The volume of carbon traded worldwide plummeted in 2013 – the first time that has happened for three years. Some 9.2 gigatonnes of CO2 equivalent were traded during the year, down 14% from 10.7Gt in 2012, according to analysts Thomson Reuters Point Carbon. The value of that trading saw an even bigger fall, dropping 38% from €62bn to €38.4bn. The falls were seen despite improved performance of carbon markets in the US and the launch of several trial emissions trading schemes in China. Point Carbon blames the poor performance on the lack of stretching carbon targets worldwide. “Without ambitious targets there is no need for deep emission reductions and prices will remain at low levels,” said Anders Nordeng, one of its senior carbon analysts. “The international negotiations towards a new global climate agreement in 2015 will be a litmus test on the political willingness to change this.”
