This year’s explosive growth in the European carbon market exceeded the expectations of even some of the market’s most optimistic proponents. Monthly over-the-counter (OTC) volumes in the €44 billion market in EU emissions allowances jumped from 6.4 million tonnes in January to 15.6 million in March, and the price of one EU allowance – equivalent to one tonne of CO2 – has risen to €19 per tonne, more than double the rate at the end of last year. And still the bulk of the market’s