CO2 emissions trading grows in Europe, seen likely elsewhere

The European Union’s Emission Trading System (ETS) for carbon dioxide has grown rapidly since its launch amid political arguments and bureaucratic turmoil on Jan. 1, 2005, raising expectations for similar schemes elsewhere.During its first year, the ETS traded a total of 363 million tonnes of CO2 with prices reaching €30/tonne. ETS volumes have risen each month so far this year, said Peter C. Fusaro, principal with Energy Hedge Fund Center LLC in New York. The European Commission will issue a progress report in June.The EU requires 12,000 emitters of greenhouse gases (GHG) to reduce their emissions in the next 3 years.“Emissions trading looks like the oil markets 27-28 ye...

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