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8 May 2008 - The value of trading in the carbon market more than doubled in 2007 to $64bn, according to the World Bank's annual report, "State and Trends of the Carbon Market."

The $64bn was comprised of approximately $50bn in allowance transactions and more than $13.5bn in transactions of project-based emission reductions. Traded volumes also increased.

The report had some mixed findings for the Clean Development Mechanism (CDM) sector, which represents approximately 90 per cent of traded value and volumes for the project-based market segment. Traded volumes for primary CDM transactions grew modestly in 2007.

On a positive note, there was sharp growth in carbon contracts from renewable energy and energy efficiency projects. Reductions created by this class of projects represented nearly two-thirds of transacted volumes in this market segment, compared with just 33 per cent in 2006 and 14 per cent in 2005.

According to the report, the CDM helped to leverage $33bn in investment into clean energy projects in 2007.

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