volume of carbon trading in the regulated markets totaled
Under this mechanism, these green projects generate so-called carbon credits in the form of Carbon Emission Reduction (CER) certificates which are duly certified by independent accreditation bodies. The certificates can then be traded in a carbon market such as the European Union Emission Trading Scheme (EU ETS), the Primary CDM market and the Chicago Climate Exchange (CCE) - the last being the largest voluntary carbon market (see below).
The generation of CERs makes financing green energy projects in many developing countries possible which otherwise could not have been viable.
In 2007, the volume of carbon trading in the regulated markets totaled 2,918 metric tons of CO2 equivalent ( the other greenhouse gases are converted to equivalent CO2) with a value of US$ 66.1 billion, up from 1,702 mt CO2eq worth US$ 40.1 billion in 2006 (Source: Ecosystem Marketplace, New Carbon Finance, World Bank ). Europe and Japan have been the largest buyers and China the largest seller.
