Jan. 3 (Bloomberg) — The value of global carbon market transactions plunged 36 percent last year as European Union prices fell and United Nations emission credits dropped to records, according to Bloomberg New Energy Finance.
The value of the market declined to 61 billion euros ($80 billion) from 95 billion euros in 2011, New Energy Finance said today in an e-mailed statement. The value of UN offset trading plunged 64 percent to 6 billion euros. Total trading volume jumped 26 percent to 10.7 billion metric tons, equivalent to a third of the world’s total carbon dioxide emissions.
New Energy Finance forecast the value of the global market will bounce back to 80 billion euros this year, assuming the EU has some success in fixing a glut of permit supply in the bloc and boosting prices. It predicted average global prices would jump about 15 percent to 6.60 euros a ton.
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