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11 November 2004 - Global carbon dioxide merchant sales will reach $3.6bn by 2008, forecast growth corresponding to 2.4 per cent annually, according to a soon to be released report.
The rate is stable due to the predicted increased use of natural gas and the adoption of carbon trading mechanisms, but is expected to continue to grow as the global manufacturing sector utilizes huge quantities of carbon dioxide for the production of environmentally cleaner products. Applications in glass production, steel, non-ferrous and new materials processing will also help push demand.
The report, to be published by Business Communications Company (BCC), Inc. also found that the emerging market for carbon finance is on track to double its volume in 2004. Investors spent $260m buying 64m tons of carbon dioxide between January and May 2004. BCC analysts predict that total 2004 volumes could exceed 150 million tons. However, the World Bank has warned that the market was far from realising its goals.
The RE-131 Carbon Dioxide Utilization and Recovery report also confirmed that global warming is no longer seriously doubted. The warming has accelerated the melting of the polar ice caps and mountain glaciers; a rising sea level has inundated some Pacific islands, and more frequent and severe droughts, storms and floods cost more than $50bn and 20 000 lives per year.
Over the forecast period to 2008, global carbon dioxide concentration will increase at an annual rate of 1.6 per cent, up from level of 0.9 per cent registered during 2000 and 2003.
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