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State and Trends of the Carbon Market—2004

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  • Franck Lecocq

Abstract

This study describes the status of the emerging carbon market, as of May 2004. The carbon market encompasses trades of greenhouse gas (GHG) emission allowances (under the European Union (EU) Emissions Trading Scheme), and project-based transactions, whereby a buyer participates in the financing of a project that reduces GHG emissions, compared with what would have happened otherwise, and gets emission reduction credits in exchange (for example, Clean Development Mechanism, or Joint Implementation projects under the Kyoto Protocol). The study finds that the carbon market is growing steadily. A total of 64 million metric tons of carbon dioxide equivalent (tCO2e) has been exchanged through projects from January to May 2004, nearly as much as during the whole year 2003 (78 million). Furthermore, the demand for emission reductions remains heavily concentrated, with a few EU governments, and Japanese firms the largest buyers. Finally, Asia is now the largest supplier of emission reductions, followed by Latin America, developed economies, and Eastern Europe. Prices of project-based emission reductions in early 2004 have remained essentially stable compared with 2003. In the absence of a standard contract, these prices strongly depend on the structure of the transaction, notably risk-sharing between buyers and sellers.

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Bibliographic Info

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This book is provided by The World Bank in its series World Bank Publications with number 7457 and published in 2005.

ISBN: 978-0-8213-6117-7
Handle: RePEc:wbk:wbpubs:7457

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Postal: 1818 H Street, N.W., Washington, DC 20433
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Web page: https://openknowledge.worldbank.org
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Related research

Keywords: Environment - Environmental Governance Banks and Banking Reform Energy - Energy and Environment Environment - Carbon Policy and Trading Transport and Environment Finance and Financial Sector Development Transport;

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Citations

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Cited by:
  1. Klepper, Gernot & Peterson, Sonja, 2006. "Emissions trading, CDM, JI, and more : the climate strategy of the EU," Open Access Publications from Kiel Institute for the World Economy, Kiel Institute for the World Economy (IfW) 3814, Kiel Institute for the World Economy (IfW).
  2. Cacho, Oscar J., 2008. "Carbon markets, transaction costs and bioenergy," 2008 Conference (52nd), February 5-8, 2008, Canberra, Australia, Australian Agricultural and Resource Economics Society 6007, Australian Agricultural and Resource Economics Society.
  3. repec:old:wpaper:354 is not listed on IDEAS
  4. Raffaelli, Roberta & Notaro, Sandra & Gios, Geremia, 2008. "Should carbon issues modify agri-environmental support to mountain grazing? A case study in the Italian Alps," 2008 International Congress, August 26-29, 2008, Ghent, Belgium, European Association of Agricultural Economists 44071, European Association of Agricultural Economists.
  5. Springmann, Marco & Böhringer, Christoph & Rutherford, Thomas F., 2013. "Clean-development investments: an incentive-compatible CGE modeling framework," Annual Conference 2013 (Duesseldorf): Competition Policy and Regulation in a Global Economic Order, Verein für Socialpolitik / German Economic Association 79939, Verein für Socialpolitik / German Economic Association.
  6. Christoph Böhringer & Thomas F. Rutherford & Marco Springmann, 2013. "Clean-Development Investments: An Incentive-Compatible CGE Modelling Framework," ZenTra Working Papers in Transnational Studies, ZenTra - Center for Transnational Studies 23 / 2013, ZenTra - Center for Transnational Studies, revised Dec 2013.
  7. Bohringer, Christoph & Rutherford, Thomas F. & Springmannc, Marco, 2013. "Clean-development investments : an incentive-compatible CGE modeling framework," Policy Research Working Paper Series, The World Bank 6720, The World Bank.
  8. Helen Lückge & Sonja Peterson, 2004. "The Role of CDM and JI for Fulfilling the European Kyoto Commitments," Kiel Working Papers, Kiel Institute for the World Economy 1232, Kiel Institute for the World Economy.
  9. Sonja Peterson, 2008. "Greenhouse gas mitigation in developing countries through technology transfer?: a survey of empirical evidence," Mitigation and Adaptation Strategies for Global Change, Springer, Springer, vol. 13(3), pages 283-305, March.

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