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State and Trends of the Carbon Market—2004

Author

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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.

Suggested Citation

  • Franck Lecocq, 2005. "State and Trends of the Carbon Market—2004," World Bank Publications - Books, The World Bank Group, number 7457.
    • Handle: RePEc:wbk:wbpubs:7457
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    Citations

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    Cited by:

    1. -, 2007. "Renewable energy sources in Latin America and the Caribbean: two years after the Bonn Conference," Documentos de Proyectos 3563, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    2. repec:zbw:hohpro:354 is not listed on IDEAS
    3. Gernot Klepper & Sonja Peterson, 2006. "Emissions Trading, CDM, JI, and More: The Climate Strategy of the EU," The Energy Journal, International Association for Energy Economics, vol. 0(Number 2), pages 1-26.
    4. Christoph Böhringer & Thomas Rutherford & Marco Springmann, 2015. "Clean-Development Investments: An Incentive-Compatible CGE Modelling Framework," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 60(4), pages 633-651, April.
    5. Manfred Lenzen & Roberto Schaeffer & Ryuji Matsuhashi, 2007. "Selecting and assessing sustainable CDM projects using multi-criteria methods," Climate Policy, Taylor & Francis Journals, vol. 7(2), pages 121-138, March.
    6. 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 44071, European Association of Agricultural Economists.
    7. repec:old:wpaper:354 is not listed on IDEAS
    8. Hong, Jin & Guo, Xiumei & Marinova, Dora & Yang, Fengli & Yu, Wentao, 2013. "Clean development mechanism in China: Regional distribution and prospects," Mathematics and Computers in Simulation (MATCOM), Elsevier, vol. 93(C), pages 151-163.
    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, vol. 13(3), pages 283-305, March.
    10. Cacho, Oscar J., 2008. "Carbon markets, transaction costs and bioenergy," 2008 Conference (52nd), February 5-8, 2008, Canberra, Australia 6007, Australian Agricultural and Resource Economics Society.
    11. Bohringer, Christoph & Rutherford, Thomas F. & Springmannc, Marco, 2013. "Clean-development investments : an incentive-compatible CGE modeling framework," Policy Research Working Paper Series 6720, The World Bank.

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