World News - "The global market for carbon emissions trading doubled in value last year, despite the global economic slowdown in the second half of 2008, but actual realized emissions cuts fell, the World Bank said on Wednesday.

The market grew to $126 billion last year, up from $63 billion in 2007 and nearly 12 times the value in 2005, the World Bank said in a report. A total 4.8 billion tons of carbon dioxide were traded last year, up 61 percent from the 3 billion traded in 2007.

But most of these tons were traded over the secondary market, meaning they were traded between companies, often for profit, and did not represent actual reductions in the greenhouse gas emissions blamed for global warming. ...The EU's Emissions Trading Scheme, the 27-nation bloc's flagship weapon in its fight against climate change, rose by 87 percent to $92 billion last year, the World Bank said. ..." [Reuters/Factiva]

Meanwhile in related news, Renewable Energy Magazine reports that "The main greenhouse gas market players will meet in Barcelona (Spain) from 27-29 May 2009 at Carbon Expo 2009 - the leading global trade fair and conference for emissions trading and carbon abatement solutions. All five continents will be represented by participants from 120 countries.

The carbon market is a global market. As a consequence carbon abatement solutions are a worldwide topic as the challenge to reduce emissions can only be resolved internationally. ..." [Renewable Energy Magazine/Factiva]