The total value of greenhouse gas emission permits traded in 2007 reached EUR40 billion, an 80% rise on the 2006 figure of EUR22 billion, according to information provider Point Carbon.

A total of 2.7 billion tonnes of CO2 equivalent (CO2e) was traded over the year, up 64% on 2006.

The European Union's emissions trading scheme (ETS) generated almost two-thirds of global traded volume, with 1.6 billion tonnes of CO2e, worth EUR28 billion, changing hands. Most of the growth was in forwards contracts