................................... 59
                                                   5.4.3       Global Reach: Collaboration of EU, the US and Developing Nations ...................... 61
                                            6   Global Carbon Credits Market Policy Framework Facilitating Emissions Trading ..................... 63
                                                6.1    Overview of Regulatory Framework for Emission Trading Systems ............................... 63
                                                   6.1.1       American Clean Energy and Security Act and its Implications ................................ 63
                                                   6.1.2       European Union’s Climate Change Policy ............................................................... 64
                                                   6.1.3       Climate Change Initiatives in Canada and Prospects for Emissions Trading .......... 67
                                                   6.1.4       Australia’s Climate Change Initiatives will Aid the Emission Trading Mechanism ... 67
                                                6.2    Increasing Role of International Emissions Trading and International Emissions Trading
                                                       Association (IETA) in Boosting the Market...................................................................... 68
                                                   6.2.1       Objectives of IETA................................................................................................... 68
                                                   6.2.2       Programs by IETA ................................................................................................... 68
                                                6.3    Various Regulatory Frameworks and Regional Initiatives in the US ............................... 69
                                                   6.3.1       American Clean Energy and Security Act of 2009................................................... 70
                                                   6.3.2       Regional Greenhouse Gas Initiative (RGGI) in the US............................................ 71
                                                   6.3.3       California Global Warming Solutions Act of 2006 AB 32 ......................................... 73
                                                   6.3.4       Western Climate Initiative (WCI).............................................................................. 73
                                                   6.3.5       Midwestern Regional GHG Reduction Accord (MGGRA)........................................ 74
                                                   6.3.6       EPA Climate Leaders .............................................................................................. 74
                                                   6.3.7       Hawaii Global Warming Solutions Act of 2007 ........................................................ 74
                                                6.4    European Union Emissions Trading System Promotes Emissions Trading Market ........ 75
                                                   6.4.1       EU ETS ................................................................................................................... 75
                                                   6.4.2       Revised EU ETS...................................................................................................... 75
                                                6.5    Japan’s Keidanren Voluntary Action Plan and Other Voluntary Markets ........................ 77


The Global Carbon Trading Market: Concepts, Regulations and Industry                                                                           GBICT0026ICR /Published May 2010
       Trends to 2020
                                                                                                                                                                                        Page 6
                                                                                                © GBI Research. This is a licensed product and is not to be photocopied
                                              6.6    Emission Reduction Schemes of Australia ..................................................................... 78
                                                 6.6.1   New South Wales Greenhouse Gas Abatement Scheme ....................................... 78
                                                 6.6.2   Greenhouse Challenge Plus.................................................................................... 78
                                                 6.6.3   Carbon Pollution Reduction Scheme....................................................................... 78
                                              6.7    Canadian Government’s Measures and Initiatives Drive Carbon Trading....................... 79
                                              6.8    Global Carbon Credits Standards ................................................................................... 79
                                                 6.8.1   American Carbon Registry Standard ....................................................................... 80
                                                 6.8.2   The Climate Action Reserve Protocols .................................................................... 81
                                                 6.8.3   The CarbonFix Standard ......................................................................................... 81
                                                 6.8.4   Chicago Climate Exchange Offsets Program .......................................................... 81
                                                 6.8.5   Climate, Community, and Biodiversity Standards.................................................... 81
                                                 6.8.6   EPA Climate Leaders Offset Guidance ................................................................... 81
                                                 6.8.7   Greenhouse Gas Services Standard ....................................................................... 81
                                                 6.8.8   The Gold Standard .................................................................................................. 82
                                                 6.8.9   Greenhouse Friendly ............................................................................................... 82
                                                 6.8.10 ISO 14064 Standards .............................................................................................. 82
                                                 6.8.11 Plan Vivo ................................................................................................................. 82
                                                 6.8.12 Social Carbon Standard .......................................................................................... 82
                                                 6.8.13 TUV NORD Climate Change Standard and VER+ Standard................................... 82
                                                 6.8.14 Voluntary Carbon Standard ..................................................................................... 83
                                            7 Competitive Landscape of Emission Trading Companies ......................................................... 84
                                              7.1    3 Degrees Incorporated .................................................................................................. 84
                                              7.2    APX Incorporated............................................................................................................ 84
                                              7.3    Baker & McKenzie .......................................................................................................... 84
                                              7.4    Blue Source .................................................................................................................... 84
                                              7.5    CantorCO2e.................................................................................................................... 84
                                              7.6    Climate Focus ................................................................................................................. 85
                                              7.7    Credit Suisse................................................................................................................... 85
                                              7.8    EcoSecurities Group ....................................................................................................... 85
                                              7.9    Equator LLC....................................................................................................................85
                                              7.10 MGM International .......................................................................................................... 85
                                              7.11 Natsource........................................................................................................................ 85
                                              7.12 RNK Capital LLC............................................................................................................. 86
                                              7.13 Sterling Planet, Incorporated........................................................................................... 86
                                              7.14 Tradition Financial Services/TFS Energy/TFS Green ..................................................... 86
                                              7.15 TUV SUD America .......................................................................................................... 86
                                            8 Corporate Sustainability in a Changing Landscape ................................................................... 87
                                              8.1    Carbon Exposure Risks .................................................................................................. 87
                                              8.2    Carbon Exposure Opportunities...................................................................................... 88
                                              8.3    Carbon Emission Intensity by Sector .............................................................................. 88
                                              8.4    Companies are Expanding the Horizons of Sustainability Practices — New Initiatives in
                                                     Carbon Sustainability ...................................................................................................... 89
                                                 8.4.1   Chevron Corporation — Multifaceted Response to Climate Change....................... 89
                                                 8.4.2   Walmart Stores, Inc. — Sustainability Mandate throughout the Supply Chain ........ 91
                                                 8.4.3   General Electric Co. — Ecomagination Initiative, Revenue Opportunities from
                                                         Climate Change Solutions ....................................................................................... 92
                                            9 Appendix ................................................................................................................................... 94
                                              9.1    About GBI Research ....................................................................................................... 94
                                              9.2    Abbreviations .................................................................................................................. 94
                                              9.3    Methodology ................................................................................................................... 96
                                                 9.3.1   Coverage ................................................................................................................. 97
                                                 9.3.2   Secondary Research ............................................................................................... 97
                                                 9.3.3   Primary Research.................................................................................................... 97
                                                 9.3.4   Expert Panel Validation ........................................................................................... 98
                                              9.4    Contact Us ...................................................................................................................... 98


The Global Carbon Trading Market: Concepts, Regulations and Industry                                                                       GBICT0026ICR /Published May 2010
       Trends to 2020
                                                                                                                                                                                   Page 7
                                                                                              © GBI Research. This is a licensed product and is not to be photocopied
                                                9.5     Disclaimer ....................................................................................................................... 98


                                            1.1       List of Tables
                                            Table 1:    Global Exchanges in the Carbon Market, 2010.............................................................. 16
                                            Table 2:    Global Project Design Documents, 2010 ....................................................................... 22
                                            Table 3:    Global Accepted Determinations, 2010.......................................................................... 23
                                            Table 4:    Global, List of Monitoring Reports, 2010 ........................................................................ 25
                                            Table 5:    Global, Verified Emission Reductions/Enhancements of Removals, 2009..................... 26
                                            Table 6:    Global Verified Emission Reductions/Enhancements of Removals, 2010...................... 27
                                            Table 7:    Global Carbon Trading Market, Value ($ bn), 2005–2009.............................................. 29
                                            Table 8:    Global Carbon Trading Market, Volume Transactions, (MtCO2e), 2005–2009.............. 30
                                            Table 9:    Global Allowances Market, Transactions Value, ($ m), 2005–2009 ............................... 31
                                            Table 10:   The EU Transaction Value ($ bn), 2005–2009 ............................................................... 32
                                            Table 11:    The EU Volume Transaction (MtCO2e) and Carbon Price ($/tCO2e) Shift, 2005–2009 33
                                            Table 12:     CCX Offsets Registered in MtCO2e, 2009 .................................................................. 34
                                            Table 13:   New South Wales, Australia, Volume Transaction (MtCO2e) and Carbon Price ($/tCO2e)
                                                        Shift, 2005–2009 ............................................................................................................ 35
                                            Table 14:   Global Project-based Market, Transactions Value, ($m), 2005–2009 ............................ 36
                                            Table 15:   Global CDM Statistics, 2009 .......................................................................................... 38
                                            Table 16:   Global Analysis by Project Type, 2010........................................................................... 39
                                            Table 17:   Global, Expected CERs Allocations by Top Host Countries, 2010................................. 40
                                            Table 18:   Global, CERs Issued by Top Five Host Parties, 2010.................................................... 42
                                            Table 19:   Global CDM Registered Project Analysis by Top Host Countries, 2010 ........................ 43
                                            Table 20:   Global, Expected Registered Project Activities by AI and NAI Investor Countries, 201044
                                            Table 21:   Global, Registered Project Activities by Scale, 2010...................................................... 45
                                            Table 22:   Registered Project Activities by Scale, 2010 .................................................................. 45
                                            Table 23:   Global Distribution of Registered Project Activities by Scope, 2010............................... 47
                                            Table 24:   Global Registered Projects by Region, 2010 ................................................................. 48
                                            Table 25:   Asia Pacific Expected Emissions Reduction from CDM Projects by Country, 2010 ....... 48
                                            Table 26:   Rest of the World Expected Emissions Reduction from CDM Projects by Country, 2010
                                                        ....................................................................................................................................... 49
                                            Table 27:   Middle East and Africa Expected Emissions Reduction from CDM Projects by Country,
                                                        2010 ............................................................................................................................... 50
                                            Table 28:   Latin America Expected Emissions Reduction from CDM Projects by Country, 2010.... 51
                                            Table 29:   Global Designated National Authorities for Annexure I and Non-Annexure I Countries,
                                                        2010 ............................................................................................................................... 52
                                            Table 30:   Global Designated National Au
				
DOCUMENT INFO
Description: The Global Carbon Trading Market: Concepts, Regulations and Industry Trends to 2020 Summary GBI Research’s report, “The Global Carbon Trading Market - Concepts, Regulations and Industry Trends to 2020” provides an in-depth analysis on the global carbon trading market. The report provides the latest information on the value, volume and price of the emissions traded in primary project-based mechanisms such as Clean Development Mechanism (CDM), Joint Implementation (JI) and secondary CDM, and allowance markets such as the EU Emission Trading System (ETS), New South Wales Exchange, Chicago Climate Exchange, the Regional Greenhouse Gas Initiative (RGGI) and Assigned Amount Units (AAUs). The report provides a scenario-based forecast of the carbon market up to 2020. The report provides an overview on various carbon registries, carbon exchanges and the major companies participating in the carbon trade. The research work provides indispensable assessment of risk and opportunities for the corporate in the carbon constraint environment. Regulatory efforts to mitigate climate change have spawned an emerging carbon market that grew at compound annual growth rate (CAGR) of 89% to reach $138.3 billion in 2009. The EU’s initiatives to build a broad, globally linked carbon market, the prospective US Federal cap-and-trade program and the strong emergence of other regional market trading mechanisms will drive the carbon market significantly beyond 2012. Scope - Key market data on the volume and market value of carbon allowances, covering both project-based transactions and allowance-based transactions from 2004–2009. - Analysis on all global carbon market exchanges — the EU Emission Trading System (ETS), New South Wales Exchange, Chicago Climate Exchange, the Regional Greenhouse Gas Initiative (RGGI), Australian Climate Exchange, World Green Exchange etc. - Historic pricing trends for carbon in various exchanges and project-based transactions from 2005–2009. - Foreca
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